AML Audit and Correspondent Bank Transaction Monitoring for Diamonds

Author: John McCormick, CAMS-Audit

Transactional monitoring systems are limited in their effectiveness to identify illegal transaction activity. A weak link in the financial system exposes all banks and financial institutions to this illegal activity. Most recent are charges by Belgian authorities to HSBC for their lack of compliance for the better part of 10 years (1999 to 2011) to have allowed individuals and businesses to dodge taxes, hide cash and transport untraceable money that would include diamonds.

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