Coming back to bite us

As you may have gathered, I am a big supporter of AML training (well, she would say that, wouldn’t she?).  I think it is the MLRO’s golden opportunity to enthuse his staff about the fight against money laundering, and to gauge their understanding of and willingness to comply with his in-house AML procedures.  But sometimes it can have unexpected consequences…

In June of this year, a Vietnamese woman known as “Boss Lady” was sent to prison for five years for using her five money transfer businesses in Australia to transfer A$2 million (about £1.3 million) of criminal proceeds to Vietnam by instructing employees to split it into amounts below the reporting threshold.  She learnt all about the reporting requirements during her stint working for AUSTRAC, the Australian FIU…  And today a father-and-daughter team from Kent were given prison sentences for converting thousands of pounds of drug money into euros.  The daughter had learnt her skills while undergoing AML training at a casino, and is therefore what the police termed a “professional enabler”.  Still, it must be gratifying for the casino’s MLRO to know that someone was listening so closely.

This entry was posted in Money laundering, Training and tagged , . Bookmark the permalink.

One Response to Coming back to bite us

  1. Pingback: A gift of a subject | I hate money laundering

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