Not many ordinary people know about A.M.L. or Anti-Money-Laundering, but when you work in a financial institution you would probably be aware of the perils and pitfalls of the criminals who make their living by using honest, large businesses to launder their ill-gotten gains! There are three main stages that criminals use to move their stolen money around: Placement, Layering and Integration. Most large financial institutions have clever strategies in place to help prevent their accounts from being compromised. These Anti-Money-Laundering schemes typically involve an AML ID CHECK carried out by a professional company such as https://www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks.
The Financial Crimes Enforcement Network or FinCEN, are responsible for investigating any suspicious activities reported to them by a Money Laundering Reporting Officer, or MLRO. There are what’s known as “Red Flag Indicators” when looking for suspicious financial activities and these help a trained MLRO officer spot these more easily and write a SAR or Suspicious Activities Report.
Criminals can make huge profits from many illegal activities including; Drugs, Human Trafficking, sales of weapons, corruption, extortion and of course AML. The purpose of them using AML strategies is to disguise their “Dirty Money’s” illegal origins. They take their “bad money” and through a complicated series of financial transactions and bank transfers, (often using honest companies bank accounts unknowingly to hide their money) they can then access “Clean, or Good money.” Therefore, having strong Anti-Money-Laundering techniques in place is imperative, don’t get stung by the criminals.