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AML KYC COMLIANC

E OFFICER

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INTRODUCTION
Money laundering -is the process of concealing the
source of money obtained by illicit means.
Transforming the proceeds of crime and
corruption into ostensibly legitimate assets.
SOURCES :
Gambling
Corruption
Drug trafficking
Human trafficking
Extortion
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PREVENTION OF MONEY LAUNDERING ACT, 2002

Prevention of money laundering act, 2002 is an


act of the parliament of India enacted to
prevent money laundering and to provide for
confiscation of property derived from money
laundering.
OBJECTIVE
To prevent and control money laundering.
To confiscate and seize the property obtained
from laundered money
To deal with any other issue connected with
laundering in India.
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GLOBAL PHENOMENON
Money laundering has acquired a global character that not
only threatens security, but also comprises the
transparency, stability and efficiency of financial systems.

MACROECONOMIC CONSEQUENCES
Threat to the stability financial systems
Unpredictable changes in money demand and supply
Contamination of legal financial transactions
Reduces tax revenue
Volatility in international capital flows and currency
markets due to cross border transfers
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Money laundering has become a global problem as a result of the


confluence of several remarkable changes in world markets (i.e., the
globalization of markets). The growth in international trade, the expansion
of the global financial system, the lowering of barriers to international
travel, and the surge in the internalization of organized crime have
combined to provide the source, opportunity, and means for converting
illegal proceeds into what appears to be legitimate funds. Money
laundering can have devastating effects on the soundness of financial
institutions and undermine the political stability of democratic nations.
Criminals quickly transfer large sums of money to and from countries
through financial systems by wire and personal computers.
Money laundering is a global menace that cannot be contained by any
nation alone. The prevention of money laundering bill 2011 was
necessitated in view of India being an important member of the FATF and
to bring prevention of money laundering on par with global norms

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Take Vskills Certification in AML-KYC


Compliance Officer
http://www.vskills.in/certification/accountingbanking-and-finance/Certified-AML-KYCCompliance-Officer

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