KYC360º FAQ
Is money laundering a serious offence?
Yes. In some jurisdictions the offence is punishable by up to 14 years imprisonment.
As well as being a criminal offence, any involvement in money laundering can result in serious reputational damage, drawing unwanted attention from media and raising concerns for both existing and new customers.
Civil proceedings are becoming increasingly common where sanctions breaches have occurred or where money is used for the financing of terrorism.
Other Questions in the Anti-Money Laundering category
- What is Money Laundering?
- 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?
- 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?
