Over the past decades crime has increased at a staggering pace on a global basis. Today’s criminals are sophisticated and highly motivated to cleanse their money from being traced back to the illegal activities where it was generated.
Investment managers and their related service providers represent a first line of defense against money laundering activities. Global regulators are requiring the introduction of operational safeguards that aim to discourage criminals by increasing the risk of discovery and prosecution of money laundering. For investment managers, this requires the implementation of various policies and procedures that assist in identifying, monitoring and reporting money laundering activities.
The rate of change to AML regulatory requirements is quick and can be burdensome. Phocion can help your firm implement the right AML program, test the effectiveness of the policies and procedures, and customize the training that meets your firm’s unique needs.