Anti-Money Laundering and Counter-Terrorism Funding
Particularly after 9/11, the United States and other countries have taken steps to defund terrorist and other criminal networks. These bad actors and other fraudsters need a way to conceal the sources of their income and hide assets. They do this by creating shell entities or other businesses that appear to be legitimate but are actually just the means to laundering the cash they obtained by illegal means.
As a result, legitimate entities are required to make an effort to know who they are dealing with in business. Referred to as “Know Your Customer” or “Know Your Client” guidelines, these procedures are focused on verifying the identity and suitability of a potential client or customer. While originally a key component of the financial industry, Know Your Customer procedures are expanding into sectors as companies of all sizes seek to ensure that who they are dealing with are anti-bribery compliant and who they claim to be.
Building a Know Your Customer Program
No one wants to find out that they’ve inadvertently been involved in bribery or money laundering. Not only could it result in a criminal investigation, but it could also destroy your business’s reputation. Building a strong Know Your Customer program is the key to keeping your business clear of criminal activity.
When we work with a client to develop a Know Your Customer program, we bring in a team of industry experts that know the best ways to guard your vital interests. We focus on the following core elements:
- Customer acceptance policies that require the customer to acknowledge and accept that you do not intend to be involved in money laundering, bribery, or other criminal activities
- Robust customer identification procedures to verify their identity and sources of their assets
- On-going monitoring of any transactions you are a party to
- Detailed risk management protocols
Our broad network of industry professionals brings decades of experience to each client we serve. We strive to develop a fully-customized Know Your Customer program that helps you meet the challenges unique to your business.