Crime Rings: The Intersection of Fraud and Money Laundering

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Presented by

Verafin

About this talk

Presented by Verafin Banks and credit unions are facing significant challenges to prevent financial crimes, such as money laundering and terrorist financing, as criminals become more sophisticated in their efforts to evade detection.   From criminal groups amassing millions in illicit profits by orchestrating online fraud schemes, to Human Trafficking, Human Smuggling, and Drug trafficking organizations using mule networks to facilitate the movement of criminal proceeds across borders — crime rings operating across multiple institutions are a real and growing threat.   Join us for this educational webinar, as we provide insights into the trends and typologies of crime ring activity. We will discuss the intersection of fraud and money laundering activity in the context of organized criminal networks and provide real-life examples   In this educational webinar, you will learn: - The role of fraud schemes in funding criminal organizations - Tactics used by criminal groups to move illicit funds through the US financial system - Walk through of real-life examples of crime rings that span multiple institutions - How technology and collaboration can overcome the challenges of a single institution’s limited view of activity.

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Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing. 3500 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Leveraging its unique big data intelligence, visual storytelling and collaborative investigation capabilities, Verafin significantly reduces false positive alerts, delivers context-rich insights and streamlines the daunting BSA/AML compliance processes that financial institutions face today. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, and CUNA Strategic Services, with industry endorsements in 48 U.S. states.