There are many financial crimes in the world but one of the worst is Money laundering. It’s why there is so much store set in AML IDENTITY CHECK technology like that from w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks. With banks and financial institutions being charged with making sure that they do their level best to keep out laundered money. You might be wondering what laundered money is. It is where criminals try to “clean” illegal cash and income they have stolen. When money is stolen, or an item is stolen and then subsequently sold, it needs to reenter the economy. The way to do this is to try and find a way of either taking out a legitimate account, like a current account or a savings account and using the cash as a deposit. This is why checks have to be in place.
Another way is to try and get a mortgage or buy a large luxury item like a car or a yacht. Placing down a large deposit for a home, or vehicle, disguises the fact that the criminal is going to sell the home/yacht the first chance they get. The money they get for it is from a legitimate source so the cash is clean to use as they see fit afterwards.
It then becomes virtually impossible to prove that the money was gained by unfair means. Time is usually a factor for criminals looking to try and get the cash ready to be used elsewhere.