Online or Internet Banking ( Special Case study how Money
laundering 3 steps Happens):: Very important
Placement — Launderers want to get their proceeds into
legitimate repositories such as banks, securities or real estate, with as
little trace of the source and beneficial ownership as possible. Often,
cyberspace banks do not accept conventional deposits. However,cyberbanks could
be organized to take custodial-like forms — holding, reconciling and
transferring rights to assets held in different forms around the world. Money
launderers can create their own systems shadowing traditional commercial banks
in order to acceptdeposits, perhaps as warehouses for cash or otherbulk
commodities. Thus, cyberspace banks have thepotential to offer highly secure,
uncommonly private“placement” vehicles for money launderersLayering —
Electronic mail messages, aided by encryption and cyberspace banking transfers,
enablelaunderers to transfer assets around the world manytimes a day.
Integration — Once layered, cyberspace
bankingtechnologies may facilitate integration in two ways.If cyberbanking
permits person-to-person cash-like transfers, with no actual cash involvement,
existing currency reporting regulations do not apply. Using“super smart-card”
technologies, money can be movedaround the world through ATM transactions.
These smart cards permit easy retrieval of the “account”balance by the use of
an ATM card
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