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Money Laundering is the illegal process of concealing the origin of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. The overall scheme of this process returns the "clean" money to the launderer in an obscure and indirect way.
Anti-Money Laundering (AML) has to do with the laws, regulations and procedure intended to prevent criminals from disguising illegally obtained funds as legitimate income. AML laws often target criminal activities including market manipulations, trade in illegal goods, corruptions of public funds and tax evasion. Money laundering is a major financial crime, and according to international Monetary Fund (IMF), the money rate is between 2-5 percent of the world's GDP.
The best way to mitigate risk is to detect and manage problematic clients before they become a risk. At probe, we offer end-to-end solutions to your AML needs with our customer screening tool
The MLD was a directive created to prevent money laundering in or terrorist financing. The purpose of this directive is to make regulated businesses verify the identity of their Clients, monitor transactions and report anything suspicious. The latest MLD requires that extensive checks should be carried out when monies are moved from high risk countries and such transaction or clients should be critically checked to avoid fraud.
Non compliance with AML regulations could result in severe enforcement actions, civil and criminal penalties, but most importantly, damage to company's reputation. The size of these fines can determine on the type of violation and the willingness of an institution to correct the issue(s). It was discovered that there was insider involvement, penalties price can go higher with a jail sentence.
With the development of technology, fraud in the world is increasing day-by-day. Financial institutions need to comply to AML regulations to avoid criminals from engaging in transactions to disguise the origins of funds connected to illegal activities. Financial institutions are required to verify every Customer's identity, monitor transactions and report any activities that may raise suspicion, like sudden and large growth in fund and withdrawals.
The best way is to mitigate risk - to detect and manage problematic accounts before they become a risk. Proper onboarding and background screening must be carried out on every suspected client or account. Also AML automation ensures that compliance can perform its due dilligence, fraud prevention and also increase capacity, productivity and operational efficiencies.
Benefits
We exist to help our clients build a foundation of trust and safety within their business and mitigate risk wherever possible. We know your business means a lot to you and that is why we make it our number one priority. Our main purpose is to provide fully automated AML compliance checks which can be used during client onboarding and monitoring processes.
We take care of the hard stuff so you don't have to do it, start simplifying your onboarding and recruitment, with our background screening tool your workflow will be more effective and efficient.
Office LocationsProbe Compliance Africa Ltd. (RC 2010162) Nigeria Plot 58a Block 1 Omorinre Johnson Street Lekki Phase One Lagos, Nigeria |