We interviewed Fiona Hall, a lawyer who specialises in AML & CFT regulatory compliance, to learn about the biggest misconceptions around anti-money laundering and countering financing of terrorism processes that she hears from clients, to bust the myths, so you don’t make these most common mistakes!
The "it isn’t relevant to us" myths
- "It doesn’t happen here'' – Businesses owners don’t like to think that money laundering or even potentially worse, terrorist financing, could be happening right under their nose, but the truth is anyone offering services or products that can be used to launder funds or support terrorist activity is susceptible to exploitation. It is incredibly important that reporting entities accept that it isn’t a case of it being everyone else in the sector except them. Your sector has been identified because there are genuine inherent risks associated with it. You need to understand those risks and consider them in the context of your business, before any measures you take to mitigate the risks.