UK: Businesses urged to be vigilant over money laundering

30th July 2007 17:17

Firms are being advised to exercise vigilance over money laundering and be aware of the risks of falling victim, in order to avoid considerable financial repercussions in the future.

Experts at AIS Claims and Investigation Solutions state that particular businesses should take the necessary steps to prevent money laundering from taking place, one of which should be ensuring there is a good knowledge of the client base.

According to the Money Laundering Regulations 2007 measures must be taken to prevent laundering and "compensate for higher risk", suggesting that business owners are under obligation to prevent themselves from falling victim.

"Certain businesses certainly need to pay attention to it and every business should be aware of the Money Laundering and Compliance regulations," commented Paul Champion, managing director of AIS.

Mr Champion also states that staff should be made aware of their obligations regarding money laundering regulations.

A survey from Lexis Nexis revealed that many law firms agree that new money laundering regulations will lead to increased red tape for businesses, reports the Times.

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