ACAMS Mid Tennessee Chapter February 2023 Virtual Event: Chinese Underground Banking Systems (CUBS) and Financial Intelligence Units (FIUs)

Chinese Underground Banking Systems, or CUBS, are an informal means of banking in which there may not always be an underlying reason for a transaction, including transactions with no apparent business purpose.

CUBS are operated by settling money and accounts with little to no transactional movement, as long as transactions and payments are conducted in each direction in similar amounts.

The speaker, John Fernandez will be speaking about how CUBS operate as well as the risks and red flags, including the risks of funds obtained from illicit activities, dangerous and influential individuals and entities, and introducing these illicit funds into the banking system.