During this well-attended seminar, participants had the opportunity to engage in interactive discussions about ways in which criminals can misuse banks.Banks play a crucial role in preventing and combating money laundering, particularly by performing customer due diligence and by recognising and reporting unusual transactions. Knowledge of money laundering methods and recognising scenarios where money laundering can happen are vital in this respect.
The aim of the workshop was to introduce people to the most commonly used money laundering methods,for instance ABC constructions, loan back constructions, trade-based laundering, cryptos and credit card skimming. The potential red flags for each money laundering method were discussed. The FIU also presented a few cases in which reports of unusual transactions led to successful prosecutions and convictions.
By the end of the day, those present came up with all the potential money laundering scenarios that are typical to Bonaire. This produced some interesting and practical insights. The participants were enthusiastic about this way of sharing information with each other, and look forward to DNB organising another workshop next year.
For further information, please contact Nicole Voorhuis, supervisor at DNB: email@example.com