Banking and Financials

INTRODUCTION TO CARDS Credit card, pre-paid card, debit card are instruments that substitute cash, paper cheque including traveling cheque. Through the use of these cards, customers of the bank can easily withdraw cash from their accounts or pay to the merchants for their purchase by debiting their account and or overdraft from their card through any authorized agents or merchants of such cards. The nature of debt to the customer account differs from the types of cards the bank issues. The card is issued with the validity period as prescribed by the management of the bank on case to case basis of different types of cards and withdrawal amount may be limited as per the currencies as per regulations determined by the management of the bank from time to time. Any person to whom the card is issued is called 'Card Member/Card Holder'. The card is strictly non-transferable and can only be used by the card member. TYPES OF CARDS 1. Credit card: Credit card ...

What is Money Laundering? Money laundering is the process by which criminals transforms ill-gotten gains into funds that appear to be legitimate. It is the process whereby dirty money is laundered and made it to be appeared to be clean. As an example, with regards to drug trafficking, money laundering would entail taking the proceeds from the street sale and depositing the funds into the financial system, then transferring the funds through multiple accounts or jurisdiction to disguise the source of money. The purpose of money laundering is to hide the existence of the underlying crime that generated the tainted money so that it can be used in commerce. Three stages of money laundering There are generally thought to be three stages of money laundering:             1. placement             2. Layering        ...