Posted in: darrelrussell.com edit
07 Jan 2009
"Anti money laundering" and "know your customer" are rules and regulations used within financial insituions, does anyone know what they are and why are they used?They are for people who work in banks etc. They are told to look out for customers who do irregular things (look up carousel fraud) and report them to managers should they feel it is necessary.Money Laundering Regulations came in to ensure that firms dealing with financial transactions - banks, solicitors, estate agents, auctioneers - take proper measures to check that the person they act for is the person they say they are.
ML used to be rife in the property industry as assets were moved around/sold/bought by people who wanted to 'lose' money.