launderers
LAWN-der-erz
Definition
Individuals or entities that process illegally obtained money through a series of complex financial transactions to make the funds appear legitimate.
Etymology
Derived from the Middle English 'launder,' meaning a washer, which itself comes from the Old French 'lavandier.' It originally referred to someone who washes clothes before being applied metaphorically to the cleaning of 'dirty' illicit money in the early 20th century.
In the news
The article uses the term to describe the criminal actors that banks must actively identify and block to maintain secure financial systems. Preventing the success of money launderers is portrayed as a critical component of modern banking compliance.
Banking on continuous innovation to stay ahead of scammers
Read the full article ↗Business Daily