Case study:
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
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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