3 Stages of Money Laundering: Understand it for AML Compliance

#AML #AntiMoneyLaundring #AMLScreening
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Money Laundering, a process of disguising the original source and ownership of funds. The source is concealed to hide who the actual owner is and so it would be easy to move the money across the world. Money laundering is a process of crime against which local and global regulatory authorities are vigilant to combat due to its effect on the global economy.

Financial Action Task Force (FATF) a governmental body declared regulations regarding AML. It cleared the notion that money laundering only takes place with cash transactions. Although, this is not the only case. Money laundering is a criminal proceeding that can be performed by any medium virtually, could be a financial institution or any business.

Moreover, AMLD (Anti-money Laundering Directives) serve the purpose to combat money laundering activities across the world that are facilitated either through casinos, banks or other financial institutions, virtual currency and real estate, etc. Recent AMLD6 declared the criminal liabilities explicitly defining the proceeds of crime. AMLD5 lowered the prepaid card credit threshold from 250 euros to 150 euros, the reason being money launderers using prepaid cards to transfer money across the world and aiding drug dealers.

Sources of Dirty Money
Other than this, money launderers use various industries to convert their dirty money into a good one. Industries knowingly or unknowingly facilitate them which at the end result in harsh regulatory fines and penalties that vary from business asset abandonments and temporarily or permanent freezing to years of imprisonment.

“The conversion of dirty money into good money”
Following are some of the sources of dirty money:
Drugs and arms Trafficking
Criminal Offences
Gambling
Smuggling
Bribe
Online fraud
Tax evasion
Kidnapping and many more…

Shufti Pro helps businesses verify each onboarding customers against global watchlists, PEPs records (Politically Exposed Persons) and sanction lists. Verification against these updated lists helps businesses screen each customer and avoid a criminal entity from being part of the system. The AML verification system is seamless that screens each customer in real-time.

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