Money Laundering: Any transaction aimed at concealing and/ or changing the identity of illegally obtained money so that it appears to have originated from legitimate sources , where in fact it has not. EXAMPLES: 1) Depositing a large amount of cash in numerous small instalments. 2) Setting up as cash business as a cover for banking criminal money.
My thanks to Suha Abughosh CFRP®, CCRP®, CIM®, CRBP®for sharing her extensive knowledge and experience in Financial Services Best Practices.
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