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Fraud, fraudulent behaviour, and their prevention in business

5.2 Controls and procedures required by law

In many countries, relevant companies (usually those who deal with large
volumes of cash or high value items, such as banks) are required by law
to put in place controls and procedures to identify money laundering
transactions.

The controls and procedures required by law will often include:

 Identification of large or unusual transactions

 Scrutinising of unusual patterns of transactions

 Taking steps to ensure all customers are identified

 Creation of the role of Money Laundering Reporting Officer (MLRO)

5.3 Defined reporting process

It is also important that a business has a defined reporting process for any suspected
money laundering. This will normally involve:

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