This requires an
insider in a financial institution, often a money remitter or
alternative remittance system. The first step is when a customer
provides money to an alternative remittance system for transfer to a
bank account in a foreign country. Rather than sending the money to
the destination, the insider advises an accomplice in the destination
country of the bank account details of where the cash should have
been sent. The associate then deposits dirty cash into the unwitting
customer’s account, who believes that it is the international
transfer they awaited. Then the alternative remitter provides the
funds to the associate, who has swapped dirty money for clean money
received from the remitter, which is supported by a genuine receipt.
The bank account
used here is often innocent, but the cash deposit would be by a
launderer, so retain CCTV footage.
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