As money launderers find more innovative ways to legitimise the proceeds of their crime, it is vital to implement more effective anti-money laundering solutions. The Money Laundering Regulations specify that companies should put in place internal procedures and policies; identification processes; record keeping systems; reporting officers; and training schemes to deter launderers from using their firms.
In addition, the various data sources companies rely upon must also stand up against the money launderer’s attempts to acquire and produce false documentary evidence. The imposition of fines and or imprisonment for a failure to comply has galvanised companies to ensure that the right measures are in place. However, with varying levels of ambiguity over client identification, it can be hard to know whether the measures are effective.
