With the pandemic, there has been a sharp increase of frauds reported to banks. When banks try to trace these funds, they often find the funds have gone through a series of accounts that turn out to be “mule accounts”, and when trying to identify the beneficial owners of these, often find “shell companies” within the ownership chain.
- What are shell companies and mule accounts?
- How are they used for illicit purposes?
- What risks do they bring to banks and most importantly, what red flags should we look for to help identify these?
In this session, we will host a panel discuss with experts in the field to discuss these questions, as well as some of the technology solutions that can be used.
1 ACAMS Credit **Please note that ACAMS credit for this virtual event is available to members of the Chapter only.