Bad actors will often strike when companies are in their most vulnerable state. And the COVID-19 pandemic has provided the perfect storm of opportunity for illicit funds to move through low-friction trade routes, obscuring illegal activities.
The problem of detecting and tackling trade-based money laundering has plagued financial institutions and law enforcement for decades. At the heart of criminal activity are sophisticated money launderers who take advantage of the size and complexity of international trade to transfer illicit proceeds between parties and evade authorities.
Though some money laundering risks can be easily mitigated, others are more complex, allowing bad actors to seamlessly move illicit funds through the formal financial system. They construct a network of highly complex trade processes that mingle legitimate with illicit funds, taking advantage of governance gaps across jurisdictions. These financial criminals are sophisticated and pose a serious threat to regional financial stability.
Regulation Asia and LexisNexis® Risk Solution co-hosted a TBML webinar, which focused on the lessons learned on the frontline in this ongoing battle against bad actors. Our expert panel also explored the unique challenges faced in detecting and investigating TBML – from gathering data, conducting due diligence, and inspecting documentation through to industry-specific pain points and emerging typologies.
- Trade-based financial crime: risk indicators and typologies
- Guarding against TBML and document fraud
- Mitigating exposures to sanctions
- PF risks, dual-use goods and trade controls
- Due diligence, corroboration and supply chain management
- Trade compliance controls: Digitising and automating due diligence processes
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