Money laundering has emerged as a critical concern in today’s global financial system. It enables criminals to conceal the origins of illicitly obtained funds, posing significant threats to financial integrity and security. To combat this pervasive issue, it is crucial for Financial Institutions (FIs) to identify and scrutinize the source of funds and the source of wealth of its customers. By doing so, Fis and businesses can prevent money laundering, safeguard their integrity, and contribute to the overall security of the financial system.

Read the full Axis insights written by Bandana Ragoonundun – Senior Compliance Executive at Axis, for a better insight HERE.