Money Laundering
What is Money laundering?
The goal of many criminal acts is to generate a profit for the individual or group that carries out the act. Money laundering is the processing of these cri...
Mon, 29 May, 2023 at 10:35 AM
What is a Money Laundering offence?
a person shall be guilty of offence of money-laundering if such person is found to have directly or indirectly attempted to indulge or knowingly assisted ...
Mon, 29 May, 2023 at 10:29 AM
How are Efforts to Combat Money Laundering and Financing of Terrorism linked?
Money laundering is the process of concealing the illicit origin of proceeds of crimes. Terrorist financing is the collection or the provision of funds for ...
Mon, 29 May, 2023 at 10:30 AM
What is the connection with society at large?
The possible social and political costs of money laundering, if left unchecked or dealt with ineffectively, are serious. Organised crime can infiltrate fina...
Mon, 29 May, 2023 at 10:30 AM
Why is AML/CFT important?
AML/CFT is important for following reasons: · To protect the financial system; · To prevent criminals from enjoying the proceeds of crimes; · To prevent ...
Mon, 29 May, 2023 at 10:31 AM
Laws in India related to Anti money laundering
There is an Act called Prevention of Money Laundering Act 2002 (PMLA). The purpose of this act is to prevent the financing of terrorism and to prevent laund...
Mon, 29 May, 2023 at 10:32 AM
Why is Customer Due Diligence necessary?
Many of the methods applied by criminals to launder money or finance terrorism involve the use of the financial system to transfer funds. Financial institut...
Mon, 29 May, 2023 at 10:33 AM
Why is KYC important?
Know Your Customer " (KYC) is the guiding principle behind the Anti-Money Laundering (AML) measures. It incorporates the " Know Your Customer &quo...
Mon, 29 May, 2023 at 10:34 AM
Client obligation related to Anti money laundering
a. What has this got to do with opening Trading/Demat account? The first step in the laundering process for criminals is to get their money into an ac...
Mon, 29 May, 2023 at 10:34 AM