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🐸 Money laundering using new payment methods
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.
🏆 S2s money laundering
This three-stage method is not followed in all money laundering transactions. The three basic stages can occur as separate and distinct steps, or they can happen at the same time, or they can overlap. Depending on the money laundering strategy used, transactions intended to launder funds may be carried out in one or two steps. The application of the basic steps is determined by the available laundering tools and the needs of criminal organizations.
• Loans• Inheritance• Redemption of a life insurance policy or some equivalent investment
• Debit cards and credit cards
• Consultants • Corporate Finance • Asset Sales and Acquisitions • Business Recycling • Import/Export Transactions (Sham Transactions) • Foreign Bank Involvement
Redemption of a life policy or other equivalent investment: This practice entails the launderer depositing funds with an insurance agent and then encashing (or borrowing against) the property at a later date, giving the impression that a check from the insurance company came from a valid source.
👨 Credit card money laundering red flags
Credit card fraud refers to any form of fraud involving a payment card, such as a credit or debit card.
🤩 Prepaid cards 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]
🧔 Electronic money laundering
Credit cards are being used by organized crime organizations to transport illegal funds across international boundaries without setting off regulatory alarms that are set off by cash deposits, money wires, and automated transfers.
All of these organizations deal with the three phases in the money laundering process at some point, but the first, placement, is the most dangerous to resolve. TOCs ship drugs to the United States in a variety of ways, then market the drugs to other dealers through their main distribution hubs. The Association of Certified Financial Crime Specialists (ACFCS) originally published this report, which has been reposted with permission. The original article can be found here. The views expressed in this article are not inherently those of InSight Crime. *
In his New York Times article “Cocaine Incorporated,” investigative journalist and author Patrick Radden Keefe provides a fascinating account of the credit-based system in the drug trafficking trade, which supports the argument that cash produced in the United States must be laundered or smuggled back to Mexico.