There are lots of ways you can improve your companies knowledge surrounding money laundering; this article outlines some tips.
If as a business you are unsure as to whether or not you require to have a money laundering policy in place it is exceptionally important to do your research. When doing your research, you will stumble upon the fact that by not having an adequate policy in place your company, together with the owner of the business, can find yourselves having to face huge fines along with a lot of scrutiny and damage to your business. Having the proper AML policy in place is something which should be within your business plan form the very start and it is most likely that those involved in the Malta FATF would agree with this.
Anti money laundering is the laws and procedures involved which prevent criminals from disguising illicit funds. For a lot of businesses it is important to have some form of policy in place. The risk of money laundering a company will face will differ and this is down to a variety of factors. For example, the type of work they are involved in and do in addition to the type of customers they have. It is likely that those involved in the Turkey FATF would agree with this. By having policies in place this is the only way companies can be sure that they will be able to identity if money laundering is taking place. These policies will protect your service from more harm and damage.
There are a number of things which are essential within an AML policy. A vital example of this would be the particular details of a company's money laundering prevention strategy as well as an explanation on the company's method for locating and conducting due diligence on its customers. It is also essential to educate your staff about the money laundering responsibilities that your organization is going to have in place. Guaranteeing they are onboard with all the regulations and what they should not be looking out for is incredibly important. There are endless benefits to having an AML policy in place. It is likely that those associated with UAE FATF can vouch for the fact that this is a great way to reduce the chances of your company failing to meet certain requirements. As a business you will have many people who are looking to scrutinise your business. Whether you know or not knowledgeable about any prohibited activity it is necessary you do all that you can to secure and maintain your business's reputation. When your company is in the limelight for all the incorrect reasons it is really tough to instantly get out of this and does take some time.