Anti Money Laundering Compliance
Anti-Money Laundering Compliance:
The United States is involved in an array of treaties with a majority of countries around the world to stop the illegal activity known as money laundering. The Patriot Act, Bank Secrecy Laws, and a great deal of other legislation, domestic and international, greatly effect the every-day operation of banks, asset managers, and financial institutions.
Is your bank, company, or financial institution in compliance with these laws? Are you aware of such entities as the Financial Action Task Force, or its 40 recommendations to battle money laundering? Are you using KYC (Know Your Customer) to protect your entity and its investors? Can you determine “beneficial ownership”? Is your institution exposed to complex typologies of money laundering such as smurfing or offshore financial crimes?
Compliance with these laws is costly to the legitimate American business. Even more costly is non-compliance for entities and investors. Additionally, concerns such as trade with countries that are compliant based on treaties and agreements, stopping terrorism, and avoiding criminal tax evasion or fraud for your legitimate client’s benefit is at the heart of these complex laws. A sound institution for legitimate client investment will address these issues and will communicate the procedures and their reasoning to their investors/clients.
If you believe that your bank, company, or financial institution has not implemented processes to meet compliance and due diligence requirements of these laws, treaties, and other regulations, or you believe your entity should know of indicators of financial crime and money laundering to protect your investors/clients, contact a competent attorney or accountant to review these critical areas.
