A money laundering scheme is uncovered. Some business correspondents are exploiting banking loopholes. They misuse payment aggregator APIs. This helps them transfer illicit funds. Cash is collected from unknown sources. It is then deposited and moved through various accounts. Regulators are alerted. Banks are urged to tighten controls. The focus is on preventing API misuse.
from Banking/Finance-Industry-Economic Times https://ift.tt/zt0fyiO
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