Laundering the proceeds of crime through underground banking schemes & the importance of context

Matt_Long Posts: 11 QUANTEXA TEAM
edited September 2023 in Specialist User Groups

"Reporting entities are to consider the facts, context and money laundering indicators of a transaction. When these elements are viewed together, they create a picture that is essential to differentiate between what may be suspicious and what may be reasonable in a given scenario." (FINTRAC Canada | CANAFE Canada, 2023)
Insightful new #undergroundbanking operational alert, including interesting use cases and updates to red-flags/indicators, that has benefit outside of Canada.
It's also great to see the agency reinforcing the importance of creating and using context in decision making. i.e. that reporting/obliged entities should not just look at (single) transaction focused risks in isolation, but take into account a much wider and deeper assessment of the parties involved and the circumstances surrounding the actual money movement.
Quantexa continues to be pioneers of Contextual Monitoring for AML-CFT. We are helping clients, both in Canada and globally, transform their approach to financial crime risk management, particularly their shift away from traditional rules based transaction monitoring systems and processes.

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