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B elow are a series of real cases selected from published reports. They are provided to reinforce the need for comprehensive, board-approved customer due diligence policies, a BSA compliance program, and sound suspicious activity monitoring systems. They also highlight the risks banks become subject to in the absence of a sound anti-money laundering program. Russian Money Laundering Scandal This scandal became public during the summer of 1999, with media reports of $7 billion in suspect funds moving from two Russian banks through a U.S. bank to thousands of bank accounts throughout the world. Pleadings from subsequent criminal cases indicate that, during a four-year period from 1995-1999, two Russian banks deposited more than $7 billion in correspondent bank accounts at a New York bank. After successfully gaining entry for these funds into the U.S. banking system, the Russian banks transferred amounts from their New York bank correspondent accounts to commercial accounts at the bank that had been opened for three shell corporations. These three corporations, in turn, transferred the funds to thousands of other bank accounts around the world, using electronic wire transfer software provided by the bank. In the aggregate, from February 1996 through August 1999, the three corporations completed more than 160,000 wire transfers.
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GAFM ® * As seen in the TUV, US Government Occupational Handbook and the U. S. Department of Labor, Employment and Training Administration Certification Guides.
A Message from the GAFM Chairman -Dr.jur. George Mentz on Global Standards and Accredited Education
For the CWM Chartered Wealth Manager ® Institute of Singapore and Hong Kong, please visit www.AAFMAsia.com
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"If you place one seed of truth on a particular side of the cosmic scale, it can sway the entire balance of power in a new direction". - Dr. Jur. George Mentz Editor of the Magazine of Wall Street Est. 1907 www.magazineofwallstreet.com
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