Emergence of Anti-Money Laundering and Indian Banks' Efforts against Economical Crime Money Laundering in India

Abstract

Money laundering Crimes are Economic suspected crimes that Demolish our economy. Money laundering-related crimes increasing day by day and its harms our Economy. The conceptual research paper examines the content analysis of Anti-Money laundering rules and regulation and presents banks' latest amendments, efforts, and mechanisms for how to overcome money laundering at the initial stage. This conceptual framework will create awareness for Anti-money laundering. It’s established PMLA rules and regulations, banking obligations, and guidelines for Anti-money laundering, so it will increase the knowledge of prevention of money laundering in the banking institution. Whenever cash wants to enter the country's economy then it entered through the banks. So, the banks must maintain some technological instruments, and software and identify suspicious transactions and accounts. Nowadays many small or big money laundering cases and bank defaulters’ rates are emerging rapidly this shows Indian banking sector needs to improve Anti-money laundering compliance