The Leveraging of Social Media by Corporate Credit Unions to Enhance the Detection and Reporting of Suspicious Activity

Naomi B. Glass

Corporate credit unions are presented with unique challenges with respect to the identification and reporting of suspicious activity to law enforcement. That is because they are in the business of processing transactions on behalf of individuals and businesses whose accounts they do not hold. Due to the lack transparency associated with the financial transactions that they process on behalf of third parties, corporate credit unions must identify alternate sources of intelligence to aid in their investigation of suspicious activity. That is where social media comes into play.

Social media sites such as Facebook, LinkedIn and Twitter can be utilized as an investigative tool to identify and vet individuals and businesses, determine connections between counterparties and discover criminal involvement. By leveraging social media as a resource tool in conducting anti-money laundering and terrorist financing investigations, the identification and reporting of suspicious activity by corporate credit unions is greatly enhanced. Ultimately, better reporting to law enforcement increases the likelihood of catching criminals and putting them behind bars.

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