ill detect any suspicious transactions via Internet banking. Internet banks need to be highly scrutinized on policy and requirements. Because organized crime is highly profitable, money laundering will never stop. These organized crime groups have too much money and power. Bankers can help the federal government immensely in its task of defeating money laundering. The most important thing that they can do is to file the appropriate reports in a timely fashion and follow all rules and regulations set forth in the Back Secrecy Act. All banks should have a strong senior management set in place to withhold strict internal control. Banks can establish a policy to get to know their customers on a semi-personal level. They should teach bank tellers and other employees how to recognize when large value funds are being transferred. These are just a few things that banks can do to help, just by doing these simply things they can help the federal government get one step closer to catching these criminals. CONCLUSIONMany groups or people use money laundering today, and many ways exist to launder money. Money laundering has become more sophisticated over the years. It is much different then when Al Capone laundered his bootleg profits. The United States is doing what they can to combat this illegal activity but without the help of others it is an impossible task. Many countries have teamed up with the Unites States to help. The only way to truly combat it is to persuade the other countries to develop anti-laundering standards. Along with developing these standards, banks need to train their staff on how to catch different transactions and policies to catch money laundering. Because laundering is so easy in these less developed countries laundering will continue, and while this illegal activity continues the activity itself will continue to destroy the economy in which it exists. ...
