Background

Money laundering is the criminal practice of filtering "dirty" money through a series of transactions, so the funds are "cleaned" to look like proceeds from legal activities. The Currency and Foreign Transactions Reporting Act, also known as the Bank Secrecy Act (BSA), and its implementing regulation, 31 CFR 103, is the main regulatory tool the U.S. government uses to fight drug trafficking, money laundering and other crimes.

BSA requires that all AML personnel have training. In earlier sessions, we've shown you how to conduct an AML risk assessment, how to conduct a basic money-laundering investigation, and we've offered best-practices in preparing Suspicious Activity Reports (SARS).

This webinar covers some of the key new trends in money-laundering, including:

• Virtual Money Laundering - We all know Second Life and other virtual communities are hot spots for people who want to interact socially, play games and even sell/purchase goods and services. But the virtual world is also a playground for the money-launderer, who can commit real fraud in communities with minimal authentication and regulation. Learn how to avoid being tied up in virtual money laundering
  
  
• Trade-Based Money Laundering - U.S. Customs officials define trade-based money laundering as the use of trade to legitimize, conceal, transfer, and convert large quantities of illicit cash into less conspicuous assets or commodities. Learn how fraudsters are practicing this crime via trade price manipulation, Internet/mobile payment systems and digital precious metals.
  
  
• Classic Crimes Revived - With the rise of money-laundering crimes, many old schemes are being dusted off and updated. Among them:
  
  
  • Shared Value Cards -- Prepaid and gift cards have become commonplace in the retail environment, but these cards have no direct ties to individual bank accounts, making them rife for fraud - especially in overseas transaction. Pick up the warning signs of potential fraud.
    
    
  • Privately-Owned ATMs - There are 1.6 million ATMs in the world - more than 400,000 in the U.S. alone - and 49 billion ATM transactions annually. How many of them are fraudulent? And what are the warning signs you should look for to indicate potential money-laundering via ATMs? Get the scoop on this complicated network of deceit.
    
    
  • Micro-Structuring - Structuring is the old crime of making money deposits that just miss the threshold of suspicious activity within a banking institution (i.e. a transaction of under $10,000). Micro-structuring is an attempt to get around transaction-monitoring systems by making even smaller deposits that skirt the detection rules embedded in the software systems. Learn how to prevent this tough-to-detect crime.