Money laundering is a criminal activity that involves disguising the proceeds of illegal activities as legitimate funds. Banks and other financial institutions are often targeted by criminals as a way to launder their money.
As businesses grow and expand, they become more vulnerable to financial crimes such as money laundering. Money laundering is the process of disguising illegal proceeds so that they appear to come from legitimate sources. Businesses that fail to detect or prevent money laundering can face severe legal and reputational consequences.