The
term "money laundering" is said to have originated from Mafia
ownership of Laundromats in the United States. Gangsters were
earning huge sums in cash from extortion, prostitution, gambling and
bootleg liquor. They needed to show a legitimate source for these
monies. In
India Money Laundering Laws are still in the nascent stage but the
techniques of Laundering are existing since long. Hawala form of
Laundering is very common in India. Certification in Anti Money
Laundering is an endeavor to meet the growing demand of
the skilled resources in the banking industry.
Data
related to the Money Laundering is very sensitive and it is not possible
to outsource the data. Banks need to equip their staff with the tools to
combat money laundering. One of the tools where banks invest heavily is
the AML software. But regulators also require the staff to be trained
and educated with the Anti Money Laundering provisions.
We
cover various aspects in our course including the legal provisions
related to Money Laundering but the focus of the course remains on the
suspected transaction analysis. Examination remains our strength. We
have an exhaustive database of about 500 different questions and though
multiple options the selection of questions is done very carefully.
Altogether there are seven chapters that cover all the aspects of Money
Laundering.
