Is your staff getting overwhelmed by theoretical financial crime training? Here is a simple visualisation to help demystify Fin Crime for your business.
- Money Laundering: this is why we do KYC checks.
- Terrorist Financing: this is why we do sanctions/ PEPs/Adverse media checks.
- Bribery & Corruption: this is why we report gifts and conflicts.
- Fraud (Internal/External): this is why we do cyber training (don’t click on phishing emails), segregate duties etc.
- Tax Evasion: this is why we check with compliance before sending funds to know tax loophole regimes like Panama.
- Insider dealings: this is why we report conflicts, especially when we have access to sensitive information about publicly traded firms.
You can continue to make your staff sit through convoluted e-learning that ticks a compliance box or use plain language to help demystify the world of financial crime for a lasting change.
The first step in fighting financial crime is to raise lasting awareness. Share this if you think this will help your team.