How do you identify money laundering?
Money laundering can be identified through these common red flags:
• Customers being unusually secretive or not cooperating with the KYC process
• Customers carrying out unusual or large amounts of transactions, or the source of funds is unverifiable
• When customers receive funds from a third party which involves an unusually huge amount without reason
• Unreasonable or unusual instructions by customers
• Customers are from high-risk countries
• Negative results about the customer during adverse media check
Check out this artilce to know more about the common red flags indicating money laundering or terrorist financing. Red flag indicators for AML/CFT - AML UAE #1 Best