Money laundering is the generic term used to describe the criminal process of ‘cleaning’ so-called ‘dirty’ money (i.e. money that was obtained by breaking the law) so that it appears to be legitimate income. It has close links with other financial crimes, such as terrorist financing and fraud, so it’s important that effective anti-money laundering training is provided in order to reduce the risk of a financial crime taking place.
Whilst it’s true that most organisations agree on the seriousness of money laundering activity (after all, it can result in large fines and/or prosecution for both the organisation and the individual at fault), it’s too often the case that in-house anti-money laundering training isn’t provided to employees, or that it’s offered in a way that seems unrelated – dare we say boring – to those who could be most at risk. You see, successful businesses with a steady flow of cash in and out are often targeted as a means by which to launder money, and if your employees don’t understand how to spot and report suspicious activity, you could be heading for trouble.