Every financial institution, money service business, real estate agent, securities dealer, jewellery store and accountant is mandated with the responsibility of developing policies and procedures to combat money laundering. This includes the duty to be aware of trends in money laundering and the ways in which money launderers adapt their methods.
Disrupting funding flows creates a hostile environment for both criminal and terrorist organizations. It forces them to continuously be adaptive and look to the weakest link. To avoid having your organization being viewed as a weak link, it is essential to have systemic safeguards which protect your organization from criminal abuse and to focus on counter-terrorism intelligence.
"Know your customer, know their
business" continues to be the anti-money laundering mantra. But the
responsibilities of staff in financial services have been broadened by
the Proceeds of Crime Act to include not just reporting of attempted
money laundering by organized crime or terrorists, but any illegal