What is Money Laundering?

Money laundering is the process by which criminally obtained money or other assets (criminal property) are exchanged for ‘clean’ money or other assets with no obvious link to their criminal origins. It also covers money, however come by, which is used to fund terrorism. Money Laundering can take many forms including:

• Acquiring, using or possessing criminal property.
• Handling the proceeds of crimes such as theft, fraud and tax evasion.
• Being knowingly involved in any way with criminal or terrorist property.
• Entering into arrangements to facilitate laundering criminal or terrorist property.
• Investing the proceeds of crimes in other financial products.
• Investing the proceeds of crimes through the acquisition of property/assets.
• Transferring criminal property.

Why you should learn about Anti Money Laundering?

Your company should be committed to comply with all legislation that is designed to combat money laundering and terrorist financing. This includes ensuring that you have adequate controls to counter money laundering and terrorist financing, and that you train yourself and your Cashiers appropriately. Learning and constantly refreshing your Anti Money Laundering knowledge will help you:

• Setup compliance policies and procedures.
• Help you decide when to perform SDD, CDD and EDD.
• Will introduce you to MLR 2017 4th directive.
• Make you understand what Suspicious Activity Report should consist of.
• Train your staff to combat financial crime.