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Trade-Based Finance, Hedge Funds Remain Money Laundering Threats Despite Subprime Focus, says Consultant
printThough recent headlines are focused on the subprime mortgage crisis and recessionary fears, criminals are still finding smarter ways to launder funds, including trade-based money laundering, says Elaine Carey, Senior Vice President and National Director of Control Risks, an independent risk consultancy office. In the long run, she believes the focus will shift back to anti-money laundering and countering other criminal activity, including laundering money through hedge funds. That means proper training and good old fashioned know-your-customer (KYC) programs are still essential, says Carey. She adds that a carefully designed risk matrix is an important addition to a bank's compliance...
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