What Is AML Note
What Is AML Note
Meaning?
A process of converting cash/property which is derived from criminal activities to give it
the appearance of having been obtained from a legitimate source.
Process of AML?
1. Placement – to distant illegal proceeds from its sources
Example:
placement in financial institutions
breaking down transaction into smaller amount
Meaning?
The act of providing financial support, funded from either legitimate or illegitimate source,
to terrorists or terrorist organisations to enable them to carry out terrorist acts or will
benefit any terrorist or terrorist organisation.
Source of fund: Mostly from illegal activities, but may also derived from legitimate sources
(e.g. salary, business income, donations …)
pg. 1
D. 6 mandatory information to obtain from customer:
(3) Address
(5) Nationality
F. Aware of the risk/fraud involved in the business of MSB especially cash handling:
fake money
customers):
If the customer slightly filled the form, the front desk officer may ask directly to the
(2) “Sir, may I know what is the purpose for you to change this currency?”
pg. 2
H. Aware of penalty to be charged by the authority for non-compliance:
As in SOPP
pg. 3