Wednesday, January 18, 2006

Remittances and anti-money laundering

A somewhat under-estimated part of payment business is the remittance industry. Those looking for more information and a discussion on the good, bad and ugly of anti-money laundering for this industry/the public may want to read the following:

  • Remittance, big business by ethan zuckerman

  • Remittance and money laundering by Adam

  • Remittances - the bane of the Anti-Money Laundering Authorities by Ian Grigg

    Update... the US government also dug into the subject... by producing an overview of money laundering techniques for different sorts of players in the market (banks, money transmitters, currency exchangers etc..). The title is US Money Laundering Threat Assesment and the funny thing is that they have completely missed the channel of payments via the telecommunications bill/infrastructure.... (a blind spot that they will eventually come to appreciate.)