Case Study: Operation Fashion Police and New Trends in Trade-Based Money Laundering

  • When: Previously recorded on: January 14, 2015
  • Time: 12:00 PM – 2:00 PM ET
  • Level: Beginner to advanced

Last September, law enforcement officials raided numerous businesses in L.A.’s fashion district allegedly being used as fronts for Mexican drug cartels. A reported $65 million in currency was seized. According to law enforcement, the garment firms took the dollars, then repaid the cartels in pesos bought from brokers, effectively laundering the cash. Our panel puts Operation Fashion Police and the purported black market peso exchange under the microscope, and points out the related implications for all financial institutions in areas such as KYC, CDD and TBML.

Learning Objectives

  • Detecting trade-based money laundering methods
  • Unraveling black market peso change patterns
  • Establishing effective KYC and CDD protocols

Who Should Attend

  • Compliance Personnel
  • FIU Investigators
  • Technology Officers

Industries

  • Banking
  • Money Service Businesses
  • Law Enforcement Investigators

Pricing

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Panelists

Christine Bautista
  • Christine Bautista

  • Litigation Practice Partner, Akerman
  • Former Assistant US Attorney
  • Organized Crime Drug Enforcement Task Force

Marcy Forman
  • Marcy Forman

  • Managing Director Global Investigations Unit
  • CITI

Dennis Lormel
  • Dennis Lormel, CAMS

  • President, DML Associates
  • Former Chief, FBI Financial Crimes Program

Kevin Rosenberg
  • Kevin Rosenberg

  • Chair, Government Investigation and White-collar Litigation Group
  • Former Supervising Assistant United States Attorney in the Organized Crime Drug Enforcement Task Force
  • Goldberg, Lowenstein & Weatherwax