Trade-Based Money Laundering: What Compliance Professionals Need to Know (CAMS)
July 14, 2020 | 12 pm ET | Register Now
July 16, 2020 | 9 am ET | Register Now
CAMS Credit: 2
Hundreds of billions of dollars are laundered every year through trade-based money laundering (TBML). Its sophisticated techniques allow criminals to use legitimate trade to disguise the source of illegal proceeds and transfer value across borders without the use of traditional money movement methods.
In this webinar, Laurie Kelly, CAMS will share her knowledge and experiences gained from 20 years in leading the AML, fraud, and sanctions compliance functions for a $130 billion U.S. financial institution that provided extensive trade finance services for global exports of U.S. agricultural products. Attendees will learn the fundamentals of foreign trade and trade finance, and why these long-established processes make it so vulnerable to TBML.
We will break down the most common TBML techniques, including the Black Market Peso Exchange, over & under invoicing, and others, using real world case studies. Finally, we will review the red flags for these activities and how to incorporate transaction monitoring, sanctioned/restricted party screening, and enhanced customer due diligence to mitigate TBML risks.