Anti-Money Laundering (AML) Training Can Prevent Huge Fines and Business Disasters
As the global marketplace evolves many key issues are streaming into focus. One key area of concern is money laundering. The historic day of gangsters laundering their racketeering income through a corner grocery are now replaced with multi-million dollar schemes that have far-reaching implications, even embroiling the very corporations who unwittingly or wittingly allowed the guilty defendants to work under their mantles. As a result, AML training is an absolute must for all levels of the corporate world. Leadership must be educated as to the signs and prevention of such illegal activity, while the employees must be instructed as to the legal and ethical implications associated. AML training is the mos t effective means to safeguard the corporate world from such crime.
Wachovia is one company that recently found itself gravely embattled by money laundering. This banking magnet was forced to pay "$160 million to settle a federal investigation into laundering of illegal drug profits through Mexican exchange houses." This punishment was the most severe ever enacted under the Bank Secrecy Act which demands that financial institutions keep a watchful eye for just such illegal activity. Even though the U.S. government admitted that Wachovia had no way to successfully monitor the $420 billion dollars of transactions with Mexican exchange houses, that did not change the corporation's responsibility. Even though Wachovia's case got all the press, they are sadly not the only financial institution to be found guilty of such illegal antics.
So, how could Wachovia and other corporations avoid such a catastrophe? The global stage has been asking the same question. The products of their inquisition are new AML policies and laws. According to the U.S. Securities and Exchange Commission, corporations are responsible for adhering to all aspects of the law and they expect those firms to educate their employees on the particulars of the law. Additionally, these laws are subject to quick and frequent changes, so it is essential to teach the current laws while providing your force with the tools necessary to keep abreast of the changes.
Please contact us today so that we can help you create a training opportunity that will help your corporation achieve the peace of mind that comes with 100% compliance.