Hawala Banking Overview

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Questions and Answers

What is Hawala banking often referred to as?

  • Formal banking
  • Underground banking (correct)
  • Online banking
  • Mainstream banking

How are transactions recorded in Hawala banking?

  • Through formal banking systems
  • In computerized databases
  • Through electronic records
  • In informal diaries (correct)

Why is Hawala banking related to money laundering and terrorist financing?

  • As it operates outside the regular banking system (correct)
  • Because of its transparency
  • Due to its involvement in traditional banks
  • Because of its strict regulations

Who are hawalanders in the context of Hawala banking?

<p>Bankers who keep informal records (D)</p> Signup and view all the answers

What motivates hawalanders to maintain trust in their networks?

<p>Desire for more clients (B)</p> Signup and view all the answers

Why is Hawala banking covered in this course?

<p>Because it is regularly in the news and has integrity risks (A)</p> Signup and view all the answers

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