Money laundering poses a detrimental impact on businesses and the economy as a whole. According to the United Nations Office on Drugs and Crimes, the amount of money laundered around the world in a single year is presumed to be 2–5% of global GDP, which is roughly $800 billion to $2 trillion.

By enabling the transfer of illicit cash across borders, funds are diverted away from legitimate economic activities, which leads to inflation, decreases tax collections and blocks economic progress. Businesses may help avoid money laundering by establishing strong anti-money laundering policies and collaborating with regulatory authorities.

The purpose of this customizable policy, written by Maria Carrisa Sanchez for TechRepublic Premium, is to provide guidelines to prevent, detect, mitigate, and report all acts of money laundering within your company.

Featured text from the policy:

RISK ASSESSMENT

To measure the company’s susceptibility to money laundering, these factors will be considered in its periodic risk assessments:

Customer demographics.

Geographic locations the company operates in.

Nature of relationships with customers.

Products and services being offered.

How products and services are delivered.

Nature, size and complexity of operations.

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TIME SAVED: Crafting this content required 14 hours of dedicated writing, editing, research and design.