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Anti-money laundering and terrorist financing Q&A: (Part II)

1. How does the crime of money laundering arise?

The crime of money laundering arises as a result of the desire to legitimize the funds that resulted from the predicate crimes, which include all criminal acts committed inside or outside the country.

2. Is there legal accountability in the event of receiving and depositing unknown funds into a bank account?

The individual must beware of any request related to receiving cash funds to be deposited in his account for the purpose of dividing them and transferring them to several persons, as he may be liable to punishment due to his possible involvement in a money laundering operation, and receiving a cash amount from a known person to be deposited in the account of an unknown person may expose him to accountability. The money to be deposited may be from an illegal source.

3. What is the duty towards the other ways and methods through which the individual is exploited in passing money laundering operations?

Do not give other parties an opportunity to exploit the financial services and products provided to you by the financial institution, as negligence in this contributes to concealing the real beneficiary, and helps enable some criminals to hide behind your name in carrying out their illegal operations.

4. What is the penalty for money laundering?

The perpetrator of the crime of money laundering shall be punished with a financial fine (amount of money to pay), and imprisonment for a period of up to fifteen years, or with both penalties as determined by the applicable regulations.

5. Is it important for financial institutions to disclose the true source of funds?

Yes, it is necessary to disclose the true source of funds and the actual purpose of the transaction when dealing with financial institutions, as incorrect data may expose the individual to accountability.

About Flaminem

Flaminem is a software company, which offers a cloud-based platform to digitize the KYC processes of your customers and / or suppliers.


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