© The Author(s), under exclusive license to APress Media, LLC, part of Springer Nature 2023
K. SullivanAnti-Money Laundering in a Nutshellhttps://doi.org/10.1007/979-8-8688-0066-5_1

1. What Is Money Laundering?

The Basics You Need to Know
Kevin Sullivan1  
(1)
Flowery Branch, GA, USA
 
Turning “Bad” Money into “Legitimate” Money
Money Laundering All Around Us
How Money Is Laundered
Why AML Efforts Are Important
The Three Stages of Money Laundering
Placement
Layering
Integration
Putting It All Together for a Payday
Case Study
Who Launders Money
Summary

The term money laundering was coined in the famous 1920s gangster era of American history. Between gambling, prostitution, and sales of prohibition alcohol, there was a lot of cash that required laundering. In other ...

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