If you are a bank manager, you would want to know who your customers are. There are occasions when illegally obtained money or money intended for illegal activities such as terrorist financing, market manipulation, securities fraud, etc… are channeled through banks and other business organizations. People involved in these activities naturally want their transaction records shielded from scrutiny. You will find yourself in hot water if your bank fails to detect people that are using your facilities to launder money.
Fortunately, the government has passed anti money laundering regulations (AML) that you only have to comply with. One of the most important regulations is you must have at least a good idea of who your clients, an important factor in detecting suspicious activities. Like other companies you are required to at least have a program for rating customers based on the risks that they represent. Of course, you should comply with all the regulations of the AML.
The best way to avoid problems with the AML is to get an anti-money laundering certification. Some companies offer companies help in their efforts to comply with AML regulations. These companies are accredited by the proper government agency. Once you earn the certification, you have no reason to continue worrying about money launderers being able to use your facilities.
The first thing a company offering certification is anti money laundering checks intended to determine your institutions level of compliance. Since customer risk identification is very important to implementation of AML rules, expect the company to focus on helping you develop a suitable and complaint program. Most important it will put in place a AML system that alerts staff to possible money laundering transactions and establishes accountability and a line of authority for response.
The certification company wills most like recommend that you use an anti-money laundering software. In fact, buy using the best of this software; you can probably consult a certifying company only after you have run it which should save you a lot of money. The software identifies in areas your system that is not compliant with the rules and provide data that can be used to plug loopholes.
Money laundering is illegal and companies should do everything to avoid getting tainted by it. The penalties are steep. It destroys integrity and besides that government does not treat violators kindly. You’d worry less about money launderers using your facilities by getting an anti money laundering certification.
Check out also this link: https://en.wikipedia.org/wiki/Document_capture_software