What exactly is Money Laundering?
Money laundering is a generic term used to describe the process by which criminals disguise the original ownership and control of criminal proceeds while making them appear to have been derived from a legitimate source. We do our part in the training of our employees to recognize the stages of money laundering to keep your money safe while it’s in our care.
The stages of money laundering are listed below.
- Placement
- The stage in which criminally derived funds are introduced in the financial system
- The stage in which criminally derived funds are introduced in the financial system
- Layering
- The stage of the process in which the property is washed/cleaned and its ownership and source are disguised
- The stage of the process in which the property is washed/cleaned and its ownership and source are disguised
- Integration
- The final stage at which the laundered property is re-introduced into the legitimate economy
One of the key ways for detecting suspicious transactions is through proper identification of our customers, their business and their everyday financial activities. This is in part why we may ask for your ID or request other information before processing your transaction.
For more information, visit the International Compliance Association.
