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Most financial institutions across
the world use US Dollars as a currency for foreign exchange and other related
transactions. And while dollars may not be the most prominent in terms of
valuation, the extensive and widespread use of the US currency does make it the
most liquid, and therefore, more vulnerable to money laundering.
This is because, when looking to
move their money around, launderers look to use countries where the laws are
less rigorous and currency that is widely accepted, and that’s US dollars. The
other advantage launderers get from working in dollars is that, as they move
their money around the world, it doesn’t lose value by being exchanged from one
currency to another.
The vulnerability of the dollar also
means, of course, that US financial institutions are also at a heightened risk
of handling dirty money - most likely at the integration
stage. So, having the correct AML
processes in place to ensure the clients you are working for are legitimate,
has never been more important.
state that all financial institutions
must have a customer identification program
(CIP) in place to identify and verify all customers to ensure they are
who they say they are. The BSA also requires financial institutions to have a
system of internal controls in place to assure ongoing compliance and file a
Suspicious Activity Report (SAR) if they detect any known or suspected
transactions related to a money laundering activity, or any violation of the
Complying with the
BSA/AML manually is a time-consuming task and open to errors, so, if you have
not done so already, you should seriously consider moving to electronic
verification – it is the most
reliable - not to mention quickest and
easiest - way to ensure your business is complying with the BSA and that your
Customer Identification Program is fit for purpose.
Our electronic anti-money laundering
platform can perform all the compliance checks you need to ensure the people
you are dealing with are who they say they are. Our system also screens all
checks for sanctions, PEPs and runs automatic enhanced due diligence on any
matches so you can see if that person poses a risk of money laundering to your
business. Not only that, but the system constitutes to monitor every individual
so that if anything changes and their name becomes associated with any illicit
activity, you are immediately notified and can take action.
This type of all-in-one system is
absolutely vital in the global fight against money laundering, as it can check
internationals and well as US citizens, ensuring you and your business are
protected and fully compliant at all times.