Anti-Money Laundering Services: Why do organizations need it?

The Anti-Money Laundering (AML) services or check is a character and identity evaluation conducted on third-party members, such as investors, to certify that each third-party member is who they assert to be. The Anti-Money Laundering check can also be used to make certain that the investor(s) are not financing on behalf of somebody else. In most cases, such checks will be accomplished in the background set by utilizing electoral data.

Why do you need Anti-Money Laundering (AML) services?

The objective of an anti-money laundering (AML) service is to better identify and report dubious pursuits that an investor may make; this can consist of the base infractions of money laundering to radical backings to conducting security deception and market manipulation.

As an international corporate unit comprising of subsidiary partner functions that cross numerous diverse corporate sectors (including but not limited to telecommunicationfinancial services, petrochemicals, energy production/ distribution, chemicals, fertilizers and food), it is vital that your organization acknowledges that it is pursued by intimidating bodies seeking to gain from your market authority.

CRI® Anti-money laundering (AML) advisory solution better aid in investigating systems and acquiring efficient solutions that reduce your organization’s risk of becoming privy to operative, contractor or external corporate and financial crimes. CRI®’s extensive Anti-Corruption and Compliance network seeks to deliver the security your organization needs when producing vital baseline judgments which are crucial to its success in the trade. Download our AML Advisory brochure to find out more about our scope of services in AML.

What challenges could you face?

One of the major challenges in accomplishing the anti-money laundering check is corporate finance’s management and progress towards guaranteeing that active Anti-Money Laundering (AML Framework) practices and methods are in place. Repudiation to accept that the risks of not having a proper AML framework in place can lead your organisation to become explicitly subjected to:

  • corporate fraud
  • corruption
  • exploitation from the theft of money and other assets

Why is having an effective AML framework crucial?

An important aspect of functioning well as an organization is meeting stakeholder expectations and safeguarding your corporate reputation and competitive positioning. You need to comply with national, regional, and international legislative frameworks such as:

More profoundly, money that is unknowingly, inadvertently or (in the case of fraud and corruption) even consciously ‘laundered’ through the organization could at the proper time support, finance and promote international terrorism and the drugs trade.

An effective AML framework is a testament to your organization position against crime. As global corporate citizens aware of their responsibilities, any international organization must comprehensively address these concerns and implement policies, procedures, and associated risk assessment mechanisms.

What are the consequences of an absent AML framework?

To have insufficient controls and be charged with engaging in money laundering can have any of the following negative consequences:

  • Damaged corporate reputations & brand devaluation
  • Eroding employee morale
  • Potential consumer boycotts
  • Negative investor perceptions
  • Possible legal action
  • Fines and potential jail terms for directors

What are the solutions for an effective AML framework?

CRI® Group specializes in dissuading, sensing and investigating crimes against organizations. We achieve success using a global network of professionals specially trained in anti-corruption, risk management and compliance due diligence, and corporate investigations. More importantly, our technical capabilities and multi-national resources enable us to perform the following scope of work for your organization to demonstrate adequate procedures:

  • In-Depth Anti-Money Laundering Risk Assessment.
  • GAP Analysis for the scope of ISO 37301 Compliance Management System.
  • Provision of AML Framework
  • Global Sanction Screening and Third-Party Risk Management