To combat financial crime, various measures are implemented:
Know Your Customer (KYC): Financial institutions verify the identity of their clients to prevent fraud and money laundering.
Anti-Money Laundering (AML) Programs: These include monitoring transactions and reporting suspicious activities.
Regulatory Compliance: Adhering to laws and regulations designed to prevent financial crime, such as the UK Bribery Act and the US Foreign Corrupt Practices Act.
Technology and Data Analysis: Using advanced software and algorithms to detect and prevent fraudulent activities.
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