Money Laundering Questions and Answers | Latest Version | 2024/2025 | Rated A+
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Money Laundering
Institution
Money Laundering
Money Laundering Questions and
Answers | Latest Version | 2024/2025 |
Rated A+
What is the definition of money laundering?
Money laundering is the process of concealing the origins of illegally obtained money,
typically by means of transfers involving foreign banks or legitimate businesse...
Money Laundering Questions and
Answers | Latest Version | 2024/2025 |
Rated A+
What is the definition of money laundering?
✔✔ Money laundering is the process of concealing the origins of illegally obtained money,
typically by means of transfers involving foreign banks or legitimate businesses.
What are the three key stages of money laundering?
✔✔ The three stages are placement, layering, and integration.
What does the "placement" stage in money laundering involve?
✔✔ The placement stage involves introducing the illicit funds into the financial system, often
through deposits or purchasing assets.
Why is layering important in the money laundering process?
✔✔ Layering is used to obscure the origins of the funds, often through complex financial
transactions to make tracing difficult.
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, What occurs during the "integration" phase of money laundering?
✔✔ Integration involves reintroducing the laundered money into the economy, making it appear
legitimate.
What are some common methods of money laundering?
✔✔ Methods include structuring deposits, shell companies, offshore accounts, and trade-based
money laundering.
What is the role of a financial institution in detecting money laundering?
✔✔ Financial institutions are required to implement anti-money laundering (AML) programs to
detect and report suspicious activities.
Why are international transactions often used in money laundering?
✔✔ International transactions help to move illicit money across borders, making it harder for
authorities to trace and detect suspicious activities.
What is a "shell company" in the context of money laundering?
✔✔ A shell company is a company that exists only on paper, without real operations, often used
to disguise ownership or control of illicit funds.
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