Money Laundering 101 - The Most Common Money Laundering Schemes

What is Money Laundering?

According to the Financial Action Task Force (FATF), money laundering is the processing of criminal proceeds to disguise their illegal origin. In other words, it is a technique used by criminals to “clean” the illegally obtained money and conceal the source of funds through financial transactions, and finally release laundered money into the legal financial system. 

United Nations Office on Drugs and Crime (UNODC) estimates that the annual amount of money laundered is ranged between US$800 billion and US$2 trillion, 2 – 5% of global GDP per year

How do professional firms prevent money laundering activities? 

  1. Deny criminals the secrecy through identity checks and risk assessment 
  2. AML Control Measures and Record-keeping
  3. Ongoing Monitoring (OM) and Reporting

How Jumio Can Help Professional Firms Stay ahead of criminal activity

Jumio AML Solutions provide an end-to-end AML compliance platform that helps you meet your regulatory obligations and mitigate AML risk throughout the customer journey, from onboarding to ongoing monitoring.

  • Jumio Screening lets you adopt a risk-based approach by screening your customers against PEPs, sanctions, adverse media and other watchlists
  • Jumio Transaction Monitoring uses expert-created AML rules and machine learning to detect suspicious transactions
  • Jumio Case Management makes it easy for your compliance team to investigate cases and create suspicious activity reports


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