Black money is nowadays a great threat to financial institutions including banks and money transfer services. Money transferring services help black money holders to transfer money intentionally as well as unintentionally. But in a case when the activity is beyond the knowledge of the money transferring company, then it is obviously going to damage the reputation of the company. The activities creating black money are outnumbered. One can’t imagine that how black money makes people filthy rich.
Money transfer companies are an important financial institution of the economic system. It allows people to send and receive money easily from one place to another. Criminals can also access the service as in today’s world it is difficult to identify who is criminal and who is not. People involved in evil deeds mostly persuade money transferring services without giving any threatening alarms. In fact, such people are excellent at deceiving people. By trusting these people easily, companies create problems for their services. Once laws and regulatory authorities identify certain companies dealing with black money, the companies pay a great cost. Not only this, the profit of such companies goes down to very low levels. These threats are alarming to every money transferring company and companies should abide by efficient business policies to avoid such situations.