As reported today in the Today
Online the number of STRs has doubled year on year. Interesting detail is
that half of the STRs come from non-financial institutions. That means that the
topic of AML/CFT is extending its reach into casino’s, money changers etc.;
these sectors are getting their act together if we can believe the numbers. Traditionally
regulators have focused on banks and other financial institutions recently putting
more attention on Trade Based Money Laundering and the use of off-shore
centers. The number of STRs from non-FIs indicates that regulators are
extending their reach into other sectors.
A second interesting detail is the case featured
of an individual convicted in a money laundering case. For those out there who
think that money laundering is just ‘a minor thing’ this case might open some
eyes. For receiving and transferring money – without actually knowing
underlying details – the individual was sentenced to 9 months in jail.
Definitely not a minor thing…..
