I cannot find a single secondary ("independent") source in here. I'm sorry, but that's really elementary--from Wikipedia:Notability, "Information on Wikipedia must be verifiable; if no reliable, independent sources can be found on a topic, then it should not have a separate article."
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I don't see how this is much less of an essay and much more of an encyclopedic article, esp. since the sourcing is not up to snuff. Declined by Drmies 4 months ago. | |
This draft reads like an essay or opinion piece. Wikipedia is not a place for original research or personal opinions. The draft should:
Declined by Timtrent 4 months ago.
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Comment: I see an excellent magazine article. I do not see that the topic is capable of being an encyclopaedia article. 🇵🇸🇺🇦 FiddleTimtrent FaddleTalk to me 🇺🇦🇵🇸 12:51, 12 February 2026 (UTC)
Financial crime prevention refers to laws, regulations, institutional arrangements and operational controls intended to prevent, detect and disrupt the misuse of financial services for criminal purposes. In financial services, it commonly includes anti–money laundering (AML) compliance and fraud prevention controls, alongside related practices such as screening, monitoring, investigation and reporting to competent authorities.[1]
Because illicit finance is concealed, measurement is uncertain. The United Nations Office on Drugs and Crime (UNODC) has cited estimates that 2–5% of global GDP may be laundered annually, while noting the limits of quantification for clandestine activity.[2]
International standards and organisations
editInternational standards for AML and counter-terrorist financing (AML/CFT) are set by the Financial Action Task Force (FATF). FATF promotes a risk-based approach, under which countries and regulated entities identify and assess risks and apply mitigation measures proportionate to the level of risk.[3][4]
Many countries operate financial intelligence units (FIUs), which receive, analyse and disseminate financial intelligence such as suspicious transaction reports. The Egmont Group facilitates cooperation and information exchange among FIUs.[5][6]
Banking supervisors have issued guidance on embedding money laundering and terrorist financing risks within banks’ governance and risk management frameworks.[7]
Regulation and supervision by region
editRegulatory arrangements vary by jurisdiction and sector.
European Union
editUnited States
editIn the United States, the Bank Secrecy Act (BSA) provides authority for reporting and recordkeeping requirements intended to help detect and prevent money laundering. The Financial Crimes Enforcement Network (FinCEN) administers the BSA and receives filings such as suspicious activity reports (SARs) and currency transaction reports (CTRs).[10][11]
United Kingdom
editThe United Kingdom’s AML framework includes the Money Laundering Regulations 2017 and related supervisory guidance. The Financial Conduct Authority (FCA) publishes guidance on financial crime systems and controls for regulated firms.[12][13]
Common controls and use cases
editOperational controls vary by jurisdiction, business model and risk profile, but are often described under AML compliance and fraud prevention.
AML compliance
editAML compliance commonly includes risk-based customer due diligence, sanctions and watchlist screening, transaction monitoring, investigation workflows and suspicious activity reporting, depending on jurisdiction and risk exposure.[4][13]
Under the risk-based approach, customer and relationship risk assessment is used to determine the level of due diligence and the intensity of ongoing monitoring.[4] Screening commonly includes checks against sanctions lists and may include politically exposed person (PEP) and other lists, depending on local requirements and firm policy.[14]
Transaction monitoring is used to identify unusual or suspicious patterns that may warrant review or investigation; supervisory guidance has addressed governance expectations for transaction monitoring systems, including ongoing oversight and testing.[15]
Fraud prevention
editFraud prevention includes controls intended to reduce unauthorized or deceptive activity affecting accounts and payments. The Basel Committee on Banking Supervision has assessed digital fraud as a supervisory and financial stability issue, including governance and monitoring considerations for banks.[16]
Identity-related and account-opening abuse has been described in FinCEN analyses of identity-related suspicious activity, including activity affecting account opening, account access and transactions.[17] Fraud affecting payments may involve transaction monitoring, risk scoring and investigation processes; the European Central Bank has referenced fraud monitoring and risk scoring as examples of controls in payment contexts.[18]
Account takeover involves unauthorized access to an existing account, often via compromised credentials or social engineering. UK Finance defines account takeover fraud (in card ID theft reporting) as the takeover of another person’s genuine account and reports related fraud categories in annual reporting.[19]
Technology
editFinancial institutions commonly use software systems to support screening, monitoring, alerting, case management and investigation workflows at scale. FATF has published work on the “digital transformation” of AML/CFT, describing the role of technology in analysing large volumes of data and noting governance and data protection constraints in implementation, including in data pooling and collaborative analytics.[20][21]
AI and machine learning
editFATF has reported on opportunities and challenges associated with applying new technologies, including machine learning, to AML/CFT, including implementation and governance considerations.[22] In the United Kingdom, the Bank of England and Prudential Regulation Authority have discussed AI and machine learning in financial services in relation to data governance, model risk management and accountability across the model lifecycle.[23]
Environmental and social aspects
editEnvironmental crime
editFinancial crime controls are used in efforts to identify and disrupt illicit financial flows linked to environmental crimes. FATF has published work on money laundering from environmental crime, describing laundering methods associated with illegal logging, illegal land clearance, illegal mining and waste trafficking, and the use of AML tools in addressing these flows.[24]
Financial inclusion and de-risking
editThe World Bank has described “de-risking” as a practice in which financial institutions restrict or terminate relationships with clients or categories of clients, with potential implications for remittance companies and access to the global financial system in some regions.[25] FATF has published work on unintended consequences of AML/CFT standards and their implementation, including de-risking and financial exclusion.[26][27]
Governance and ESG contexts
editAnti-corruption controls are commonly treated as part of corporate governance in ESG-related frameworks. The OECD has published an overview of ESG investing, including discussion of governance factors in ESG assessments and disclosure practices.[28] Transparency International has published analysis of how anti-corruption is addressed within ESG standards and ratings methodologies.[29]
See also
editReferences
edit- ↑ "Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)". International Monetary Fund. Retrieved 13 February 2026.
- ↑ "Money laundering – Overview". UNODC. Retrieved 13 February 2026.
- ↑ "The FATF Recommendations". Financial Action Task Force (FATF). Retrieved 13 February 2026.
- 1 2 3 "Guidance for a Risk-Based Approach: The Banking Sector (PDF)" (PDF). Financial Action Task Force (FATF). Retrieved 13 February 2026.
- ↑ "Financial Intelligence Units". Egmont Group. Retrieved 13 February 2026.
- ↑ "Egmont Group of Financial Intelligence Units". FinCEN. Retrieved 13 February 2026.
- ↑ "Sound management of risks related to money laundering and financing of terrorism (PDF)" (PDF). Bank for International Settlements (Basel Committee on Banking Supervision). Retrieved 13 February 2026.
- ↑ "Preventing abuse of the financial system for money laundering and terrorism purposes (from 2027)". EUR-Lex. Retrieved 13 February 2026.
- ↑ "Regulation (EU) 2024/1620 establishing AMLA". EUR-Lex. Retrieved 13 February 2026.
- ↑ "The Bank Secrecy Act". FinCEN. Retrieved 13 February 2026.
- ↑ "Bank Secrecy Act Forms and Filing Requirements". FinCEN. Retrieved 13 February 2026.
- ↑ "The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017". legislation.gov.uk. Retrieved 13 February 2026.
- 1 2 "A firm's guide to countering financial crime risks (FCG) (PDF)" (PDF). Financial Conduct Authority (FCA). Retrieved 13 February 2026.
- ↑ "Financial sanctions". Financial Conduct Authority (FCA). Retrieved 13 February 2026.
- ↑ "PS24/17: Financial Crime Guide changes (PDF)" (PDF). Financial Conduct Authority (FCA). Retrieved 13 February 2026.
- ↑ "Digital fraud and banking: supervisory and financial stability implications (PDF)" (PDF). Bank for International Settlements (Basel Committee on Banking Supervision). Retrieved 13 February 2026.
- ↑ "Identity-Related Suspicious Activity: 2021 Threats and Trends (PDF)" (PDF). FinCEN. Retrieved 13 February 2026.
- ↑ "Fraud prevention and detection (PDF)" (PDF). European Central Bank. 12 May 2023. Retrieved 13 February 2026.
- ↑ "UK Finance Annual Fraud Report 2025 (PDF)" (PDF). UK Finance. Retrieved 13 February 2026.
- ↑ "Digital Transformation of AML/CFT". Financial Action Task Force (FATF). Retrieved 13 February 2026.
- ↑ "Stocktake on Data Pooling, Collaborative Analytics and Data Protection (PDF)" (PDF). Financial Action Task Force (FATF). Retrieved 13 February 2026.
- ↑ "Opportunities and Challenges of New Technologies for AML/CFT (PDF)" (PDF). Financial Action Task Force (FATF). Retrieved 13 February 2026.
- ↑ "DP5/22: Artificial Intelligence and Machine Learning (PDF)" (PDF). Bank of England. Retrieved 13 February 2026.
- ↑ "Money Laundering from Environmental Crime (PDF)" (PDF). Financial Action Task Force (FATF). 28 June 2021. Retrieved 13 February 2026.
- ↑ "De-risking in the Financial Sector". World Bank. 7 October 2016. Retrieved 13 February 2026.
- ↑ "High-Level Synopsis of the Stocktake of the Unintended Consequences of the FATF Standards (PDF)" (PDF). Financial Action Task Force (FATF). 27 October 2021. Retrieved 13 February 2026.
- ↑ "Guidance on Financial Inclusion and Anti-Money Laundering and Terrorist Financing Measures (PDF)" (PDF). Financial Action Task Force (FATF). 2025. Retrieved 13 February 2026.
- ↑ "ESG Investing: Practices, Progress and Challenges (PDF)" (PDF). OECD. 2020. Retrieved 13 February 2026.
- ↑ "Anti-corruption in ESG standards (PDF)" (PDF). Transparency International. 2022. Retrieved 13 February 2026.