Anti Money Laundering | IIBF AML KYC EXAM 2022
In this article, we will introduce you to the basics of AML which stands for Anti-Money Laundering & KYC which stands for Know Your Customer. We will talk about AML to get clarity about the concept so as to understand what will this IIBF Course entails for the bankers.
Then at the end, we will provide you the link to get the Latest Study material if you want to pass IIBF AML KYC in the upcoming 2022 Exams.
IIBF | AML KYC EXAM 2022
IIBF conducts Certificate Examination in Anti-Money Laundering & Know Your Customer Exam every year on pre-announced dates for the bankers working in member banks as well as non-members. So, if you also want to get expertise in the field of AML KYC, then you can register for the course. The next dates for AML KYC Exam are yet to announced for the 3rd Quarter of 2022.
AML NOTES FOR IIBF EXAMS 2022 AS PER LATEST AML KYC SYLLABUS 2022
What is ‘Anti Money Laundering – AML’
Anti money laundering refers to a set of procedures, laws and regulations designed to stop the practice of generating income through illegal actions. Though anti-money-laundering laws cover a relatively limited number of transactions and criminal behaviors, their implications are far-reaching.
The money laundering cycle can be broken down into three distinct stages; however, it is important to remember that money laundering is a single process. The stages of money laundering include the:
- Placement Stage
- Layering Stage
- Integration Stage
The placement stage represents the initial entry of the “dirty” cash or proceeds of crime into the financial system. Generally, this stage serves two purposes: (a) it relieves the criminal of holding and guarding large amounts of bulky of cash; and (b) it places the money into the legitimate financial system. It is during the placement stage that money launderers are the most vulnerable to being caught. This is due to the fact that placing large amounts of money (cash) into the legitimate financial system may raise suspicions of officials.
The placement of the proceeds of crime can be done in a number of ways. For example, cash could be packed into a suitcase and smuggled to a country, or the launderer could use smurfs to defeat reporting threshold laws and avoid suspicion. Some other common methods include:
|Repayment of loans or credit cards with illegal proceeds
|Purchase of gambling chips or placing bets on sporting events
|The physical movement of illegal currency or monetary instruments over the border
|Purchasing foreign money with illegal funds through foreign currency exchanges
|Using a legitimate cash focused business to co-mingle dirty funds with the day’s legitimate sales receipts
This environment has resulted in a situation where officials in these jurisdictions are either unwilling due to regulations, or refuse to cooperate in requests for assistance during international money laundering investigations.
To combat anti money laundering and other international impediments to effective money laundering investigations, many like-minded countries have met to develop, coordinate, and share model legislation, multilateral agreements, trends & intelligence, and other information. For example, such international watchdogs as the Financial Action Task Force (FATF) evolved out of these discussions.
After placement comes the layering stage (sometimes referred to as structuring). The layering stage is the most complex and often entails the international movement of the funds. The primary purpose of this stage is to separate the illicit money from its source. This is done by the sophisticated layering of financial transactions that obscure the audit trail and sever the link with the original crime.
During this stage, for example, the money launderers may begin by moving funds electronically from one country to another, then divide them into investments placed in advanced financial options or overseas markets; constantly moving them to elude detection; each time, exploiting loopholes or discrepancies in legislation and taking advantage of delays in judicial or police cooperation.
The final stage of the money laundering process is termed the integration stage. It is at the integration stage where the money is returned to the criminal from what seem to be legitimate sources. Having been placed initially as cash and layered through a number of financial transactions, the criminal proceeds are now fully integrated into the financial system and can be used for any purpose.
There are many different ways in which the laundered money can be integrated back with the criminal; however, the major objective at this stage is to reunite the money with the criminal in a manner that does not draw attention and appears to result from a legitimate source. For example, the purchases of property, art work, jewellery, or high-end automobiles are common ways for the launderer to enjoy their illegal profits without necessarily drawing attention to themselves.
Hope you have liked the post “anti money laundering”
AML KYC LATEST VIDEO CLASSES FOR AML KYC EXAMS 2022
If you want to pass the upcoming AML KYC Course of IIBF, then you need the latest Video classes or study material which has been prepared as per the latest prescribed syllabus for Anti-Money Laundering & Know Your Customer paper. You can avail the AML KYC Study material having the below contents:
- Recorded KYC AML Video Lectures (latest syllabus)
- Lectures delivered by expert faculty of AML KYC
- 24 by 7 access to KYC & AML videos & notes
- Access through apps & browser
- Unlimited views of AML & KYC lectures
- AML & KYC Mock Test Series
- Memory Recalled Questions from past AML KYC exams
- Downloadable lectures of AML & KYC for offline watching (recorded ones)
- Most reasonable prices of AML & KYC packs
- Hinglish language classes
To access the KYC AML Latest course for 2022 Exams:
- Download Android App: LS PRO or IIBF LEARNING CENTER
- Download iOS App: My Institute (Code: gegkt)
- Visit the website for Exam Materials: info
TALK TO US
To get offers on the JAIIB, CAIIB or other IIBF Certification Exams or Bank Promotion Exams, you can talk to us on our Whatsapp No.: 8360944207
For regular banking related updates & free updates you can join us on:
- Telegram Channel: IIBF Telegram Group
- YouTube Channel: Learning Sessions
- Instagram: Learning Sessions
All the Best for your Exams!
Team: Learning Sessions