Banking Monitoring and Compliance in the Prevention of Money Laundering

Abstract

Money laundering has caused concern across most modern societies and a threat to the rule of law. The phenomenon develops fundamentally through the banking sector, exploiting weaknesses of a global economy strongly driven by successive technological innovations and giving rise to new forms of crime that threaten the solidity, integrity and confidence in the financial system itself, indispensable to the social and economic development. The fight against the phenomenon stands out, especially at a preventive level, with the adoption of normative instruments in the last decades that call the credit institutions to join the state administration in the accomplishment of justice, imposing demanding duties in the name of preventing money laundering.