Imagine that a pharmaceutical distributor starts working with a new supplier. Although they have no background or business history, they offer large quantities of a controlled ingredient that could be used to manufacture illegal drugs.
Payments arrive in small, fragmented deposits to go unnoticed. No one questions the operation or verifies the source of the funds. And thus, without realizing it, the company ends up becoming part of an illicit network.
It may seem like an exceptional case, but it is a real risk that the pharmaceutical sector faces every day.
Why is this sector vulnerable?
Medicines and their ingredients move in large volumes and through many intermediaries, making them an attractive channel for money laundering. The most common red flags are suppliers without verifiable documentation, ingredients offered without clear commercial justification, and fragmented payments to evade controls.
How could it have been avoided?
With an AML compliance system, the provider would have been verified before any business, requesting supporting documentation: Who is it? Does it have the necessary permits?, and upon detecting the structure of fractional payments, the compliance team would have reported the operation to the competent authority.
The solution: AgileCheck
AgileCheck makes all this possible without complications. It verifies providers in seconds, automates alerts for unusual movements, documents every decision, and facilitates the reporting of suspicious operations. All in one place.
Compliance is not an expense, it is what protects your company, its license, and its reputation.
AgileCheck is here to make that path easier. Are you ready to work with us?