Problem: KYC procedures are the underlying principles for recognizing unusual and suspicious transactions or instructions. These transactions or instructions would be inconsistent with a normal customer's transactions or attitudes.
1) Describe what constitutes "suspicious activity" for a bank customer and a corporate customer.
2) Describe a real-life money laundering scheme that involved layering, placement, and integration.
3) Describe what those terms mean and how they are used in money laundering. How was the money launderer caught? Describe the red flags.
4) Could the launderer have been caught before most of the crime was committed?