Writing Resources
By having a good management of anti money laundering CIMB can reduce the risk of exposure to financial crime This is done with the efficient operated of anti money laundering system such as Account and Transaction AML Monitoring Watchlist as well as Payment and Sanction Filtering This will bring advantage to both customer and bank Indirectly it will protect CIMB from the reputation damage fines and vulnerabilities that CIMB withstand when the concentration of illegal funds increments Reputation is vital for an industry especially bank like CIMB With reducing the risk of exposure to financial crime the reputation of the CIMB will be enhanced The good reputation regarding the business practices and associations will increase the confidence in the integrity of the CIMB This will then safeguard the operation of CIMB This is because customers regardless of borrowers depositors or investors they will stop their relationship with a bank whose reputation has been harmed by doubts or assertions of money laundering The customer will feel worried and afraid to choosing this bank for fulfil their financial need Therefore with enhancing the reputation the number of borrowers and depositors will also be improves The situation of losing high quality of borrowers and cause reduces profitable loans can be minify It can also avoid the depositors withdraw their money thus lessening an inexpensive source of funding for the CIMB Besides reducing the risk of exposure to financial crime can also avoid suffering in fines and investigation by relevant authorities When there is money laundering in a bank the fines can cost bank heavily
