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Why the money launders trying to transfer/deposit into financial services institution rather than keeping by themselves?

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Question added by Shukoor Abdul , Senior Analyst , Wipro Ltd
Date Posted: 2015/06/24
MUHAMMAD SHAREEF
by MUHAMMAD SHAREEF , Head of Compliance , Bank

When a person gets possession of money from criminal or illegal means, then he needs to benefit from it. However, if Due Diligence controls are practised properly by Banks, then such a person will not be able to purchase assets and using cash. A duly diligent and law abiding person will not accept cash.

 

Therefore, he is compelled to bring the money in to the banking system inorder to legitimize the proceeds.

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