CDD may try to uncover and counter money laundering patterns such as layering and structuring, also known as “smurfing”—breaking up large transactions into smaller ones to dodge reporting limits. For example, financial institutions have instituted AML holding periods that force deposits to remain ...
反洗钱系统anti-money laundering system 双语例句 1. Today´s meeting is in part an attempt to deal with some of the divisions between the public and private sector on tackling money-laundering. 此次会议的目标之一,是解决公共与私营部门在反洗钱方面的某些分歧。
If the money laundering process is successful, the money can be used freely by the criminals. So, if we allow this company to exchange its dirty money for our gift cards without verifying the origin of its funds, we could be prosecuted起诉,控告 for money laundering. We must thus pay close...
Anti-money Laundering (AML) Institutional Building The Bank abided by the Anti-Money Laundering Law of the People's Republic of China, the Administrative Measures for Anti-Money Laundering and Counter-terrorist Financing of Financial Institutions in the Banking Sector, the Guidelines for the ...
For example, money may be placed in a business and disguised assales revenuein order to camouflage its origin. Money laundering is illegal in itself. Money Laundering – Process The figure below shows the three steps in money laundering and some of the controls that are used to prevent it. ...
For example, the European Union has the Directives on Money Laundering, which requires financial institutions to take measures to prevent money laundering, including customer due diligence and reporting of suspicious activity. Understanding Anti-Money Laundering (AML) It is important to understand that ...
Money laundering is a serious issue that has been around for centuries. It’s the process of disguising dirty money from illegal activities so it can be used without raising suspicions. In today’s world, money laundering is rampant and governments are t
Money laundering is the process of making illegally obtained funds (“dirty money”) appear legal. The illegal funds are first introduced into the legitimate financial system to hide their real source. The dirty money is often moved around through financial services organizations like banks, insurance...
Umut Turksen,Ismail Ufuk Misirhoglu,Osman Yukselturk.Anti-money laundering law of Turkey and the EU:an example of convergence?.Journal of Money Laundering Control. 2011Umut Turksen,Ismail Ufuk Misirhoglu,Osman Yukselturk.Anti-money laundering law of Turkey and the EU:an example of convergence?
In this example, the payroll provider used KYC protocols to make a small deposit and withdrawal to verify the banking information. By checking your bank statements, you detected these transactions and took steps to prevent money laundering. Example 3 After you hire employees, you decide to use...