Which activity is most likely to facilitate money laundering through on-line banking systems with inadequate controls?

Question

Options

• AConducting a large volume of transactions
• BProviding continuous worldwide access
• CConducting anonymous transactions
• DConducting large value transactions

• A
  8% (2)
• B
  4% (1)
• C
  84% (21)
• D
  4% (1)

Explanation

Conducting anonymous transactions is the most likely activity to facilitate money laundering through online banking systems with inadequate controls. Anonymous transactions allow money launderers to hide their identity, source and destination of funds, and the purpose of their transactions from the authorities and the financial institutions. Online banking systems that do not have proper KYC, customer due diligence, and transaction monitoring controls are vulnerable to being exploited by money launderers who can use various techniques, such as encryption, proxy servers, virtual currencies, prepaid cards, and online gambling, to conduct anonymous

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