Money laundering act malaysia: The dirt on money laundering

Investigations into money laundering are complex as fraudsters are often several steps ahead and they use the best tools to commit fraud. For financial institutions, the first line of defense lies in the hands of financial institutions employees. They need to spot any suspicious activity and raise the red flags. A suspicious activity report needs to be lodged with the regulators for further investigations. Hefty fines have been imposed on several global banks over the years as they are seen to be “supporting’’ money laundering. They are beefing up their operations to have the talents and controls fight anti money laundering. Whistle blowers are the other way to track down a money laundering trail.

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