Money laundering is something that goes on all over the world, despite the fact that it is illegal. It is the process of taking money that is from an illegal source – this could be anything, from drug dealing, theft or gang activities, and then trying to hide the fact that it was gained illegally. This is any activity that is done in order to hide how the money came about in the first place.
When you run a business, you are at risk of being used by money launderers, so there is guidance in place, as well as due diligence that you should be aware of in order to prevent it. Now most of us are not experts when it comes to spotting criminal activities, so you won’t be able to notice every little thing, but the idea is that you have a good enough awareness to at least be able to notice something suspicious and report it if need be.
Training your staff what to look out for is also helpful, as the more people are aware of these crimes and how the criminals operate the better it is for your business, as they have less chance of using your business to hide their activities.
Something else which can help you to spot illegal activities and suspicious circumstances is the help of a company like w2globaldata who specialises in these sorts of things with their know your customer service.