SCREENING OUT BAD HATS FORM CLIENT LISTS MAKES COMMERCIAL SENSE TO OBLIGED ENTITIES
April 11th, 2023
AML is expensive, and for obliged entities, the cost increases the more suspicious transactions they must assess and process. So, it is far better for them to prevent – where possible – a potential money launderer from opening an account with them in the first place. But how can an obliged entity, such as a bank, accountant or casino, assess a client before starting business with them, so they can screen out the bad hats in advance?
Angela Foyle, head of risk management and economic crime, at public accounting, tax, consulting and business advisory BDO, told ...
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