Money laundering is the practise of transforming cash or property obtained through illicit activity into legitimate currency or property. It’s a method of cleaning ‘dirty’ money in order to conceal its illicit origins.
Terrorism financing is the act of providing financial support to terrorists or terrorist organisations, whether from a legitimate or illegitimate source, in order for them to carry out terrorist acts or to benefit any terrorist or terrorist organisation.
While the majority of the funds come from illegal activity, they can also come from legitimate sources such as salaries, income from legitimate businesses, or the use of non-profit organisations to raise funds through donations.
How to identify suspicious Transaction
WHAT IS CHARGEBACK
A chargeback is a dispute lodged by a cardholder against a specific transaction and notified to their card issuing bank.
A chargeback is a feature offered by banks and card networks like Visa and MasterCard to safeguard customers from illegal or fraudulent transactions.
When a cardholder registers a complaint, the bank informs Gkash of the situation and begins an investigation.
The most common reasons for chargebacks include:
• Customer disputes
• Processing errors
• Authorization issues
How to Avoid Chargeback
Transparent Return Policy
Making sure the return policies are clearly mentioned on the website
Constant & Clear Communication
Keep customers updated regarding the status of their order
Proofs of Delivery
Share tracking numbers, invoices and all other order related docs and references with your customers