We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What is an Anti-Money Laundering Specialist?

Mary McMahon
By
Updated: May 17, 2024
Views: 8,676
Share

An anti-money laundering specialist is a financial industry professional who focuses on the prevention and detection of money laundering activity. Some belong to professional organizations and carry credentials to increase their employability. Others may get their training on the job and rely on experience when it comes to applying for work. Banks use anti-money laundering specialists as do law enforcement agencies and agencies responsible for implementing government policy.

This work requires knowledge of the laws in a given country pertaining to money laundering. The anti-money laundering specialist is familiar with all the details of the law, including the responsibilities of individual financial institutions. At banks, these people train other personnel, help establish compliance policies, and cooperate with law enforcement when investigations arise. Their work includes everything from filing reports on suspicious customer activity to helping branch banks train their personnel so they know how to file reports in compliance with the law.

The anti-money laundering specialist is also trained in looking for the signs of money laundering and taking appropriate action. Even if activities do not need to be reported to the government, they can be tracked internally so the bank can monitor customers of concern, and reports for government agencies can be prepared with a collection of information about customers. The anti-money laundering specialist helps define, set, and reform bank policy to address changes in the law, the financial industry, and the community.

At law enforcement agencies, anti-money laundering specialists review reports filed by banks, flagging those of concern for further evaluation. They can also assist banks with legal compliance and provide outreach and education to help banks learn to identify money laundering and take appropriate action. This work can also include educating untrained law enforcement officers who want to work on a financial crimes task force. At other government agencies, these professionals are involved in creating sensible, comprehensive policy for fighting money laundering.

One problem with financial crimes is that people tend to be highly adaptive when it comes to adjusting their habits and behaviors, to reduce the risk of being caught. As the law changes, people change tactics, making it harder to trace their activities. Anti-money laundering specialists need to be able to think like their targets in order to accurately and rapidly identify financial activities of concern. The anti-money laundering specialist also has to be alert to issues like bribery and corruption within a bank or government agency, with people being paid to look the other way when financial crimes occur.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Mary McMahon
By Mary McMahon

Ever since she began contributing to the site several years ago, Mary has embraced the exciting challenge of being a WiseGeek researcher and writer. Mary has a liberal arts degree from Goddard College and spends her free time reading, cooking, and exploring the great outdoors.

Editors' Picks

Discussion Comments
Mary McMahon
Mary McMahon

Ever since she began contributing to the site several years ago, Mary has embraced the exciting challenge of being a...

Learn more
Share
https://www.wisegeek.net/what-is-an-anti-money-laundering-specialist.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.