It is estimated that money laundering and other money related crimes account for almost $2 trillion in loss for companies in a years’ time. While you can offer anti-money laundering training to your employees, there are still some mistakes that are being made that need to be avoided, if you want your business to escape the money laundering that goes on more often than you might think. With that in mind, read on below for a few of the top mistakes to avoid when it comes to AML compliance.
Putting Trust in a Single Customer View
Many IT’s often develop what is known of as a single customer view in order to reach their target market. Having a single customer view is great for your target audience, but you want to make sure that there are optimized systems in place that will alert you if there is any suspicious activity as well. Don’t put your security at risk just to reach your target audience.
Buying Point Solutions
It is said that many people buy TMS or point solutions to try and detect any suspicious activity. In reality, these things are not going to help you detect something that is going on and you will have a serious problem before you know it. This is especially vital for banks and other financial institutions, as money laundering is a crime that happens most often in these types of businesses.
These are just a couple of the mistakes that you will want to avoid with your anti-money laundering compliance. Your first step is to get some type of anti-money laundering training in place and then make sure to avoid the mistakes listed above. For more information contact the professionals at Interactive Services for help and any questions you might have.
