Another one on TBML
Trade Based Money Laundering is at the basis of the recently published advice on ‘funnel accounts’ – accounts in which illicit money is coming in from many sources, is used to buy and ship goods, which are then subsequently sold.
An article about this mentions that “ the main challenge is discerning between legitimate and illegitimate trade activity “. There is no rule book to describe what is allowed and what not. More than ever a risk based approach combined with adequate training of all staff involved in the operations of processing trade and payments transactions is required.
As the article indicates “ organisations are encouraged to make use of guidance, advisory notes, case studies and typologies as the basis of training “. And that’s exactly what we do in our TBML training.