Nandana Zubair – 070737/ BBA 8th B

Assignment No 3

Submitted to : Sir Arshad

Q. What are the implications of account opening form on money laundering?

A. Money laundering is basically indulging or engaging oneself in money transactions without being
honest about ones where about, this can and usually does results in crime and fraud. An account
opening form can prevent that from happening in such a way that it verifies the person who opts for
opening the account, an account opening form asks about the CNIC number – the real name and
identity, the picture – to verify the person, the telephone number and home address, the property
owned, type of account wanted to be opened, the nationality and occupation/public position etc. All
such information prevents a person to misuse the facility and to commit a fraud. Thus simply put it can
be said that account opening from prevents money laundering form happening resulting in a more
secure and trust worthy banking system.