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Financial crime over the last 30 years has increasingly become of concern to governments throughout the world. This concern arises from a variety of issues because the impact of financial crime varies in different contexts. It is today widely recognised that the prevalence of economically motivated crime in many societies is a substantial threat to the development of economies and their stability.
It is possible to divide financial crime into two essentially different, although closely related, types of conduct.
First, there are those activities that dishonestly generate wealth for those engaged in the conduct in question. For example, the exploitation of insider information or the acquisition of another person’s property by deceit will invariably be done with the intention of securing a material benefit. Alternatively, a person may engage in deceit to secure material benefit for another.
Second, there are also financial crimes that do not involve the dishonest taking of a benefit, but that protect a benefit that has already been obtained or to facilitate the taking of such benefit. An example of such conduct is where someone attempts to launder criminal proceeds of another offence in order to place the proceeds beyond the reach of the law.
If you’re considering developing your career in anti money laundering, find out more about joining ICA’s global community here. Becoming a member today will give you access to a wealth of knowledge, tools, resources and practical support to help develop your career. Being a member of ICA also demonstrates a commitment to the highest standards of practice and conduct and enhances your professional reputation and employability.
The range of threats facing organisations means there are a multitude of career options in financial crime prevention. Roles include anti-bribery and corruption specialists, fraud analysts and cyber security experts.
Anti bribery, corruption specialists and fraud analysts often navigate a complex environment. Employers want to see a combination of technical knowledge, understanding of business processes, products and services and the key vulnerabilities targeted by financial criminals.
The availability of funding varies from jurisdiction to jurisdiction. Funding is available in some jurisdictions for programmes of study leading to ICA qualifications. Discover what funding is available to you.
Our qualifications help compliance professionals develop relevant knowledge and best practice for operating within the fields of compliance. Awarded in conjunction with the Alliance Manchester Business School, The University of Manchester, you can be assured that you are studying for a worthwhile qualification that is the benchmark of excellence.
ICA Certificates are considered introductory level. This means that they are suitable for those with no experience or in an operational role and requiring some awareness level understanding of an area. They are designed for those who need to understand the fundamentals of the subject area and recognise key issues, particularly relating to risk.
Advanced certificate courses are considered Intermediate and are designed for those new to the discipline or in a junior role who want to enhance their knowledge & skills.
Advanced Certificates are a natural stepping stone between Certificate graduates before completing an ICA Diploma.
ICA Diploma courses are considered advanced and are designed for those who already have some experience and are looking to underpin their knowledge with a professional qualification.
Diplomas are most commonly undertaken by Certificate and/or Advanced Certificate graduates.
Our Professional Postgraduate Diplomas are considered Expert and has been specifically designed as an advanced programme for senior industry practitioners. Completion of this course will help you to operate at the highest level within your organisation and master specialist knowledge.
There are essentially seven groups of people who commit the various types of financial crime:
What are the main types of Financial Crime?
Financial crime is commonly considered as covering the following offences:
How is financial crime linked to terrorist financing?
Terrorist organisations require financial support in order to achieve their aims and a successful terrorist group, like any criminal organisation, is therefore one that is able to build and maintain an effective financial infrastructure.
It is generally believed that terrorist organisation raise funds by the following means:
Terrorists often control funds from a variety of sources around the world and employ increasingly sophisticated techniques to move these funds between jurisdictions. To manage their finances, they draw on the services of professionals, such as bankers, accountants and lawyers, and take advantage of a range of financial services products.
How should a firm react to a suspected fraud?
A financial institution should take appropriate action where a corporate customer, a member of its senior management or a senior representative of the customer is the subject of an investigation by a law enforcement agency or regulatory body.
Financial Institutions must also consider any obligations they might have to report suspicions of money laundering (including any successful fraud).
Consideration should also be afforded to obtaining appropriate legal advice to reduce the risk, that:
How do you motivate employees to fight fraud?
The foundation of any successful fight against fraud is the culture within the institution. When correctly motivated, employees remain honest and become the most effective front-line defence against the fraudster.
Employees become motivated when they believe:
Why is insider dealing relevant to financial crime professionals?
An awareness of what constitutes insider dealing activity is imperative for financial crime and compliance professionals in the detection and prevention of exposure to the activity as a serious financial crime. Regulatory data shows unusual share price movements – a potential indicator of market abuse – in around 29% of takeover announcements.
Additionally, it is possible in the case of financial services businesses that are themselves listed, for directors to commit the offence. To this extent, financial crime and compliance professionals should ensure that businesses and their employees comply fully with all relevant disclosure rules.
More commonly, financial services businesses are exposed to insider dealing through customers who are engaged in the activity. Any money, goods or property derived from insider dealing activity is capable of predicating money laundering offences in most common law jurisdictions.
Why is the financial sector vulnerable to fraud?
Due to the often complex nature of financial services, detecting and preventing fraud within the financial sector poses an almost insurmountable challenge. The threats are both domestic and international. They may come from within the organisation or outside it. Increasingly, internal and external fraudsters combine to commit significant fraudulent acts.
The victims may be the financial sector firms themselves or the customers of those firms. The proceeds of fraud are rarely generated in cash. The funds that are the target of the fraud are generally already within the financial system but will undoubtedly need to be moved in order to confuse the audit trail.
Whether you are just starting your career, have gained an ICA professional qualification or are an experienced practitioner, there is a level to suit you.
This level is open to those who wish to join the ICA membership community or who are studying with ICA.
At a management level, able to support others and make reasoned decisions. For those who have completed an ICA Diploma or those who qualify for the experienced practitioner* route.
Operate at a leadership level. For those who have either completed an ICA Professional Postgraduate Diploma, been a Professional Member (MICA) for five consecutive years or those who qualify for the experienced practitioner* route.