International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
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J.D. Agarwal & Aman Agarwal, <strong>International</strong> <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong> <strong>in</strong> <strong>the</strong> Bank<strong>in</strong>g <strong>Sector</strong><br />
What Bankers need to Know:<br />
Anti <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong> Controls?<br />
• Many important f<strong>in</strong>ancial centers have now<br />
adopted legislation to curb drug related money<br />
launder<strong>in</strong>g, and <strong>the</strong> number of governments which<br />
have ratified <strong>the</strong> 1988 UN Convention cont<strong>in</strong>ued to<br />
<strong>in</strong>crease.<br />
• Bank<strong>in</strong>g Industry needs to be one step ahead of<br />
money launderers <strong>in</strong> order to control <strong>the</strong> menace of<br />
money launder<strong>in</strong>g and f<strong>in</strong>ancial crimes.<br />
• One of <strong>the</strong> best control techniques for <strong>the</strong> banks to<br />
control money launder<strong>in</strong>g is to know your<br />
customer.<br />
Asia Pacific Bank<strong>in</strong>g Congress 2004, Century Park Hotel, Manila, Philipp<strong>in</strong>es
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