How Does Money Laundering Process Work?
Money laundering is no more a hidden criterion. The increasing financial breach has made the concept of money laundering a common one. Every business and financial institution understands how AML compliance works in order to evade the risk of money laundering. Knowing this, they still know how programs and software are not immune to loopholes. Simply put, no matter how hard the authorities try, the money launderers usually stay a step ahead. Considering this possibility, many companies designed and developed effective AML software that can hinder the possibility of barging in. Irrespective of the fact that most people know about money laundering, certain sections are unaware of the ways that are used to launder huge amounts of money. Here are a few ways that are used to launder money from financial institutions and businesses- Smurfing: Smurfing is a method that prevents reporting the transactions of authorized institutions. The process takes place within the scope o...