Do You Know the Money-Laundering Vulnerabilities in Your Credit Card Portfolio?
As transactions become effortless and cashless, money-laundering through credit cards emerges as a major risk to the global financial system. The typical presumption that money-laundering through credit cards is minimal because credit cards do not involve cash is erroneous. While credit cards may not be used for the placement stage of money-laundering, they are typically used in the layering and integration stages, disguising the illegal origin of funds obtained through fraudulent means by channeling them through legitimate credit card transactions. This enables criminals to convert illegal funds into seemingly legitimate assets. Of the $2 trillion laundered globally, $500 billion is through cards.
Identifying the inherent risks of credit card products using the AML risk assessment process
Evaluating the risk mitigation/controls required to reduce these inherent risks
Discussing recent cases involving card-related risks and lessons learned
Chief AML Role and Responsibility
Executive / Board of Directors
Financial Compliance Controls (FCC)
Auditing and Assurance
AML Compliance Skills and KYC/CDD
Governance and Oversight