Money laundering is a huge problem as not only is it illegal, but it also costs the treasury around 7 billion pounds annually. Money laundering is the process of making money that has come from an illegal source such as drug dealing, or human trafficking appear to have come from a legal source. It is unfortunately something that goes on all over the world.
The financial industries are at particular risk of becoming a victim of money laundering. Businesses like estate agencies as well as legal professions can also be at risk. When you run any type of business, you are at risk of money laundering. There are guidelines that are in place that you should follow in order to reduce the risks of your company being used to clean this ‘dirty money’.
When taking on a new customer, it is important to be aware of what to look out for as warning signs that they may be money laundering. Good training for staff is essential in helping to prevent money laundering. This is particularly important to staff who work with the financial side of the business and accounts in particular. This training should be kept up regularly to refresh and also to update staff on additional things to look for.
As well as training, you can also get help from a professional company like w2globaldata who provide a know your customer service. Doing things like this is a good way to keep your business protected from criminal activities.