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Compliance & Regulation

You can help create a safer world

The Very Simple Thing Every Financial Institution Can Do

There's an incredibly simple thing every financial institution can do to help make the world
safer from terrorism and other crimes: ask three more questions when customers want to
send money abroad.

Consider making it your practice to track the source of the funds, the purpose of the
transaction and any related documentation the customer can provide. Requesting this
information helps weed out fraudulent activity and dissuade criminals from doing business
at your financial institution.

If this becomes your standard policy, no customer ever needs to feel singled out or targeted.
Your employees never need to make tricky judgment calls about when to probe for more

Seeking this information is just a small step beyond the changes you are already required to
make because of the new FinCEN Customer Due Diligence rule that requires the name of a
beneficial owner on all accounts.

Gone are the days when a customer can set up a bank account in the name of a shell
company alone, without the names of beneficial owners attached.

Regulators took a close look at how financial crimes are committed, and far too often
criminals use the convenience of shell companies to obscure their identities.
By taking the veil off shell companies, we bring light to the dark places criminal activity
sometimes lurks.

Since every financial institution needs to make operational changes to meet this new
requirement – why not go just a step further, to shine an even brighter light?
Financial institutions already need to update customer records, create new onboarding
procedures, and retrain employees. So this is the perfect time to make your international
transactions even more transparent.

Not only does this make life harder for terrorists and other criminals, there is clear upside
for you and your customers. Your international transactions are likely to be processed
faster because payment providers won’t need to request more detail.

And – very importantly – you can help protect your financial institution against regulatory
risk and reputational damage that could affect your bottom line.

Sometimes in life, going just a simple step further can make all the difference in the world.

This is one of those times.

About Western Union Business Solutions
Western Union Business Solutions is the go-to international payments provider for more
than 1,000 financial institutions around the world. As a true expert in financial regulations,
the company has a global team of compliance specialists and robust compliance systems to
meet regulatory standards.

Western Union Business Solutions

Compliance & Regulation 

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