Banks and financial institutions handle billions of dollars daily, making them critical barriers against money laundering and financial fraud. Criminals often exploit gaps in monitoring systems to deposit large sums of unaccounted cash or to perform “smurfing”—the practice of breaking up large amounts of money into smaller, less noticeable transactions.
How Criminals Launder Money Through Banks
• Sudden Large Deposits: Unexpected, large cash deposits from unknown sources are a common indicator of illicit funds.
• Frequent Micro-Deposits: Criminals may use numerous small transactions to bypass detection systems.
• Use of Shell Companies: Fraudulent businesses can be employed to move funds through multiple accounts, concealing their origin.
How GoAML Enhances Financial Security
• It tracks high-value transactions and flags unusual banking patterns in real time.
• It mandates that banks report any suspicious financial activity, ensuring quick intervention by regulatory authorities.
• It helps institutions adhere to stringent UAE AML laws, thus reducing the risk of financial crime.
Young & Right – Your Financial Compliance Ally
At
Young & Right, we partner with banks, money exchanges, and other financial institutions to streamline the
GoAML registration process. Our expert team assists in developing robust internal controls and ensuring that your reporting mechanisms are aligned with regulatory standards—keeping your operations secure and compliant.
Strengthen your financial institution’s defenses against money laundering. Contact
Young & Right today for tailored support in achieving full
GoAML compliance.
