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Know Your Customer (KYC) Nobody can deny the immensity of customer due diligence in the modern organizational environment. The need arises due to great upheavals of financial crimes in the society. These crimes argon not only affecting the individual countrys economy rather the overall economy of the world. coin clean is one of the emerging threats to the world. It is the process of legitimizing the ill gotten proceeds. Money launderers, often, acquire legitimate business and then mix up their abominable proceeds. The whole process accomplishes in three steps: Placement, Layering and Integration. Money launderers argon not limited to the single facet of the economy. close to of the financial institutions like Banks, insurance companies, brokerage houses stock exchange, MSBs and corporations atomic number 18 the common tool for specie launderers to launder their proceeds. These institutions, as existence vehicle for notes launderers, are facing operational, reputation and profound risks. The most recent example of involvement of banks and corporations in money laundering is Vatican City Bank case and Mr. Tom baffle of United States case. Extensive network of shell companies, shell banks and appraise heaven territories are the red flags of the financial crimes.

We at this train cannot deny the abuse of technology by money launderers as the telecom sector is offering consumer point of sale buying by using near field communications NFC. That is wherefore prepaid cards, mobile phones and internet payment services are becoming the facilitators for money laundering. There are many regulative bodies working to eradicate this high penetration of illegal money in the economy. These regulatory bodies all over the world energise devised regulations like FATF 40+9 Recommendations, FATF SAR VII, EU Directives, FinCen Reports, AML Act 2007 (Pakistan), prudential regulations for banks and DFIs etc. The main focus of these and other AML techniques is over the cooperation of breeding sharing among... If you want to get a full essay, range it on our website: Orderessay

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