What tools can be used to detect money laundering?

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What tools can be used to detect money laundering?

There are four basic types of software that address anti-money laundering: transaction monitoring systems, currency transaction reporting (CTR) systems, customer identity management systems and compliance management software.

How many types of KYC are there?

There are two types of KYC: Aadhaar-based KYC. In-Person-Verification (IPV) KYC.

What is PEP KYC?

A Politically Exposed Person (PEP) is an individual with a prominent public post or a public function. The PEPs fall under the category of high-risk customers by the financial institutions and thus need additional KYC.

What is the customer due diligence?

What is Customer Due Diligence? Customer due diligence (CDD) is the act of performing background checks and other screening on the customer to ensure that they are properly risk-assessed before being onboarded. CDD is at the heart of Anti-Money Laundering (AML) and Know Your Customer (KYC) initiatives.

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Which course to pursue for anti money laundering?

1. Online Anti-Money Laundering Training (WebCE) 2. Anti-Money Laundering E-Learning Courses (FINRA) 3. Anti-Money Laundering (AML) Training (LIMRA) 4. Anti Money Laundering & Countering of Terrorist Financing (Udemy) 5. Anti-Money Laundering Concepts: AML, KYC, and Compliance (Udemy) 6. Certified Anti-Money Laundering Specialist (ACAMS) 7.

Why is anti money laundering extremely important?

Tackling money laundering will assist in tackling crimes of all types.

  • Money laundering can undermine the integrity of national economies and financial systems.
  • Money laundering and associated corruption will corrode faith in democratic structures.

    • What you should know about money laundering?

    Money laundering is transactions and activities used to hide the real source of money . In many cases, an “illegal enterprise” (as the IRS calls them) is attempting to make dirty money (from these illegal activities, such as a drug deal, for example) look legitimate – clean, that is. Hence the money is “laundered.”

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    What do AML analysts do?

    AML analysts make up a key component of an AML Compliance department. AML analysts are tasked with reviewing alerts, conducting research, finding suspicious activity, drafting and filing SARs, and conducting 90-day reviews.