LONDON, 17 February 2005 â Continuing its role as a leader in enterprise-wide compliance, Mantas today shared its insight on identifying hidden relationships and networks, a critical issue in financial institutionsâ anti-money laundering efforts.
The benefits of identifying hidden relationships go well beyond complying with domestic and international regulations. In most cases, hidden networks are indicative of higher-level money laundering activity or effort. As a result, hidden networks pose a much greater risk to financial institutions. By identifying hidden networks, a financial institution stands a much better chance at forcing money launders to either change tactics or avoid the institution all together.
In "Hidden Relationships & Networks: Understanding the Risk They Pose to Financial Institutions," Mantas examines:
Â· The regulatory landscape and guidance on hidden relationships;
Â· Hidden relationships and networks, and how to identify them;
Â· Why financial institutions need to address the problem today;
Â· The roles of personnel and technology in the effort to combat money launderers;
Â· Unique technological innovations in the fight against hidden networks.
The paper highlights how financial institutions that address the issue of hidden relationships head-on stand to realize multiple benefits including a better understanding of the customer base and transaction flow within accounts; greater success and relationships with domestic and international regulators; reduction in the amount of money laundering activity within the institution; and positive reputation as an institution committed to ethical business.