Detecting AML activities — Red flag

Detecting Money Laundering:

Many countries' Anti-Money laundering policies require that any suspicious activity be reported. Being able to detect red flags of various money laundering schemes is vital in protecting the institution, its customers and employess from loss.

Activities that may indicate money laundering include:

- Activities not consistent with the customer's business,

- Unusual characteristics or activities,

- Suspicious funds transfer activities,

- Customers who privide incomplete or suspicious information,

- Attempt to avoid reporting or recordkeeping requirements,

- Suspicious offshore transaction activity.