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Money Laundering
Money laundering is the process of concealing the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses, to make it appear as though it comes from a legal source. The goal is to make illicit funds untraceable and usable without attracting law enforcement attention.
Money laundering poses significant risks to financial institutions and the economy by enabling criminal activities and undermining financial transparency. It typically involves three stages: placement (introducing illegal funds), layering (disguising the source with complex transactions, and integration (reintroducing the funds as legitimate).
To combat money laundering, businesses implement anti-money laundering (AML) programs, which include strong customer due diligence (CDD), transaction monitoring, and reporting of suspicious activities to authorities. Compliance with AML regulations is critical for preventing the misuse of financial services for illegal activity.
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