Every year FIRE Solutions develops a new Firm Element CE course called AML Current Issues, which highlights the latest trends and statistics. Although learning about the new methods that criminals use to launder money is essential, the financial services industry must be ever alert to the red flags for tried and true methods of money laundering. The most popular methods, or variations of them, are still in use today and continue to pose a threat to our U.S. financial system.
This month's article is an excerpt from our new course, Anti-Money Laundering — A Historical Review, and highlights one of the more complicated methods of money laundering, Trade-Based Money Laundering (TBML). The physical movement of goods through the trade system is one method used by criminal organizations and terrorist financiers to move money for the purpose of disguising its origins and integrating it into the global economy. The Black Market Peso Exchange, described in this month's article, is a basic example of a TBML.
Click here for your copy of "Trade-Based Money Laundering (TBML)"
About the Course
Anti-Money Laundering — A Historical Review was developed to give financial services professionals a review of past trends in money laundering schemes. Lesson 1 briefly reviews anti-money laundering basics, while Lessons 2 and 3 look at some of the most recent hot topics in the reporting of suspicious activity, trendy schemes in moving money both abroad and in the U.S., and advisories from FinCEN and FINRA. The course concludes with case studies that highlight the consequences of noncompliance with anti-money laundering rules and regulations.