According to anti money laundry requirements of Iranian Insurance Regulatory body and our dedication to financial transparency, we established Anti money laundry department and implements all necessary performance. Kpi believes in total transparency and therefore provides updated figures of performance and developments for his members.
Money Laundering is the process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds It is a worldwide problem.
Criminals want their illegal funds laundered because they can then move their money through society freely, without fear that the funds will be traced to their criminal deeds. In addition, laundering prevents the funds from being confiscated by the police.
Three steps of Money laundering are as follows;
Placement is the depositing of funds in financial institutions or the conversion of cash into negotiable instruments. Placement is the most difficult step. The easiest way to begin laundering large amounts of cash is to deposit them into a financial institution.
Layering involves the wire transfer of funds through a series of accounts in an attempt to hide the funds’ true origins.
Integration involves the movement of layered funds, which are no longer traceable to their criminal origin, into the financial world, where they are mixed with funds of legitimate origin.
Lilley, Peter. 2003. Dirty Dealing: The Untold Truth about Global Money Laundering. 2d ed. Sterling, Va.: Kogan Page.
Vukson, William B.Z., ed. 2003. Organized Crime & Money Laundering. Toronto, Ont.: G.7 Report Inc.
IAIS – Examples of money laundering and suspicious transactions involving insuranceOctober 2004