Illegal activities involving money and financial services are called financial crimes. With the development of technology, financial crimes and the ways of committing these crimes are increasing day by day. The detection and prevention of these crimes has become mandatory for the sustainability of the states. In countries where financial crimes are intense, the economic order is not of good quality. There are many different types of financial crimes such as bribery, fraud, money laundering, embezzlement, cybercrime, tax evasion.
A financial crime risk analyst is the person responsible for reducing and preventing these crime risks within the organization they work for. Financial crime risk specialists must pay attention to details on many issues to coordinate the team they work with and be meticulous when identifying risks. In the slightest mistake of attention, the company can receive huge fines and lose its credibility. It is also critical that financial crime risk analysts keep reports on every transaction they make and present them to their team as needed. To ensure an organized work distribution in a team, regular information sharing is essential.
Responsibilities of Financial Crime Analysts
Although its primary mission is to prevent financial crime, there are many actions that financial crime risk analysts must take before they can perform this task properly.
- Performing customer due diligence, advanced due diligence, and risk classification processes,
- Making risk classifications of customers,
- To show maximum performance for the company to act in accordance with laws and regulations,
- Making identify verification for customers who perform transactions outside the specified rules and scenarios,
- Examining different SAR reports from branches and taking necessary precautions,
- Reporting worried and suspicious activities to MLRO,
- Regular scanning of customer names in lists,
- Making changes and improvements in the company's financial crime criteria from time to time.
The Importance of Financial Crime Risk Analysts for Companies
Preventing financial crimes is very important for companies both to avoid fines and to protect their reputation. Financial crime in a company causes a loss of trust for its customers and collaborators. However, in a company with good financial crime analysts, efforts are made to minimize these crimes, and the company is secured.
Technological Support in Financial Crime Risk Analytics
Some operations to prevent financial crimes are too complex and time-consuming to handle manually. In such cases, using various software with the support of technology makes these works easier. Sanction Scanner's AML Name Screening Software allows customers and potential customers to be searched through various risk-indicating lists. In addition, the Transaction Monitoring Software allows receiving alarms for transactions that indicate risk in terms of financial crimes. You can request a demo to fight financial crimes.