Professionals dedicated to preventing fraud, like Certified Anti-Money Laundering Specialist (CAMS) Robert Frimet, are facing a growing problem with financial fraud. This long-time issue that people within the Anti-Money Laundering (AML) industry constantly seek to prevent is getting worse with an increased incidence of internal fraud. Not only do professionals like Frimet work diligently to prevent money laundering within their clients' businesses and their clientele base, but they must now look inward for fraud.

According to a recent report studying companies across Canada and the United States, a growing number of financial services companies are losing money because of their own employees. This criminal activity typically goes under the radar of both the companies that are being attacked and, when it is exposed on a professional level, it remains under the radar of public news. The companies themselves are often the reason why these issues don't get the public exposure that they deserve – many businesses sweep the issues under the rug in an attempt to save face.

With more than 30 percent of financial services companies reporting losses from internal fraud, something must be done about the problem. Software to deter the criminals or prevent the crime is available, but most companies are disinterested with the solution. By not taking a proactive approach to stopping internal fraud, these financial services companies are creating massive public relations and financial risks. These companies also hinder themselves by not implementing the anti-fraud software because it is allowing their competitors to gain an advantage if they are more proactive.

The complacency of action on behalf of these financial services companies goes against everything AML specialists have been actively pursuing for over a decade. The most important thing for financial services companies is to examine and improve their current fraud prevention. If companies fail to do so, they open themselves up to internal fraud. Criminals such as the ones responsible for the rise with internal fraud will always take the easiest targets.

CAMS such as Robert Frimet are fighting hard to stop these internal criminals. Though it often seems like a losing battle because of the inactive financial services companies, they are confident that the problem can be stopped. In the meantime, Frimet and similar professionals will continue to serve their clients the best they can by helping them to fully comply with federal regulations and, most importantly, to avoid fraud themselves.

About: Robert Frimet is a Certified Anti-Money Laundering Specialist (CAMS) and the president of RMF Consulting Group, LLC. He is dedicated to preventing financial fraud and to upholding Anti-Money Laundering (AML) regulations.

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