Sample text (50 to 200 words): What is money laundering?
Money laundering is the process by which money obtained from illegal sources ("dirty" money) is given the appearance of having come from a legitimate source ("clean" money) by putting it through a series of transactions (or "washing" it).
Money laundering is important for the ambitions of the drug trafficker, the organized criminal, as well as the many others who need to avoid the kind of attention from the authorities that sudden wealth from illegal activities brings.
Terrorist financiers may also use money to fund terrorism through money laundering processes. It may involve funds which have been raised from perfectly legitimate sources, for example charitable donations. Terrorism is often funded by "clean" money.
Paragraph 2:
Risk Based Approach
A risk based approach is defined as a methodology used to assign a risk score to a customer using different parameters such as product, type of entity, geography etc. This score is essentially used to gauge the ML risk posed by a customer. It can be, high, low, medium or unacceptable.
A risk-based approach will ensure that more resources are devoted to those relationships and transactions where suspicious activity and money laundering risk is greatest.
"Money laundering risk" is the risk that XYZ may be used to further money laundering/terrorist financing. Failure to manage the risk effectively will increase the risk to society of crime and terrorism.
From a BSA perspective, suspicious activity may include:
Ø Structuring
Ø Bribery
Ø Check fraud and other fraudulent instruments
Ø Check kiting
Ø Loan fraud
Ø Computer intrusion
Ø Embezzlement
Ø False statements
Ø Wire transfer fraud
Ø Terrorist financing
Ø Identity theft
We will pay for this job 0.10 EUR per word
Who can apply: Freelancers only
Deadline for applying: 06/19/2014
Keep this ad at the site permanently, but disable applying for this job after the deadline
Mahima Atri
Language Consultancy Services Pvt Ltd
India
www.languageconsultancyservices.com
IP: 182.64.254.96 (India) * * * * * * * * * * * * * * * * * *
Posted on Tuesday, 27 May 2014, 11:17:21
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