What is anti money laundering?

Question

Accepted Answer

Anti money laundering refers to a set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.

It involves identifying and verifying the identity of customers and monitoring their financial transactions.
It aims to detect and report suspicious activities that may indicate money laundering or terrorist financing.
Financial institutions and other regulated entities are required to implement anti-money laundering programs to comply with the law.
Examples of suspicious activities include large cash deposits, frequent international transfers, and transactions involving high-risk countries.
Penalties for non-compliance can be severe, including fines, imprisonment, and damage to reputation.

What is anti money laundering?

Top Utkarsh Small Finance Bank Senior Executive Operations interview questions & answers

Popular interview questions of Senior Executive Operations