The Trade-Based Money Laundering Dilemma
Join us for an exciting session on The Trade-Based Money Laundering Dilemma: Why CDD, EDD, E2D2, KYC and KYCC Are Never Enough
About this Event
Description TCAE is excited to invite Ross Dalston, Attorney and Expert Witness, and Kim Manchester, Managing Director of ManchesterCF to share their insights on Trade-Based Money Laundering (TBML) Join us to consider, discuss and debate the dilemma arising from TBML that banks face: that there is never enough Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), Extra Enhanced Due Diligence (E2D2), Know Your Customer (KYC), and Know Your Customer’s Customer (KYCC) processes and procedures to detect, report and/or mitigate instances of trade-based money laundering. We will also discuss how it isn’t just banks but also money services businesses (MSBs), hawaladars, cash couriers, and anyone else who transmits, transfers or carries money across borders who face this dilemma. And all those in the supply chain also may be affected by TBML. Join this session to find out about some of the practical tools that financial institutions (FIs) can use to combat this constant and continuing threat.
- Why FIs face such distinct disadvantages when confronting TBML
- Why pandemic pricing and price volatility are a launderer’s strongest ally
- Why letters of credit and standby letters of credit can be so effective in disguising money laundering
- What used cars, charcoal and gold have in common when it comes to TBML