Question

How are telegraphic transfers used for money laundering?

a.

By requiring extensive documentation for each transaction

b.

By conducting transfers through banks or wire transfer companies with franchised services

c.

By using wire transfer companies based in retail outlets containing video cameras

d.

By using facilities where companies do not request documentation and require only the use of a pre-agreed question and answer prior to releasing the transferred sum

Posted under IC 14 Regulations of Insurance Business

Answer: (d).By using facilities where companies do not request documentation and require only the use of a pre-agreed question and answer prior to releasing the transferred sum Explanation:Telegraphic transfers are used for money laundering by utilizing facilities where companies do not request documentation and require only the use of a pre-agreed question and answer prior to releasing the transferred sum.

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Q. How are telegraphic transfers used for money laundering?
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