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While most financial institutions focus their energies on managing credit, market and operational risks when it comes to risk management, globalization and opening of new markets has brought in new regulatory challenges that need to be managed. One such risk, which is more alarming than others, is money laundering. In…

The process of money laundering and financing of terrorism Money laundering is the processing of the proceeds of crime to disguise their illegal origin. Once these proceeds are successfully ‘laundered’ the criminal is able to enjoy these monies without revealing their original source. Money laundering can take place in various…