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🛎 Merchant-based money laundering
Money laundering is an extension of transaction laundering, also known as credit card money laundering. It’s a simplified method of money laundering that involves secretly processing credit card payments in order to launder money. What method is used to clean up the transaction? When one retailer/vendor submits credit card charges under the account of another merchant. Although a pass-through business can still be a physical location, it is now more widely referred to as a website.
The Financial Crimes Enforcement Network (FinCEN), along with other bank regulators, has become stricter with banks that use third-party payment processors as a result of the rapid growth of money laundering by credit cards and transactional laundering. To help determine beneficial ownership, it now requires FIs to recognise and check the identities of all candidates with a 25% or greater ownership stake in any business for which they open an account. FinCEN and other regulators are also expected to disclose the site’s principal decision-maker, who is often the beneficial owner. This regulation went into effect in May 2016, and banks and processors had to comply by May 2018.
🤑 Credit card laundering
Credit card fraud refers to any form of fraud involving a payment card, such as a credit or debit card.
📔 Electronic money laundering
1st It may be for the intent of obtaining goods or services, or to make a payment to a criminal-controlled account. The Payment Card Industry Data Protection Standard (PCI DSS) is a data security standard designed to assist businesses in securely processing card payments and reducing fraud.
Credit card fraud may be authorized, in which a legitimate customer processes a payment to a criminal-controlled account, or unauthorised, in which the account holder does not have authorization for the payment to occur and the transaction is carried out by a third party. In the United Kingdom, unauthorised financial fraud losses from payment cards and remote banking totaled £844.8 million in 2018. In 2018, banks and credit card firms stopped £1.66 billion in unintentional fraud. This equates to £2 out of every £3 of attempted fraud being detected. [two]
📙 Money laundering using new payment methods
Accepting credit cards is smart for any company in today’s world; however, it’s critical to understand and obey all card industry guidelines as well as federal and state regulations that regulate card acceptance. Although the general public believes that money laundering is limited to the worst criminals transferring ill-gotten gains around the criminal underworld, there is a little-known aspect of money laundering called credit card factoring that can trigger significant problems for merchants who accept credit cards.
Credit card factoring can be described as any credit card transaction that is processed by a retailer other than the one selling the product or service, or any transaction that uses a merchant account that is not directly associated with the company.
The transaction may be as easy as a business processing a single transaction using their next-door neighbor’s credit card terminal because they don’t accept credit cards or their terminal is down, but it’s more likely a complicated sequence of transactions inside a scam.
😮 Mobile money money laundering
Three foreign nationals were arrested after a law enforcement operation was sparked by a suspicious matter report (SMR). The operation uncovered a multi-million dollar money laundering ring that was laundering illegal profits from the production of phony credit cards.
The initial SMR concerned the key suspect sending an IFTI to China, financed with AUD500,000 in cash from an undisclosed source. The key suspect even hired two foreign nationals to perform similar financial transactions for the syndicate.
The SMR was lodged, which activated AUSTRAC’s automated monitoring systems and prompted AUSTRAC to investigate relevant financial transactions. The investigation revealed that the syndicate used remitters who mostly sent money to Chinese recipients, as well as other high-value transactions carried out by the key suspect. Other transactions included cash deposits in excess of AUD10,000 that were reported to AUSTRAC via threshold transaction reports (TTRs).