Money laundering is the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source.
Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. In this way, the illegal funds remain hidden and are integrated into legal business and into the legal economy.
Criminals accumulate significant sums of money by committing crimes such as drug trafficking, human trafficking, theft, investment fraud, extortion, corruption, embezzlement and tax fraud.
Money laundering is a serious threat to the legal economy and affects the integrity of financial institutions. It also changes the economic power in certain sectors and can undermine the stability of a country’s financial system or its broader economy in a number of ways and may have adverse spillover effects on global stability.
Therefore the AML rules and regulations are more profitable to the integrity of the society than only the banks.
In this regard Parsian Bank has dedicated part of it’s website to AML in order to promote awareness of customers. Hope it is an effective step towards the purpose.
AML POLICYList of steps takenlawsBy-lawsdirectives
International Organizations
FATF_Recommendations
Palermo convention
Vienna convention
