Diary of a BANKER-Part 3

So, i know the KYC now and some other regulations.

I am working as a teller, wearing the suit that i hate, always have to smile even fake smiles to the clients (this isn’t me i don’t like fake smiles i only smile when i feel that i want to, but the important thing is that i am working; Since it’s not that easy to find a job in my country).

“Feeling like a king”, i am having my own salary, my money, i will spend it the way i want, i can do anything i want with this salary.

Oh ok; except for few silly things, like i can’t have a car yet (majority of our public transportations are not a good idea so car is a need indeed), i can’t have my own appartement, but i can go out only for one weekend in a month (depending on my salary), so i found out that my salary is not to put me on the track to build my future, and not to let me have some fun.
No, salary is only to give me some food (ok no problem i am a new banker so i should have a raise in my salary in the future and life will get better),Cheers!!!

The month after that i faced same problem (i asked my salary why are you so little???) well i need to find a solution, i want to start building my life, i want to feel like “the wolf of wall street” not like “pursuit of happiness”.

I don’t know exactly what to do but i know that unlike my colleagues i was the only optimist one, always waiting for the right solution, at the end i know it should come.

Plus the good thing is always when learning something new, this time i knew what is the AML.

Anti Money Laundering (AML)

The money laundering mainly is every act that contains:

• Hiding the real source of the illegal money.
• Transferring or swapping illegal money to hide its real source.
• Owning illegal money and use it to buy movable and/or immovable funds

The money is considered illegal in certain regulations and laws when it’s gained from:

• Any use of money for planting, manufacturing or trading drugs.
• Funding or gaining money from “organized crimes”.
• Crimes of terrorism.
• Financing or participating in funding terrorism, terrorist acts and terrorist organizations.
• Illicit arms trade.
• Crimes of theft or misappropriation of public and private funds.
• Counterfeit currencies or credit cards, checks, etc.

1- In order to let the AML control the above mentioned acts the KYC form must be filled properly.
2- Hold a record that contains the information about clients that open or move accounts with proxy.
3- Daily control of fund movements in the bank (to detect any suspicious transactions) such as huge deposit transactions and so on.
4- Control the inward, outward transfers, the ATM, POS and online transactions.

This was a brief about the AML

To be continued with Diary of a BANKER part-4

The text published in this post is my original work.

Some images are from different sources click on the image to view the source.