INFORMATION
Identification of Suspicious Activities known as Money Laundry

Money Laundry is the process in which a certain amount of money is legalized. When an individual obtains money by illegal methods, or obtains it by legal methods and does not declare this income to the corresponding monetary authorities, it is creating what it is known as Black Money, or B Money, the other side of legal money (the income declared before the monetary authorities) or money A.

The process of converting black money or money B in legal money is known as whitened money. Specialized financial institutions in money laundry originated from narcotraffic, weapons sale, deals of white or any other type of illegal activities, that generates rents and income that cannot be declared to the economic authorities.

The ways and forms to laundry the money are infinite and depend only on the capacity and imagination of the person who has the black money.

Suspicious transactions are those that are inconsistent with the legitimate commercial activities, personal activities of a client or with the normal business activity of this type of account or that do not exist a reasonable explanation for it.

The first step to determine if a transaction is suspicious is to have enough information about the business and the client to recognize if there is something unusual with the transaction or with a series of transactions. That is why it is recommended for all Financial Institutions, Agents of Change and the people compromised specified in Article no. 7 of Decree no. 288-96, that develops the policy of "Knowledge of your Client, Knowledge of the Employees, Banking Services and Qualification of the Personal".