Howard Wilkinson appears unremarkable on first sight. Yet he is a remarkable man. Honest and resilient, he identified the biggest money laundering scam the world has ever known. Remarkable because the biggest banks with all their technology and professionals failed to identify it. Was that failure a complicit act or just staggering incompetence? I’ll leave you to decide.
Mr Wilkinson how stands to receive 30% of whatever money is recovered from this scam under US whistleblowing rules. As anyone reading this website will know, CYW are building an application to allow the likes of Mr Wilkinson to report anonymously to an independent organization, relying on end to end encryption to protect their identity and information.
How to Investigate Money Laundering - A short Guide How to investigate Money Laundering There are many new entrants to the AML sector that have little to no investigative experience. That's natural in any sector. Below are some tips on...
Money Laundering Red Flags MONEY LAUNDERING AND TERRORIST FINANCING "RED FLAGS" The following are examples of potentially suspicious activities, or "red flags" for both money laundering and terrorist financing. Although these lists are not all-inclusive, they may help banks and...
Research into money laundering goes deeper than reading ACAMS or Linkedin. Here we have provided links to the 60 Best Money Laundering Research Papers, books and web articles. In the coming weeks we will be blogging about these articles and...
What are the best Money Laundering Schemes? Best money laundering schemes To keep this post quick and easy to read we've put all the schemes we can think of in a table and provided links to more content to find...
There are many routes and many options to clean dirty money, it's no wonder AML is such a difficult job. The sheer volume of SARS obfuscates criminals, it doesn't help law enforcement. The below helps to understand just a few...
CUM-EX DIVIDEND FRAUD EXPLAINED Our 101 CUM-EX dividend fraud explains how this fraud works and also details a range of businesses and individuals who are linked and those that are secondary linked to the businesses. It is clearly very important...
What is a Politically Exposed Person? What is a politically exposed person This post will give a definition for a PEP and answer what is a politically exposed person. It also provides details of red flags that indicate a PEP...
Preventing Money Laundering 101 Networks of people, businesses, accounts and transactions makes preventing money laundering very difficult. Despite all the work globally the AML industry still only recovers an estimated 1% of laundered cash. Linking cash to crime as it...
Anti Money Laundering Warning Signs In this post we will break down the Signs of Money Laundering and the importance of the first AML officer's actions in a chain that obfuscates the more layers the money goes through. AML Officer...
Red Flag Warnings for AML pt2 Please continue reading the remainder of our AML fed flags article. Go here for part one. Go here for part three Trade Finance red flagsPrivate ATMsInsurance red flagsShell CompanyEmbassy AccountsEmployee suspicionsOther customer suspicionsPossible Terrorist...
We all know that fraudsters and criminals operate within the banks. Just like in any other major organization, banks are not immune. It appears that the big scandals are almost always uncovered by a single whistleblower. CYW aim to protect them and bring the guilty to justice. That is in everyone’s interest. Including the banks.
But the application won’t stop there. It will map intelligence across the globe to provide aggregated risk products for the banks to help them see where the intelligence is suggesting Money Laundering. No guess work. Real aggregated intelligence from people within the risk institutions themselves. Banks just have to join our programme to access intelligence product that takes small bite size pieces of information, anonymizes it and groups it collating it into one big picture. This will stop reputational damage from poor risk based decision making and a slide in shareholder value of the kind Danske bank is suffering. 25% and dropping. Watch Mr Wilkinson’s story. It beggars belief no one conducted the KYC checks he did. So simple and obvious yet not completed by Danske bank.
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