The global effects of financial crime – money laundering, terrorist financing and sanction violations – are devastating. According to Europol (2020), the revenue of criminal activities in the world is estimated to several billion euros annually. Criminal activities ruin the lives of millions of people around the world.
In order to mitigate financial crime, a company’s risk assessment is crucial as it gives an indication on how the company can be misused by criminals and how high that risk is. Based on the result of the risk assessment, mitigating actions (know your customers, training etc.) can be aimed towards where they are most effective. Understanding how criminals misuse financial institutions is critical in stopping the crime happening in the first place. Therefore, systems and controls need to reflect the relevant risks. These risks can come from customer types, products misused, transactional patterns, channels the criminals use and high-risk geographies.
The Swedish risk management company Acuminor collects information on criminal methods from hundreds of sources across the world and the result is delivered through Acuminor’s digital solution. The partnership between JAK and Acuminor consist of an agreement where JAK gets access to the risk management products Risk Assessment Professional and ThreatView.
JAK Member Bank’s CEO Johan Thelander: “Acuminor’s system support helps us identify, assess and mitigate money laundering and terrorist financing risks. It also constitutes a powerful platform in the work with the risk assessment that we are required by law to have and keep up to date. Acquiring these tools is therefore a natural next step in our work to combat financial crime. ”
Acuminors CEO Martin Nordh: ”To comply with the anti-financial crime regulations is not about checking boxes – it’s about doing what you can to help find, stop and report criminals that tries to misuse the financial system. It’s very rewarding to collaborate with the competent people at JAK”.
About JAK Member Bank
JAK Member Bank’s vision is to contribute to a sustainable society for people, the environment and the economy by working for lower indebtedness in society and reduced resource extraction from the environment.
Acuminor offers a digital solution for risk assessments and measures against money laundering, terrorist financing and sanction violations. Acuminor’s team of experts helps clients across Europe with analyses of the latest regulations and crime trends, and ensures that current legal requirements are met and that the business is not exploited by criminals.
For more information please contact us on firstname.lastname@example.org