One of the most common objections we hear from firms when discussing the importance of strengthening their Anti-Money Laundering (AML) processes is “That won’t happen to us.”
This sentiment often stems from a misconception that money laundering and financial crime are limited to big cities, high-end properties, and high-profile individuals. Many believe these crimes unfold in a world far removed from their own day-to-day operations. However, this is far from the truth.
Money Laundering Can Happen Anywhere
The reality is that financial crime isn’t confined to flashy multi-million-pound properties in London or major urban centers. It can, and does, occur in quieter, less conspicuous locations. A stark reminder of this came with the recent discovery of one of the FBI’s most wanted criminals hiding in North Wales. Using a false identity, this individual was able to purchase a property in a remote area, far from the spotlight, and evade capture for years.
Another example is the National Crime Agency’s (NCA) Operation Destabilise. This investigation uncovered a multi-billion-pound money laundering network with ties to Russia. Remarkably, the operation spanned 55 different locations across the UK, emphasizing that no region is immune to the reach of financial crime.
A recent real-life example
The assumption that “it won’t happen here” is not just a misconception—it’s a dangerous gamble that puts businesses at risk. Consider one of our recent clients, a small estate agency. They approached us to digitize their AML and ID checks, aiming to make the process faster and more convenient for their clients.
Previously, the agency had relied on manual methods to verify documents and run background checks. While diligent, their old processes were very time-consuming and left room for error. As part of their training with our software, they ran an AML check on a recent client. To their surprise, the very first search flagged a potential match.
Thanks to our software’s built-in pen portraits they were easily able to confirm the client was indeed a flagged individual. This discovery highlighted a critical vulnerability in their previous system and underscored the importance of robust, digital AML tools.
“You don’t exactly expect your first search to result in a positive match but at the same time, its why you invest these platforms. Risks are all around us and can come from the least expected place.” name, business
Don’t Rely on Assumptions
Relying solely on local knowledge or assuming financial crime doesn’t occur in your area puts your business at risk. Criminals exploit gaps in vigilance, particularly in regions where firms feel insulated from such risks. Strengthening AML processes isn’t just about compliance—it’s about protecting your business, reputation, and clients.
If you believe that “it won’t happen to us,” you might already be at risk. Financial crime is indiscriminate, and only proactive measures can ensure you’re safeguarded. Whether your business is located in a bustling city or a quiet rural area, investing in strong AML processes is not just a necessity but a responsibility.
