Measures for Preventing Money Laundering
To separate clients form money launderers and criminals some measures need to be implemented by financial institutions.
• Know Your Customer (KYC)
• Keep Records
• List down possible suspicious transactions
Customer Identification principle is the most important step for differentiating customers from launderers in banks. The purpose of this procedure is to ensure openness and transparency in customer transactions. FATF has some regulations for financial institutions to apply to prevent organizations from money-laundering activities. Banks should follow the rules about their clients below for their safety:
• Knowing the customers’ real identity and address,
• Checking ...
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