NACVA QuickRead published an article by Advisory Director Ali Ansari discussing the red flags that signal money laundering and the safeguards to understand, monitor, and control the risks.
By Ali Ansari, Director, Advisory Services
Any organization that receives or disburses funds, whether by cash, checks, wires, or other types of bank transfers, is susceptible to elements of fraud, corruption, and money laundering. The source could be both internal and external, both domestic and international, and the regulatory impact could be both from receiving or disbursing funds. If the funds received have origins in a tainted source, it will have a reputational impact that will affect the financial institution and its stakeholders.