Report: Money laundering in the DR ranges between 1.3 and 3.1 billion
In the Dominican Republic, it is estimated that between 1.3 and 3.1 million dollars are laundered each year, despite the fact that banks are one of the first lines of defense to counteract this crime and the use of innovative technology is an essential tool to achieve it.
This is stated in a report on financial crimes in Latin America and the Caribbean, carried out by Fiserv Latin America, a world leader in financial technology and payment processing, which also points out that money laundering harms public and private sectors, financial markets and the economy alike.
It indicates that due to this situation, banks and financial entities left behind traditional methods, to adopt mechanisms focused on technology for the prevention, detection and reporting of criminal activities in real time.
The document explains that the advantages of technology to combat financial crimes are not limited only to the supervision of transactions, but that the centralization of multiple data from accounts, companies and public organizations allows illicit operations to be traced from their origins.
These actions, the text refers, facilitate the exchange of information with other banking entities or governments to reduce the flow of laundered money and detect “unwanted customers.”
Category of crimes
But in addition, the report indicates that the most modern solutions deploy analysis mechanisms for blocked and ‘banned’ accounts, which allows alerts by category of crimes, so that banks can observe possible crimes and the days of greatest risk.
Fiserv seeks to help make banks more modern and combat embezzlement with advanced banking technology on the market.
As reported by the United Nations (UN), money laundering and money laundering is a growing threat and represents a waste of up to 2.7% of the world’s Gross Domestic Product (GDP) each year.