It can seem that the world of finance crime is impossible to stop. Banks, financial institutions and government departments, plus the HMRC and the Police all try their level best to try and stop it. However there are times when more help is needed. One of those are the extra checks and balances provided by AML IDENTITY VERIFICATION. This is targeted at stopping one of the most common examples of financial crime, namely, money laundering.
Money laundering is the action of attempting to clean illegally gained income from criminal activity. It can be very hard to spot when it is occurring but it is something that the National Crime agency takes very seriously and the NCA expects financial organisations to take the utmost care in rooting it out and stopping it from occurring in their company.
The reason why money laundering is hard to stop is that it can take on many disguises and forms before it is spotted. Criminals need to place the money back into the regular system, but they are limited in how they can do that. Effective systems and questioning can help make it harder for the money to be cleaned up and used in the wider economy. Once it is in regular use it is very hard to get it back out again and prove that it was gained illegally in the first place. Therefore stopping it at the source becomes vital.