Money laundering can have serious consequences for financial institutions. They may face increased investigation costs and fines from regulators and law enforcement agencies for failing to detect or prevent money laundering activities. Additionally, money laundering can result in a loss of profitable business as customers and counterparties may no longer want to do business with the institution due to its reputation for being associated with illicit activity.
[Reference: Certified Anti-Money Laundering Specialist (CAMS) Study Guide, 6th Edition, page 76., , , ]
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