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Why is anti money laundering regulation important for financial institutions?

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Why is anti money laundering regulation important for financial institutions?

Money laundering is a type of financial fraud, and it affects the global economy in a huge way. Criminals try to hide their illegal money from regulatory bodies, disguising their origin and convert the money into legal funds. Every year, losses due to money laundering equal 2-5% of the global economy ($800 million - $3 trillion). Anti-Money laundering refers to the activities financial institutions perform to achieve compliance with legal regulations to actively monitor for reporting suspicious activities.

Read full article: https://diro.io/why-anti-money-laundering-is-important-for-financial-institutions/

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