The New Problem For Banks In Online Banking: Transaction Laundering

By Alvine Chaparadza

The evolution of banking from brick and mortar to online banking has come with many benefits to the society characterized by increased financial inclusion, the easiness of sending and receiving money and reduction of transaction costs. But the problems that face online banking weighs heavily against its benefits.

Banking problems likewise are evolving like banking itself . Money Laundering is the most voiced problem of both online and traditional banking.

Money laundering is used by criminals to hide the source of their cash. Traditionally, this was done by diverting funds from an illegal business through a legitimate business like a store …read more

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