You’ve probably heard of the term “money laundering.” It’s a crime. It involves taking proceeds from somewhere and disguising its origins to make it look like it’s from a legitimate source. What’s an example of this? If you watch the TV show “Young Sheldon,” the grandma is running an illegal gambling room behind a laundromat and video store she owns. She makes it look like she’s getting money from the two legit businesses, but they’re really a cover for the cash cow in the back– the gambling room!
This is a small potatoes example, of course. In the business world, money laundering can profoundly affect businesses in a wide range of industries.
Anti-Money Laundering Services in Latin America
Thankfully, there’s such a thing as anti-money laundering services which refers to the activities financial institutions perform to achieve compliance with legal requirements to actively monitor for and report suspicious activities. When you work with a company or business person, you usually want to know they’re honest and doing things “by the book.” They SHOULD be following laws and rules. But sometimes they need to be investigated to make sure they are– after all, you ideally don’t want to be dealing with someone who is involved in illegal money laundering. If you are, you risk going to jail in most places.
Money laundering is also accompanied by things like smuggling, illegal arms sales, embezzlement, insider trading and bribery– all bad things. It can also be associated with drug trafficking and prostitution rings.
When you hire a company, such as SMG Consulting Services, to perform anti-money laundering services on your behalf, then you’re smartly checking to make sure the entity you plan to do business with is complying with regulations, protecting their brand reputation and shareholder value, avoiding consent orders, and using their money wisely, reducing costs related to fines, etc.
SMG Consulting Services can help you expand your business into Latin America safely, avoiding risk. Our anti-money laundering program and financial protection services in Latin America allow you to avoid situations that could damage your company’s reputation or result in legal repercussions. Keep your business safe from organized crime and prevent money laundering in your business with local legal expertise. Contact SMG Consulting Services to learn more about our anti-money laundering program and services in Latin America.