Malawi commercial banks to fight against money laundering

Written by Super User on .

Bankers Association of Malawi (BAM) has said commercial banks will deal with money laundering in the country by using the Money Laundering Act which was enacted a few years ago.

BAM said it will continue asking for customers’ personal details which include physical and postal addresses, utility bills, customer registration certificate, that’s for business entities, as proof of evidence.

“Customers will be requested to draw a map to their physical location, telephone/cellphone numbers,” said BAM in a statement that.

It said customers will also be asked to produce passport, drivers’ licence or other plausible identity in their circumstances.

Money laundering is the process of concealing the source of money obtained by illicit means, and the methods by which money may be laundered are varied and can range in sophistication.