Money Laundering

Front

What is the process of making illegally-gained money appear legal called?

Back

Money laundering.

Front

Terrorist Financing

Back

•  Funding provided to terrorist organizations, often through illegal means.

Front

Transaction Monitoring

Back

• The process of reviewing transactions to detect unusual or suspicious activity.

Front

Wire Transfer

Back

• Electronic transfer of funds from one bank account to another.

Front

Layering;

Back

• Layering is the second stage of the money laundering stages in which criminals engage in a series of transactions to create confusion and distance the funds from their criminal origin

Front

Audit Trail

Back

Record of transactions, often used to trace financial activity.

Front

Red Flags

Back

• Warning signs of potential financial crime.

Front

RFI

Back

Request for information.

this is when you need to contact the client to ask questions related to suspecious behavior

Front

UAR

Back

Unusual activty report

This is a file in which all the unusual transactions are written down and explain why and how the transactions that the client performed poses risk to the bank and indicates money laundering

Front

Offshore Accounts

Back

Bank accounts located in a foreign country, often used for tax avoidance or concealment.