LEINER JOSÉ LEDESMA CONTRERAS

PRACTICAL CLASS WORKSHOP

With the information you must carry out the activity using the pdf tools which must upload the
workshop to the platform, the activity must be carried out individually.
According to the FINANCIAL CRIME HAS BECOME A CONCERN THAT IS INCREASING BETWEEN
ORGANIZATIONS reading you should answer the following questions:

1. What is financial crime?

Financial crime is a crime aimed at obtaining one's own economic benefit through illegal means
despite the harm to others.
Financial fraud occurs in a professional and economic environment. It does not involve the use of
violence, but it does cause economic losses to companies, investors and employees.
It is also defined as the intentional act by one or more individuals within management, employees
or third parties, which results in a misrepresentation of financial statements.

2. What are the 7 components that identify financial crimes?

Seven discrete components: compliance, prevention, detection, investigation,

solution, monitoring and testing.

Compliance: To act in accordance with the authorities, in order to ensure that the organization
complies with the regulatory requirements regarding financial crime, according to the country in
which they are located and where they operate.
Prevention and Detention: Reduce and prevent the increase of financial crime incidents and
identify early, misuse and possible risks.
Investigation and solution: Assess allegations of fraud or financial mismanagement and respond to
government regulatory requirements. Assist organizations that provide financial services to solve
problems under investigation and create a method to prevent recidivism
Monitoring and Testing: Continue to monitor and evaluate financial crime systems and policies to
achieve the required effectiveness and adapt systems to the changing nature of internal and
external threats.

3. Do businesses primarily need a strategy to focus resources and efforts on identifying and
managing financial crime risk?
Yes, since this helps in the arrest and control of crimes that can be generated within the
organization, with the help of some general tools necessary for the administration and prevention
of economic and financial crime risk such as
- Conducting audits and controls both internal and external
- Drafting of business codes of ethics
- Information access controls
- Detailed definition of tasks, roles, responsibilities, positions, etc.
- Job rotation, among others.

4. Despite these challenges, many financial institutions' approaches to Crime remain a patchwork
of fragmented, inefficient and ineffective efforts, designed around a series of discrete compliance
tasks. Why?
Because each time there are scenarios where crimes are more strategic, difficult to detect, making
the work more expensive and more complex to perform, since many of those involved in crime
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use most of the employees to perform the crime, thus tarnishing the good name of the people
who come to fall into these.

5. Financial crime is a problem that requires corporate directors and senior executives to remain
vigilant, as the real risks of bribery and fraud they face increase rapidly. Why?

Management's attitude to fraud is often reactive. Since they must implement mechanisms, they
delegate the responsibility of implementing controls to prevent major fraud.
And the people in charge within the processes must fully assume responsibility or admit that at
the time it is being delegated to the wrong people, since the people involved are mainly the ones
who tend to commit the crimes, since they handle the issues and know how to divert attention, so
controls are not always useful, but they are the best way to counteract fraud.
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BIBLIOGRAFIA
http://interamerican-usa.com/articulos/Auditoria/Fraud-Estaf-Neg.htm
https://www2.deloitte.com/content/dam/Deloitte/pa/Documents/finance/2015-01-Pa-Finanzas-
GuiaDelitosFinancieros.pdf
Translated with www.DeepL.com/Translator (free version)