The act of processing (or "washing") criminal proceeds through the financial system in an effort to conceal their illegal source is known as money laundering. involves money laundering. The act of providing, collecting, or receiving money with the knowledge or intent that it would be used to carry out a terrorist act or any other act meant to inflict serious bodily harm or death constitutes terrorist funding. Additionally, it involves procuring or receiving money with the knowledge that it will be used to support a terrorist organisation. 

CORRESPONDENT BANKING

PRIVATE BANKING

POLITICALLY EXPOSED PERSONS

The act of soliciting, gathering, or supplying money with the aim that it be used to support terrorist organisations or acts is known as terrorism funding. Money can come from both legitimate and illegal sources. More specifically, a person violates the International Convention for the Suppression of the Financing of Terrorism when they "provide or collect funds by any means, directly or indirectly, unlawfully and willfully, with the intention that such funds should be used or in the knowledge that such funds are to be used, in whole or in part, in order to carry out" an offence covered by the Convention.

An intergovernmental group called the Financial Action Task Force (FATF) develops and advocates for laws and guidelines to combat financial crime. Money laundering, terrorist funding, and other risks to the international financial system are the focus of recommendations made by the Financial Action Task Force (FATF). The FATF has its headquarters in Paris and was established in 1989 at the request of the G7.

Our lives are increasingly impacted by legislation and regulations. Statutes, ordinances, decrees, orders, bylaws, case laws, treaties, and codes of various forms and origins are regularly produced within and outside of states. Growing scholarly interest reflects the growth in legislation and regulation. The creation of scholarships in governance and regulation as well as the resurgence of studies in legislation and legisprudence in legal scholarship witness to the rising significance of law and regulation in public life.

An Anti-Money Laundering (AML) compliance programme integrates all of the internal procedures that a business uses to comply with AML compliance standards, including personnel training, user-processing guidelines, account monitoring, the identification of suspicious activity, and AML reporting.

AML compliance programmes are designed to identify, address, and eradicate any money laundering, terrorism funding, and fraud concerns.

Suspicious customers and transactions won't be permitted to enter the financial system with an effective AML compliance programme. But to avoid detection, thieves continually develop new schemes for fraud and money laundering.

Below are several instances of potentially suspect behaviour, or "red flags," for both money laundering and financing terrorism. These lists, albeit not exhaustive, may aid banks and examiners in identifying potential money laundering and terrorist financing schemes. To help banks identify and report cases of suspected fraud, money laundering, and terrorism funding, FinCEN releases advisories with examples of "red flags." FinCEN requests that banks check the appropriate box(es) in the Suspicious Activity Information section and include specific key terms in the narrative portion of the SAR in order to aid law enforcement in its attempts to target these activities.

Making an authorised disclosure to the National Crime Agency is done so it can look into the potential money laundering and decide whether to approve the transaction or not. If the individual in question (or anybody else) found out that an authorised disclosure had been made, the investigation would be jeopardised. Making a disclosure that is likely to jeopardise the money laundering investigation is illegal, and it is punishable by up to five years in jail, according to Section 342 of the Proceeds of Crime Act of 2002. If university employees inform someone that an authorised disclosure has been made in their instance, they may be guilty of this crime.

The goal of these rules is to safeguard the entrance to the financial system. These apply to a variety of companies that are all located at that entrance. These companies must carry out risk assessments for money laundering and set up policies and processes to control those risks. Companies subject to the requirements must particularly carry out "Know your Customer" (or "KYC"), or due diligence on prospective clients for non-compliance, there are legal repercussions, including sentences of up to two years in prison. Although the regulations do not apply to the University in its capacity as a provider of higher education, they do serve as a framework for managing risk when handling money, and the University's approach to managing risk in this policy is centred on due diligence.