Remember back when you were in school taking Advanced Algebra ? Two of the terms you had to learned about back then were Permutations and Combinations. Money launderers went to school, too, and they paid attention.Most of them are lawyers, accountants and former bankers, and they stay up night and weekends just to apply their education and experience specifically to outwit, outwork and outperform the compliance profession, and they're doing a pretty good job to date.
Money launderers are only limited by their imaginations; this means that they will look at a legitimate industry, in any field, and engineer a money laundering operation that defies you to find it within. They will adapt a successful laundering technique, and tweak it to make it unrecognizable to you, which means the practical application of permutations and combinations to create an unknown animal, which will fly right past you.
In other words, they will build a money laundering scheme that you and your rules-based AML platforms, cannot and do not understand; they may even engage in variations on the theme each time they run it. Your legacy systems are outmatched and out of their league; it's a sad fact of life, confirmed by their 95-99% success rate. They don't stand a chance against the best money laundering minds out there today.
Fast forward to January 2024, however. You have deleted your obsolete AML/CFT programs, and upgraded to an advanced AI-powered platform, with machine learning, which can not only spot the cleverly concealed operation, but it will develop the information, to identify the origin and destination, track and trace the fringes of the system, and even who is involved. You now have identified your elusive laundryman and his tradecraft.Think about that for a moment.
Money launderers are only limited by their imaginations; this means that they will look at a legitimate industry, in any field, and engineer a money laundering operation that defies you to find it within. They will adapt a successful laundering technique, and tweak it to make it unrecognizable to you, which means the practical application of permutations and combinations to create an unknown animal, which will fly right past you.
In other words, they will build a money laundering scheme that you and your rules-based AML platforms, cannot and do not understand; they may even engage in variations on the theme each time they run it. Your legacy systems are outmatched and out of their league; it's a sad fact of life, confirmed by their 95-99% success rate. They don't stand a chance against the best money laundering minds out there today.
Fast forward to January 2024, however. You have deleted your obsolete AML/CFT programs, and upgraded to an advanced AI-powered platform, with machine learning, which can not only spot the cleverly concealed operation, but it will develop the information, to identify the origin and destination, track and trace the fringes of the system, and even who is involved. You now have identified your elusive laundryman and his tradecraft.Think about that for a moment.
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