Money laundering today globally is a $2 trillion problem. It fact, it accounts for upwards of 5 percent of the gross domestic product (GDP). If you want to keep your company as safe as possible and also vet everyone that you exchange information with, you'll need to tighten up your security and adopt some anti–money laundering policies.
One of the best steps you can take in this direction is adopting an OFAC training program in your business. Follow the points in this article and take the time to reach out to some pros that can help you make your company as secure as possible in this regard.
What is Office of Foreign Assets Control (OFAC) training and why is it useful to your company?
One of the best steps you can take is adding OFAC training to your company's workflow. This office is a branch of the United States Department of the Treasury, and it shines light on trade and foreign agreements. They vet how money comes and goes and put a number of sanctions in place that businesses need to stay aware of each and every day that they operate. As such, your company needs to be compliant with these sanctions so that you don't trigger any red flags and run the risk of having your money frozen.
Rather than waiting to be subject to a number of investigations and other matters, you should get your company up to speed with these policies by hiring a third-party company to implement training.
Create company policies that add to your safety and security measures
Once you have adopted OFAC training protocol, you should also take steps to create strategies that count. This means putting your company's financial policies in writing and being mindful of the forms of identification and references you require from your clients. Maintain ironclad cloud storage so that you always have records that you can access at the drop of a hat.
Since cyber breaches today are at an all-time high, you should invest as much time and money into your cybersecurity infrastructure as possible. This will help to prevent theft and fraudulent activity and will allow you to safeguard every transaction that takes place in your business.
Do your due diligence to hire nothing but the best professionals that can assist you with both OFAC training and shoring up your cybersecurity. Start getting some estimates on these services and take action today.