Introduction Money laundering is a significant global issue that involves the process of disguising illegally obtained funds to make them appear legitimate. This criminal activity is often associated with organized crime, terrorism financing, and tax evasion. Banks and financial institutions are particularly vulnerable to money laundering as they serve as the primary channels for these transactions. In response to this threat, regulatory bodies have implemented various checks and balances to protect customers and ensure the integrity of the financial system. Understanding Money Laundering Money laundering is a three-step process: placement, layering, and integration. In the placement stage, criminals introduce their illicit funds into the financial system. They do this by depositing cash into accounts, purchasing high-value goods, or investing in businesses. The next step, layering, involves moving the funds through various transactions to disguise their origin. This can be achieved by...