Local Bank's Protection against Money Laundering

Local Bank's Protection against Money Laundering

Money laundering is the process of making money obtained from illegitimate means appear to have been obtained from lawful sources; in other words it is the process of making dirty money appear clean. There are several illicit activities that are associated with money laundering such as drug trafficking and terrorism. The roots of money laundering can be found during the Prohibition Era and was popularized by mobsters like A1 Capone and Meyer Lanksy, and infamous instances such as the Watergate Scandal. Today, due to increased occurrences of money laundering and the devastating effects that may follow, money laundering has become more significant in political, economic, and legal fields. Therefore money laundering is a worldwide growing concern for financial institutions and people who are associated with fiscal organizations, from managers to everyday customers. In order to understand how money laundering affects financial institutions, it is important to fully comprehend the history, meaning, process, and consequences of money laundering. A thorough analysis of money laundering and its effects have been constructed by examining how a local Amstrust Bank branch protects itself against money laundering.