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What You Need to Know About Money Laundering with Mobile Payments

Date: February 25, 2010   |  Full lenght : 60 minutes | Speaker: Saskia Rietbroek, CAMS
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Are smart phones the new gadget of choice for criminals to move dirty money?

As mobile financial services grow in popularity, the significance of this channel on money flows is becoming increasingly relevant. Mobile payments offer a competitive advantage over wire transfers and traditional money remittance channels. And not only legitimate people take notice. A new trick of money launderers is to buy a pre-paid mobile phone with $500 worth of credit, and then top it up as often as the launderer likes with further similar sums. These could then be sold on, or funds can be transferred to other m-payment users.

In this webinar you will learn:

  • Should the FATF, a global money laundering watchdog, impose anti-money laundering obligations to telCos that provide financial transactions?
  • How can you monitor for suspicious transactions involving m-payments?
  • How can the money laundering risk of m-payments be mitigated using customer profiling?

About The Speaker:

Saskia Rietbroek, CAMS
Saskia was the founding Executive Director of the Association of Certified Anti-Money Laundering Specialists (ACAMS). She is president of AML Services International, a money laundering consulting and training firm, and Financial Crime Advisor to Fiserv, a Fortune 500 company. She serves on the Advisory Board of ACAMS and formerly Money Laundering Alert. She is frequently quoted in the New York Times and Wall Street Journal.

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