Criminals 'favour easy channels' to launder money
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
Kuala Lumpur
CRIMINAL organisations when conducting cross-border transactions look at basic systems including money services businesses (MSBs) that are less stringent about "know your customer (KYC)" requirements, financial-crime specialists said, noting that some of these outfits are set up solely to launder funds.
LexisNexis Risk Solutions market planning manager Christopher Foye said MSBs play a useful role in society, for instance by helping migrant workers remit money back to poorer communities. But he observed there are also unlicensed MSBs - not just in Malaysia but other countries too - that bring a bad name to the sector.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Eurokars Group introduces rental car franchises Enterprise Rent-A-Car, National Car Rental, and Alamo to Singapore
20 photos that show how dramatically Singapore has changed in two decades
Singapore’s key exports up 15.3% in March from electronics surge, exceeding forecasts
