A series of bank-to-bank fund transfers is an example of which money laundering stage?

The correct answer is layering. This stage of money laundering involves separating illicit funds from their original source through complex layers of financial transactions, making it difficult to trace the origins of the money. A series of bank-to-bank fund transfers is a common method used during the layering stage as it serves to obfuscate the transaction trail.

In layering, the focus is on moving the money around to disguise its illicit origins, often involving multiple transfers between different accounts or banks. This not only complicates the tracking process for authorities but also helps to integrate the funds into the legitimate financial system without raising suspicion.

While placement refers to the initial introduction of dirty money into the financial system, and integration involves assimilating the laundered funds into the economy, layering specifically focuses on the intermediate steps taken to disguise the source of the money through various financial maneuvers. Curling is not a recognized term in the context of money laundering.