Prevention of Money Laundering and Terrorist Financing

Prevention of money laundering and terrorist financing involves measures to ensure that criminals cannot disguise illegal funds or support harmful activities through financial systems. This includes verifying customer identities, monitoring transactions for suspicious activity, and maintaining detailed records. Banks and financial institutions follow laws and regulations designed to detect and report illicit behavior, helping to keep the financial system secure and prevent funding for crimes and terrorism. These efforts promote transparency, integrity, and trust in the financial sector and the economy as a whole.