The Practice and Importance of Knowing Your Customer
In today’s world of business and international transactions, the importance of the ‘know your customer’ concept is becoming increasingly important. Corruption has been addressed and combated throughout history, and with the advances made in the world of technology, this has become an element that companies must not overlook, and must continue to educate themselves about. This involves the thorough practice of due diligence, by all members of the workforce. This has become standard practice for the financial institutions, not only in the United States but throughout the entire world. Clients, their intentions, and their actions must be identified.
This is in large part due the last few decades of the rise in terrorist activities and in the continued growth in the various ways to go about conducting the crimes of money laundering, bribery and extortion. This has been an issue throughout history, but was brought to the forefront following the 2001 attacks on the World Trade Center. Agencies that provide anti-corruption services have been extremely successful in the years that have followed 9/11, but unfortunately this has served to give those involved in the criminal activities motivation to go further underground with their subversive actions.
As a result, the discovery and investigation of such crimes committed by individuals and organizations has found it necessary to become wise to the ways of the wicked, or in other words, they must become more sophisticated and knowledgeable. The reason the know your customer policy is so important is simple and straight forward. Any individual or institution found to be connected in any way to the financing of terrorist cells, is held just as liable and just as accountable in the eyes of the federal laws and statues, and subject to the same consequences, penalties and punishment. This has become not only a matter of national security, but a matter of the security and safety of all humankind.
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