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…..