Fraud Trends

Transaction laundering – the art of hiding money

About the presentation

The legal fight against money laundering began about 50 years ago with the adoption of the Bank Secrecy Act of 1970. Over the next decades various pieces of legislation reduced criminal activity and made it much more difficult for criminals to hide illegal funds. But the advent of e-commerce marked the digital evolution of traditional money laundering - transaction laundering. Bad actors have discovered online environment and create more and more complex methods to hide illegal profits. Despite the apparent simplicity of this phenomenon, extensive range of payment systems available along with the exponentially growing amount of ecommerce activity greatly inhibit detection of transaction laundering through traditional means. Therefore, this threat has become a pressing concern for the payment industry.

This presentation will cover latest trends in transaction laundering as well as applicable due diligence strategies.

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