John Cassara says that history has shown us that our efforts in anti-money laundering – following dirty money, identifying and taking away illicit proceeds, and punishing money launderers – is abysmal. What can we do to change this?
KPMG’s ‘Global Anti-Money Laundering Survey 2011’ has discovered a number of trends that are significantly increasing the cost of compliance. But there is something that can be done to manage these costs.
M-payment remittances are replacing traditional banks and money services that have historically charged high fees for small transfers. The advantages and pitfalls of these M-payments for law enforcement and financial services are many. Former US Treasury Special Agent John Cassara maps what he sees in the road ahead and gives advice for protecting your firm.
Trade-based money laundering can take many forms, from simple bartering to commodity exchanges. As long as the parties don’t get too greedy, they can go virtually undetected. John Cassara, former intelligence officer and Treasury Department special agent, invented the concept of Trade Transparency Units. Today, he talks about the value of analytics in countering trade-based money laundering.
One approach to transaction monitoring is “tuning of scenario parameters,” but that can raise eyebrows in the regulatory community. Take a look at David Stewart’s suggestions for an analytical approach.
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