Money Laundering Techniques
The main methods of money laundering are as follows:
- Electronic transfers
- Correspondent banking
- Payable Through Accounts (PTAs)
- Concentration Accounts
- Private Banking
- Structuring/Smurfing
- Microstructuring
- Cuckoo Smurfing
- Bank Complicity
- Credit Unions/Building Societies
- Credit Cards
- Money Remitters & Money Exchange Houses
- Insurance Companies
- Securities & Futures
- Broker-Dealers
- Casinos & Gaming
- Dealers in High Value Items
- Travel Agencies
- Vehicle Sellers
- Gatekeepers: Accountants, Auditors, Lawyers, Notaries, Company Formation Agents
- Investment and Commodity Advisors
- Trust & Company Service Providers
- Real Estate Industry
- Reverse Flip
- Loan back
- Manipulation of import/export prices
- Letters of Credit
- Black Market Peso Exchange (BMPE)
- Online/Internet Banking
- Internet Casinos
- Prepaid Cards and E-cash
We will look at each of these techniques in detail.
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