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The Fine Art of Knowing Your Customer

Carole Switzer | April 30, 2013

Who knew that the art of anti-money
laundering (AML)
compliance had so much in
common with the science of spotting fake
paintings? Art forgery, which the FBI
has estimated generates more than $6 billion
annually, represents a big and decidedly
criminal business.

This is the case despite the fact that
fine arts sleuths can borrow tools from
medical labs and deploy state-of-the-art
software to detect telltale thread patterns
on canvasses. Governance, risk management,
and compliance (GRC) professionals
responsible for sniffing out potential
AML-related fraud have less sophisticated
tools to deploy—even though these
criminal proceeds amount to $1.6 trillion
each year, according
to a United Nations
Office on Drugs and
Crime study.

But it's not much
of a stretch to suggest
that those responsible
for developing
an effective...

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