Abstract
The world is driven heavily by money that is illegally acquired and used for illegitimate purposes thus posing a threat to the global economy and its security. Money Laundering is the process of converting or laundering money that has been earned illegally to make it look as if it came from a legal source.Financial institutions are among the most vulnerable to money laundering. In this conceptual article, the authors have taken a serious look at Money Laundering in Fin Tech and the steps taken by Reserve Bank of Indiaand Central Government to curb money laundering and steps to be taken by FinTech companies in combating money laundering in the parallel economy.
Keywords: Money Laundering, Know Your Customer (KYC) Practices, Anti-Money Laundering (AML) Regime, Financial Technology, Terrorism financing
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