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Article: Online Anti-Money Laundering Certification Program Comes Handy on Tough Times.
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
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Banks all over the United States, Latin America and Caribbean are facing a tough dilemma: How to train their employees in anti-money laundering detection and prevention at a time when budgets are tighter than ever. Increasing the challenge is the growing sophistication of money launderers, making it harder than ever to detect illicit activity. According to the IMF, it is estimated that between 2 to 5 percent of the world's GDP ($962 billion to $2.4 trillion) represents laundered funds. However, any failure to detect money laundering activities in the financial institution can result in huge fines for US banks and significant reputational damage.
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