International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
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J.D. Agarwal & Aman Agarwal, <strong>International</strong> <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong> <strong>in</strong> <strong>the</strong> Bank<strong>in</strong>g <strong>Sector</strong><br />
Frauds from Small Bank Accounts<br />
• The "fraudsters" use fake certificates of deposit<br />
drawn on o<strong>the</strong>r branches of an <strong>in</strong>ternational bank,<br />
which can range from US$ 10 million - $25 million.<br />
• The “fraudsters” also use fund transfers, which<br />
<strong>in</strong>volve real dollars, open<strong>in</strong>g up small accounts<br />
<strong>in</strong>to which <strong>the</strong>y <strong>the</strong>n pour millions of dollars.<br />
• “Fraudsters” will also use counterfeit letters of<br />
agreement, drawn on bank letter heads,<br />
seem<strong>in</strong>gly vouch<strong>in</strong>g for a client from ano<strong>the</strong>r<br />
branch of that bank, or confirm<strong>in</strong>g a deal has<br />
been approved etc.<br />
Asia Pacific Bank<strong>in</strong>g Congress 2004, Century Park Hotel, Manila, Philipp<strong>in</strong>es