Unless you routinely access financial news from Eastern Europe, you are probably unaware of the fact that a billion dollars was stolen from three of the biggest banks in the Republic of Moldova. This money, which reportedly amounts to 15% of the small country's GDP, may constititute the region's largest corruption scandal to date.
Three banks were victims, though the facts suggest that some bank staff may have been involved. They are:
(1) Banca de Economii.
(2) Banca Sociala.
Some sources allege that $600m was transferred to four Russian banks; others state that the money was transferred to certain unnamed offshore entities, in tax haven jurisdictions. Have you observed any substantial transfers from Moldova during the past six months, or more recent suspicious transfers from Russian banks ? It is humbly suggested that compliance officers take the time to ascertain whether there are any transfers that fit either of these categories; if so, enhanced due diligence is called for.