Money laundering is a term used to describe money made from criminal activity being passed through apparently legitimate bank accounts and transactions to hide the origins. This is often achieved by making commercial transactions or bank transfers using a number of different accounts to make it more difficult to track.
This is of course illegal, and if an organisation or individual is found to be involved in this process it is likely to result in prosecution. It is therefore very important to know where any money paid into your account comes from.
Some methods of money laundering are;
- Structuring, which is cash broken into smaller money deposits so that it is less likely to flag up as suspicious.
- Trade-Based Laundering, which is under or over valuing invoices to disguise the movement of the money.
- Black Salaries, which is a company with unregistered employees without contracts paying their employees with money from crimes.
To find out more about money laundering from the cyber security perspective and how you can protect yourself or your organisation from getting caught up in it without intending to, take the USecure anti-money laundering course.
For £1.50 + VAT per person per month you can take a range of U-secure courses to improve your own security and that of the organisation you belong to. We can arrange a video call with you to demonstrate the platform and answer any of your questions. A 14 day free trial can also be arranged so that you can explore the USecure platform for yourself and see how it can benefit your organisation.
For more information contact us at digital.lorators.com/usecure.