Anti-money laundering laws can require a lot of extra paperwork and scrutiny from your business. But what do AML laws really mean for your daily operations and bottom line?
In actuality, they’re really not a big deal. AML laws are meant to protect your company and your integrity in the event you accidentally purchase a stolen item or engage in some kind of transaction you thought was legitimate.
In terms of AML paperwork, the first things you will be asked to produce are documents to make sure your intentions were good when making that purchase or sale. The more due diligence you do, the more protected you’ll be at the end of the day.
There are certain things we do at MGS in order to make sure we’re dealing with legitimate companies. For example, we ask for a driver’s license and credit references along with a couple of other items. Keep in mind: we do actually call the references. While some people might be insulted when we ask for these items, this is done in order to keep out the people that we are better off not doing business with. There are instances when we refuse to do business with a company if we hear they have a history of inappropriate business activities. These types of companies are ones that you and I want nothing to do with; it’s perfectly okay to turn down a purchase or sale if any references raise a red flag.
At the end of the day, just remember AML laws are a good thing. They’re one more step in helping to fight terrorism, organized crime, and money laundering.