KYC360º FAQ
What is Money Laundering?
Money laundering is any process by which criminals disguise the origin of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source.
Most crime is committed for financial gain and such crimes generate either cash (drug dealing) or enhanced bank balances (investment frauds). It is estimated that over US$1 Trillion is derived annually from criminal conduct worldwide.
Though criminal money may be successfully laundered without the assistance of the financial sector, the reality is that hundreds of billions of dollars of criminally derived money are laundered through financial institutions, annually.
Other Questions in the Anti-Money Laundering category
- How is the offence of money laundering committed?
- Are all crimes capable of predicating money laundering?
- Can Fiscal Offences such as tax evasion predicate Money Laundering?
- Why is money laundering illegal?
- Is money laundering a serious offence?
- What is the Risk Based Approach?
- What is the origin of the Risk Based Approach?
- What is Country Risk?
- What is a PEP?
- What risk do PEP’s pose to my business?
