6 General Tips for High Risk Companies

6 General Tips for High Risk Companies

In Anti-Money Laundering, Business by Parvesh ShamdasaniLeave a Comment

I have come across many high risk companies that still cannot grasp the fundamentals. As a result I have compiled a list of 6 general tips that every high risk business should follow, please feel free to mention any that you think should also be included in the comments section.

  1. Make sure your Compliance Officer can understand and implement the policy
– It is a team effort; don’t dump everything on your Compliance Officer / Money Laundering Reporting Officer
– If your Compliance Officer does not understand enough to create a policy, get help

  2. Customise your policy for your business
– Has to be well balanced between theory and practicality
– Policy manual needs to have simple and straight forward steps that your company follows

  3. Screen your customers against sanction, PEP, and criminal databases
– Understand how to critically evaluate matches
– Save all results, analysis, and decisions

  4. Train effectively and test everyone afterwards
– By effective make sure it is not too long and not too many topics at once
– Tests prove understanding and help identify people who need extra assistance

  5. Apply technology where possible
– Saves time and money over the long-term
– Enables us to advance our compliance capability
– Also provides controls that prevent and catch mistakes

 6. If you don’t have a compliance policy, start now before it’s too late
– Even if your industry is considered high risk but not currently monitored and regulated by the government. Start learning and implementing what you can to stay ahead of the market and safeguard your future

Business and compliance enthusiast, problem solver, road warrior, police ID check magnet, and half geek whose exploits have taken him around the United States, United Kingdom, Caribbean, India, deep into Southeast Asia and West Africa. Entered the anti-money laundering and high risk field to help develop understanding, contribute research, improve standards, prevent profiteering at the expensive of SMEs, and to protect interests of the average person.
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