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New Money Laundering modus operandi: Transaction Laundering.

222downloadTransaction laundering is the new sophisticated form of money laundering and terrorism financing  and is one of the biggest challenges facing the AML regime today.

This advanced merchant-based fraud scheme takes advantage of legitimate payment ecosystems by funneling unknown transactions through seemingly unrelated ecommerce merchant accounts. Sleek legitimate websites act as payment processing storefronts for criminal enterprises selling firearms, illicit drugs, child pornography and other illegal goods.

This creates a situation where Merchant Service Providers (MSPs) unknowingly facilitate money laundering or end up processing payments stemming from, or intended for, financing illegal activities, thus exposing themselves to financial and legal liability, penalties from the credit card companies and severe reputational damage. Read article here