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Anti Money Laundering Assignment help

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An Overview of Anti-Money Laundering (AML)

Anti money laundering (AML) refers to the collection of procedures, regulations, and laws that are used to uncover the efforts used for covering up illegal funds that can be used to cover up illicit funds in the form of a legitimate income. Money laundering is acts or activities that are performed to hide crimes that range from tax evasions, drug trafficking, public corruption, as well as financing groups that have been proscribed as terrorist enterprises and organizations. Legislation on AML was necessary due to the exponential growth of the global financial industry. The ease of access to funds and the subsequent movement of these funds made it necessary for regulatory authorities to put a check on things. Other features that led to the establishment of AML legislation are the ease of executing complex sets of financial deals and the easing up of capital controls across international channels. When it comes to our writing services, you are sure to get a superior assignment solution.

Why was the Anti-Money Laundering Legislation Created?

Anti-money laundering (AML) legislation was established around the world to help regulate and control the movement of funds across various channels. The AML legislation was created for several reasons among which are to ensure that organizations and malicious individuals find it more difficult to conceal profits that they have made from crime. Criminals usually take advantage of money laundering activities to cover up their dark secrets. They usually make their illicit funds look like it is a product of hard work. AML regulations usually expect financial services providers to create sophisticated and innovative customer watchdog strategies to detect money laundering activities as well as suspicious transactions.

A Fundamental Concept of Anti-Money Laundering (AML): The US has a regulation on the AML that is a result of the Bank Secrecy Act of 1970. This act requires that all banks should report any cash deposit that is higher than $10,000. This report is usually made to a sophisticated bank framework that requires financial organizations to perform due diligence on their customers and be able to seek out suspicious transactions. After the US, the European Union as well as other regions have moved to adopt similar countermeasures against anti-money laundering activities.

Knowing Your Customer (KYC):Our Anti Money Laundering assignment help online involves a significant case study on KYC. Know Your Customer (KYC) is a key tool that banks use for controlling money laundering. For many banks and other providers of financial services, compliance begins as the identities of new customers are verified in a holistic and simple manner. In addition of creating the identity of the customer, the banks are expected to understand the operations of the commercial activities of the client. They are also expected to verify any fund deposits of their customers to ensure that they are from a legitimate source. Our Anti Money Laundering homework help service deals extensively with this.

The Importance of KYC: Also, the process of KYC can also be used by banks to screen any new customer against existing lists of criminal suspects. These customers are also screened from companies and individuals that are under investigation. This is done under possible economic sanctions. It is also done for persons that are considered politically exposed. This way, foreign public office holders, their close associates, and family members are closely scrutinized. You can easily get top-grade Anti Money Laundering assignment help from reputable assignment providers. This help can also include important elements such as the three distinctive steps involved in the process of money laundering.

The Three Distinctive Steps Involved in Money Laundering

Money laundering usually comes in three different steps. It entails:
  • Depositing any ill-gotten or illicit funds into any financial system.
  • Dishonest practices or transactions that are done so as to hide the suspicious sources of the funds, which is called layering.
  • The use of illicit or laundered funds to acquire commercial investments, financial investments, or real estate investments.
  • A KYC process is meant to prevent any possible money laundering activity as soon as money is deposited first.

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