Criminal organizations invest a lot of time, energy and resources into cleaning their ill-gotten money. That’s what money laundering means, and it’s a big business.
The United Nations estimates that global money laundering each year comes to between 2% and 5% of the entire world’s GDP. On the conservative end of that range, that’s $1 trillion in laundered money. Every year.
In this guide, Featurespace describes how financial institutions and other organizations are fighting this particular set of financial crimes. First, we will start with a basic question: What does anti-money laundering mean for financial institutions? Then, we will explore the tactics and tools that financial institutions and other organizations use in their anti-money laundering activities.