The Three Stages Of Money Laundering

Business and Management
The Financial Action Task Force, FATF for short, is the multinational body that sets the global tone for AML efforts. Formed in 1989, it is based in Paris. The Financial Action Task Force (FATF) has a three-part working definition. Each part basically defined one of the stages:PLACEMENT – introducing the illicit funds into the financial cycle. Even if the funds already were in a bank or brokerage account (as in cases of embezzlement or fraud), it is that first step as illicit funds that we will view as placement. However, the most common example of placement is the drug dealer who needs to get large quantities of smaller currency bills into the banking system.You can check out the process of kyc aml checks verification at https://acuitytec.com/our-solutions-kyc-compliance/.LAYERING – the moving and transferring of…
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