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Malawi banks step up fight against money laundering

MZUZU--Malawi's 13 commercial banks have vowed to deal with money laundering in the country by using the Money Laundering Act which was enacted a few years ago.

Bankers Association of Malawi (BAM) said in a statement that 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 and they will also be requested to produce passport, drivers’ licence or other plausible identity in their circumstances," reads the statement in part.

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.


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