Anti-Money Laundering- Protocols and Applications

Money laundering is the process of using the black money or unaccounted money for buying assets through bank accounts illegally. This effects the economic growth of the country. Money laundering is the serious problem which occurs due to improper maintenance of customer information. This book proposes an approach to reduce the money laundering activity using the KYC (Know Your Customer) norms. This approach proposes a centralized CIF (Customer Information File) to be generated for all the bank customers and the customer is being grouped in terms of their occupation. The maximum transaction limit for each group of the customer is set by the bank while opening the account. There are three stages in money laundering, they are placement, layering, and integration. This book mainly focuses on the initial part of money laundering that is the placement of money for laundering. Using centralized CIF it is easy to monitor the customer. This project was much appreciated my prime minister's cell.