How Can Financial Institutions Prevent Money Laundering?

With thousands of global transactions occurring on any single day, it can be overwhelming for banks to trace the origins of laundered money. This is an especially serious issue in the U.S., where billions of dollars are smuggled into the country per year. Though there is an anti-money laundering (AML) legislation in place to combat this illegal practice, there is still much that financial institutions can do to fight against the problem. Here are some of the many ways in which banks and other financial institutions can work in order to prevent money laundering activities. Continue reading “How Can Financial Institutions Prevent Money Laundering?”