Anti Money Laundering (AML)
There are many definitions for Money Laundering, however, the below statement, from the Oxford dictionary provides a broad explanation:
"The concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses."
The three main steps involved in laundering money are:
1. Placement - the introduction of illicit cash into the financial system.
2. Layering - the process to camouflage the illegal funds (complex transactions).
3. Integration - the now-laundered money is withdrawn from the legitimate account.
The most common ways criminal networks launder their funds is through:
- Precious Metals
- Real Estate
There are many other sub-categories that fall under Money Laundering:
- Terrorist Financing
- Drug Trafficking
- Bribery and Corruption
- Arms Trafficking
- Illegal Gambling
With a combined experience of over 20 years, our consultants provide the highest standard of anti-money laundering solutions in the market. Reach out to us for more information and a free consultation