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This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

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Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Expert led content

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Engage with our video hotspots and knowledge check-ins

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Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

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Connect Finance Unlocked to your current platform

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More featured content

Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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What is Money Laundering?

What is Money Laundering?

Jodie Toporowski

Director

The term ‘money laundering’  describes the process which effectively turns ‘dirty’ money (obtained illegally) into what appears to be money from a legitimate or ‘clean’ source.  In this video, Jodie explains what money laundering is and how it is combated.

The term ‘money laundering’  describes the process which effectively turns ‘dirty’ money (obtained illegally) into what appears to be money from a legitimate or ‘clean’ source.  In this video, Jodie explains what money laundering is and how it is combated.

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What is Money Laundering?

5 mins 6 secs

Key learning objectives:

  • Define money laundering

  • Be able to explain how criminals launder money

  • Identify at which stage money laundering is easiest to detect

Overview:

The United Nations Office on Drugs and Crime estimates the amount of money laundered globally in one year is 2 - 5% of global GDP, or $800 billion - $2 trillion in current US dollars. Due to the nature of money-laundering, it is however difficult to estimate the total amount of money that goes through the laundering cycle. Money Laundering is the criminal act of changing the identity of illegally obtained money so that it appears to have originated from a legitimate source. Money laundering tends to consist of three stages: Placement; Layering; and Integration.

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Summary

What is Money Laundering?

Money Laundering is the criminal act of taking money derived from criminal activity (‘dirty money’) and making it appear that it has come from a legitimate source – effectively cleaning the money. This is achieved by the criminal disguising the true ownership and origin of the proceeds from their criminal activities. The objective for them is to keep control over these proceeds and ultimately to provide what appears to be a legitimate source of income. 

How do Criminals Launder Money?

The most sophisticated money laundering process is likely to comprise of three stages: 

  1. Placement - The first stage involves converting ‘dirty money’ which directly proceeds from a crime into another asset unassociated with the crime. After placement the ‘dirty money’ is no longer in the form of cash. For example, buying an expensive car with the proceeds of crime in cash.
  2. Layering - Layering helps to further obscure the proceeds of crime origin by passing through complex transactions. This can involve different entities and takes place in lots of jurisdiction. Detection at this stage is more difficult and provides anonymity.
  3. Integration - Once the layering stage is achieved, the criminal will then seek to mix the laundered funds into the legitimate financial system. This stage provides the ‘dirty money’ with apparent legitimacy which is then free to move within the economy.

At which stage is money laundering the easiest to detect?

The ‘Placement’ stage is the easiest point to detect money laundering. In view of this, regulations focus on the procedures adopted by deposit takers (such as High Street Banks, Building Societies and Insurers) increasing emphasis has been placed on the importance of checking customer identity and awareness of unusual transaction patterns. 

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Jodie Toporowski

Jodie Toporowski

Jodie Toporowski is an experienced Head of Compliance with a demonstrated history of working in the financial services industry. She is well versed in the areas relating to financial regulation, data protection and commercial contracts. She is also a strong legal professional with regulatory enforcement background. Jodie is currently the Head of Compliance at Hyundai Capital UK and has been at this role since 2017.

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