Back to Basics: Mitigating Money Laundering Risk

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Credit unions play a vital role in maintaining the integrity of the nation’s financial system. One critical threat to this integrity is money laundering, the process of disguising the illegal origins of funds.

In her Perspectives article, “Back to Basics: Mitigating Money Laundering Risk in Credit Unions,” Monica Villines writes: “Credit unions must understand the devastating consequences and key strategies to mitigate risk.”

Villines is Cornerstone Resources’ AVP of risk management and compliance consulting. She understands risk inside and out.

“The consequences of money laundering are far-reaching,” she said. “It fuels the operations of criminal organizations, undermines legitimate businesses, and weakens the stability of the financial system. Money laundering can erode public trust, distort economic activity, and ultimately impact the well-being of entire communities.”

You can read more in Perspectives, where Villines describes the three distinct stages of money laundering and lays out her multi-pronged strategy for safeguarding the financial system—and your credit union—from this damaging fraud.

Inside each Perspectives issue, you’ll find articles that keep you well-versed in the news, developments, and insights of today’s credit unions. 

Need to Obtain a Risk Management Assessment?

Exposure to risk is just part of doing business, but unless you’re an expert in risk management, taming the threat of those risks can be a full-time job. A strategic partnership with the Risk Management and Compliance Consulting experts at Cornerstone Resources can save you money, fines, time, and headaches and give you peace of mind.

Visit our website for more information, or contact us to chat about how a risk management assessment can benefit your credit union.