- Understand your obligations.
Businesses are expected to mitigate against the risk of being involved in all types of financial crime: bribery, tax evasion, money laundering and terrorist financing. The stakes are high and the failure to do so can result in fines and imprisonment.
- Senior management oversight.
Especially where the decision makers are not involved in the day-to-day of the running of the business. Appoint a member of senior management to oversee compliance, keep the board regularly updated so that they're aware of the risks associated with the business and the measures taken to combat them.
- Know your customer.
It's only by understanding your customer – who they are, what they do, how they transact, that you'll be able to assess the risk they pose and spot the warning signs that something isn't right. If something doesn't make sense, ask for more information.
- Training.
Staff need to know what is expected of them not only in the procedures that they're expected to follow but also how to spot red flags or warning signs of financial crime.
- Get the culture right.
Financial crime is inextricably linked to the underlying crime that generates the proceeds – terrorism, drug dealing and people trafficking. Getting culture right not only benefits the company and the staff but also hits the criminals where it hurts financially.
The above was taken from our video series, "90 seconds with a gunnercooke expert". Watch Sian's episode here.
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