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Placement: The initial stage involves introducing ‘dirty money’ into the financial system. This includes activities such as depositing large amounts of cash in a bank account or purchasing assets with illicit funds.
Layering: In this stage, the goal is to obscure the source of funds through complex transactions. Criminals create a web of transactions involving multiple transfers, making it challenging for authorities to trace the origin of the money.
Integration: At this point, the laundered money is reintroduced into the legitimate economy. Criminals may then invest in assets such as real estate, businesses, or luxury goods, making it appear as though the funds have been lawfully sourced.
Concealment: This phase involves activities to further hide the illicit origins of the money. It may include transferring funds across borders, using shell companies, or engaging in trade-based money laundering.
Structuring: This is also known as ‘smurfing’ and involves breaking down large amounts of money into smaller, less suspicious transactions to avoid detection, often by making multiple deposits just below the reporting threshold.
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We understand the world of AML can be especially daunting at first, so we’ve compiled a list explaining what some of the common AML terminology means so you know what’s what.
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