Time for "words to become actions" in AML

Following the head of the Financial Action Task Force claiming businesses need to change from ticking boxes for compliance’s sake, to risk-based compliance, John Dobson, CEO of SmartSearch said:

“The comments from the head of the FATF are certainly positive. However, words need to become actions. All the tools are there to prevent money laundering, however we need willing from those involved to close the door on criminals.

“To fully shut the door, there needs to be a shift in attitudes. Anti-money laundering needs to go beyond just basic box ticking and must be taken seriously. Beyond the moral obligations of stopping criminals legitimising their money, studies have shown robust AML processes can actually increase the value of a business.

“The simplest solution for regulated businesses is to adopt electronic verification. The Government has made it clear that it backs the use of electronic verification, and it is high time digital processes were adopted. These will not only protect your business, they will save you time and money and most importantly stop money laundering at the front door.”

Published: 26 March 2021