Anti-money laundering solutions

The estimated amount of money laundered globally in one year is 2 – 5% of global GDP which is $800 billion – $2 trillion in current US dollars as per the United Nations Office on Drugs and Crime (UNODC). This clearly throws light on banking frauds and how they have been on an exponential rise. An illegal act of Money Laundering (ML) happens when criminals/fraudsters bypass the set preventions and regulations to layer the illegal funds either themselves or using a money mule.