Can you imagine a drug dealer using a credit-card terminal to accept payment? How about someone paying for a television they bought off the back of a truck with a personal check? Hard to imagine, right? Most criminals conduct their business in cash.
For years, criminals kept their ill-gotten gains in cash and used it to pay for everything from real estate to jewelry to things such as private school tuition. This prompted governments around the globe to pass laws prohibiting large cash payments or, at the least, requiring such payments to be reported.
These laws created the need for criminals to conceal the true source of the money or to "launder" it. To combat these threats, laws, and regulations have been enacted in countries around the globe that make financial services firms, and in some cases individuals, responsible for preventing or stopping money laundering.
Within this course, we explore AML warning signs and potential mitigation techniques companies and professionals can take to help eliminate money laundering.
Field of Study: Specialized Knowledge
Training 2 or more people?
Get your team access to 0 top Legal Education courses anytime, anywhere.