In today's time, money laundering has become a very serious threat and knowingly or unknowingly organisations are getting trapped in supporting such threats. It can be due to lack of training among the employees or lack of real time tracking systems or weak control procedure or ignorance of law. Whatever may be the reason but the ultimate outcome is not good if as an organisation; we are not fulfilling our responsibilities as expected. As an organisation we have to keep our eyes and ears open always.
What we can do?
As an organisation we need to do the following:
Ensure our systems are strong to capture the red flag without loss of time.
Our employees are fully trained and regularly updated
Proper Interpretation of laws and relevant regulations
We have stringent procedure in place
Regular reviews and monitoring to be conducted by independent member/s.
Seek support from Professionals for their knowledge and expertise.
Important:
Our Organisation objectives and path should be clear to ensure that we are not supporting or helping criminals to achieve their money laundering objectives.
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