Be a financially responsible business in the global economy
It is one thing to take to large sums of money or average amounts, but not knowing where this money comes from can sometimes land your business into trouble.
It is important that your accountants or outsourced annual compilation services team monitor, check and maintain the true identities on the source of incoming funds.
Money laundering is no secret and it is done every day.
People all over the world make large sums of money and want to hide it from their government, creditors, or whomever they don’t want taking their money.
There is also money laundering from illegal activities and that they hide this money somewhere.
Incoming funds should come from a legitimate source
Businesses, although keen to take in money, have to be very careful if they are dealing with large sums of money.
Implementing a robust system within your business is one way to protect yourself from money launderers and terrorist financing.
Verifying the source of incoming funds into Singapore
Verifying a physical address is critical to checking where money is coming from. Asking for identification, and verifying that as well is important.
Although no plan is foolproof, the more obstacles you put in a criminal way, the more they are going to move to the businesses that have fewer security measures.
Terrorist money has to go somewhere and you want to screen your incoming customers with their money to rule out any money you are receiving is from or for a terrorist cell.
This can cause you trouble down the road if you have involved in some terrorists anything.
Robust AML system and documentation
Implementing a checking system within reason is a good way to alleviate problems in the future and much cheaper than having to suffer through an investigation.
Have a conversation with your accountants so that they can come up with a plan or system that is secure and sufficient to adequately identify the businesses or individuals that are bringing large sums of money to your company.
These small steps can help you identify potential money laundering activities and gain respect in the business world that runs under moral guidelines and practices.
Being responsible in this global economy is a must for not only saving money but making it as well. Good business people want to do business with other responsible business owners.
When you implement a system within your accounting practices to responsibly track where the money is coming from that enters your business, you are doing the world a great justice.
Outsourced Accounting Firm can assist you in AML implementation
This makes it harder for irresponsible businesses to conduct business which in the long run costs us all more money.
Should you need assistance or would like to find out more about annual compilation services in Singapore, please send an email to Contact@AccountingSolutionsSingapore.com, and our business advisor will contact you.