Every supplier and every bank has their own recipe on fraud prevention. Rahmna Ravelli Solicitors have issued a guide on fraud prevention, particularly on how to prevent trade-based money laundering(TBML). Azizur Rahman, Senior Partner at Rahman Ravelli, says: “Economic crime is ever-evolving as new technologies bring new opportunities and create a complex web for criminals to hide behind. At the same time, the regulatory landscape is also changing; bringing with it numerous challenges that can potentially make things even more complicated for businesses that want to protect themselves from such activity.”
Combined solution is the answer
Rahman Ravelli list in their report many of the ways to use technology for fraud prevention, and then this list of simpler more manual ways to check for signs of TBML:
- Your buyer should have an online profile of some form if they are legitimate
- Online news alerts may raise doubts – suspicious shell companies have often been reported on previously in high-profile financial crime cases
- Online street views and maps may reveal inappropriate looking locations
- Setting up automatic alerts to flag unusual transactions.
- From jurisdictions known to be high risk
- Exceeding your expected levels
- Carrying unusual client profiles
- Involving high degrees of complexity
- With invoice and payment details that do not match.
CTMfile take: Every little idea helps in AML and fraud prevention.
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