The effects of money laundering are severe and extensive. It can create global and local impacts for businesses, economies, and societies. The negative effects of money laundering on the economy are quite numerous.
In this content, we will explain money laundering in 5 questions. You can find all the basic information you need to know about money laundering with this content.
KYC in banking is to ensure that its customers, agents, consultants are anti-bribery. Banks, insurers, export creditors and other financial institutions are increasingly demanding that customers provide detailed due diligence information.
Financial crimes can increase with coronavirus. When we examine the reports on attacks such as money laundering, counterfeiting and phishing, these crime transactions have increased recently by using communication methods on coronavirus.
Institutions and regulators aim to work to take effective steps in combating financial crimes. Regulators have been guiding the organizations' fight against financial crime with the regulations and recommendations they have published since the past.
While following the growth of Fintechs, we also face some important financial crime risks. As a result of the abuse of fast financial services provided by Fintechs, financial crimes have started to be committed. Fintechs must take to prevent financial crimes such as money laundering, terrorist financing, corruption, and bribery.
Sanctions are restrictions imposed by governments or organizations to prevent high-risk people from engaging in suspicious and illegal activities. Governments or organizations publish these sanction decisions publicly on the sanction lists.