MAC Employee Induction Program

Chapter 3 – Data Protection 30mins

Data protection is the process of safeguarding important data captured.  The employer and employees hold a responsibility to ensure that they are transparent in how they are using and safeguarding all employee and client data from corruption, compromise or loss and providing the capability to restore the data to a functional state should something happen to render the data inaccessible or unusable.

MAC's Data Protection Policy

Money laundering is the generic term used to describe the
process in which criminals disguise the original ownership and control of the proceeds of their criminal activity by making such proceeds appear to have derived from a legitimate source.

The processes used by the criminals to launder the proceeds of their criminal activity are varied, and can be extensive.

Those engaged in money laundering generally attempt to:-

  • Conceal the true ownership and origin of the proceeds
  • Maintain control over the proceeds/change the form of the proceeds
  • Confuse the audit trail to such a degree that it is unclear how such funds were obtained.

Data Protection Officer

Criminals use a wide variety of methods to launder money.
These methods fall into two key categories:-
Cash-based money laundering
Can involve the physical movement of currency over national borders, as well as the use of companies with high cash throughput as cover, with payments being broken down into smaller amounts to avoid detection.
High-end money laundering
Specialist, usually involves transactions of substantial value, and involves the abuse of the financial sector and so-called ‘professional enablers’