VISION

The business world is constantly changing and assuming various forms of business investments, such as E-Commerce, E-Payment, Cryptocurrency, Block Chain, Peer-to-Peer Lending and still others that are yet to come in the future. Various investors and those interested persons need to learn and understand the system under which a business operates. But the critical question facing you is—how will you ensure that for such investment or transaction, you or your businesses are safe from and do not get involved in money laundering?

With regard to money laundering, many people may not be familiar with this term as it was not much in the spotlight of society. However, nowadays, money laundering is widely discussed in the financial services industry or even on the global scale.  

Basically, money laundering is a process of changing the status of illegally acquired money or property or transfer; it is a process that includes concealing and obscuring the money or property derived from the criminal offence. Money laundering is, therefore, a process that criminals prefer to use in their criminal activities. Moreover, criminals committing business crimes are intent on employing this process in order to exploit the proceeds of crime or to use them as capital for larger crimes. Therefore, money laundering becomes the most important step in economic crimes. To ensure global safeguards, the relevant international organizations such as G20, IMF, World Bank, and others are paying more and more attention to formulating and introducing measures to secure prevention and suppression of money laundering.

Current Situation

Currently, international communities and organizations as well as financial and electronic money transfer businesses place greater emphasis on anti-money laundering measures. This is due to the fact that criminal offences have been dramatically developed into crimes in the financial and economic sectors. The use of technology makes it possible to forge or change the financial information, to commit cheating or fraud in various forms of investments as well as data theft to embezzle the money from the bank online system, stock speculation, call-centre and others; all of them are crimes where it is rather difficult to arrest the offenders at the time of commission.  

Besides, these problems also have negative impacts on business operations which may involve a piece of property related to other offences, such as a plot of land. Construction of a building thereon can have effects on the investors in the building, the banks involved in mortgage or loan or deposit of money that may be involved in the offence. The construction companies receiving payments for such construction could, willy-nilly, get involved in the process of money laundering.

Therefore, the private sector itself needs to investigate the risk that might be involved in the money laundering process through a customer utilizing services from a service provider. Entrepreneurs and investors should understand and prepare a plan to comply with the laws relating to financial security that will come into force in the near future. This is just to increase safety measures and reduce the risk of falling into the money laundering processes. 

Obtaining consultations or planning in regard to risk management on money laundering within the organizations as well as the clients’ risk management on money laundering are the essential issues that the private sectors from both financial institutions and finance-related businesses should pay attention to, especially at a time when the criminals increasingly utilize several channels to commit new types of offences, and for that matter the offences themselves are evolving or, if not, developing in some instances.

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protect your money

Careful planning for prevention and risk management can reduce any risk of becoming a criminal tool. It bolsters confidence of customers and service users in the financial sector. It also adds security standards to the organization as well. Not being a tool of economic criminals, it can reduce the cost of cheating and fraud or payment of penalty. It also reduces the concern of the organization and maximizes its work efficiency. Nowadays, there are a number of businesses that can be linked to money laundering. Besides, online transaction is one of the businesses that investors are interested in.

So the question is—how can it be sure that making any transaction, online or otherwise, will be safe and can ensure the security for customers? And your business is not part of the money laundering process?