Banking - do you have an effective Anti-Financial Crime culture?
Most major betrayals within organisations – from accounting fraud to doping – start with a first step that crosses the line.
In this opinion piece Viri Chauhan - Themis member and financial crime and compliance professional with 18 years of experience in anti-money laundering work - sets out a primer on different types of financial crime risk.
Viri explains why awareness of ‘rationalisation’ and ‘wilful-blindness’ are as important as statements in annual reports about the intentions of firm’s leadership teams.
Culture Clash: Challenges Transforming Anti Money Laundering Culture
The former head of Europol, Rob Wainwright said recently that “Professional money launderers are running billions of illegal drug and other criminal profits through the banking system with a 99 percent success rate”. It’s a striking and worrying assertion.
This article by Viri Chauhan (a Themis member and Financial Crime SME) explores the requirements for an effective anti-financial crime culture in professional institutions - something that needs to happen if money launderers’ success rate is going to be curtailed.