International Money Transfer & Underground Banking - A Practical Guide

Introduction

The increasingly international nature of trade and commerce creates new challenges for financial institutions and professional service firms.

There is a particular focus on the movement of money from the Far East through what is described as ‘Chinese Underground Banking’ and Chinese money movements have been flagged as high-risk by the National Crime Agency, with specific regulatory guidance issued by legal sector and other money laundering supervisors.

Beyond China, many other countries and communities rely on informal banking and money transfer to process both personal and business transactions.

The importance of doing business with growing economies must be balanced against the requirement to conduct effective due diligence and manage money laundering and financial crime risk.

This new virtual classroom seminar will explain Chinese Underground Banking and other informal banking systems, how they have developed, and their cultural and economic importance.

Expert speaker Laurence Howland will describe some of the common terms used in informal money systems and some of the techniques used to transfer funds. The session will also describe some of the risks, red flags, and potential pitfalls of receiving money from higher risk jurisdictions.

This session is aimed at MLROs, MLCOs, financial investigators, finance and compliance staff, and others with direct responsibilities under the Money Laundering Regulations.

What You Will Learn

This live and interactive session will cover the following:

• The history and significance of Informal Value Transfer Systems (IVTS)
• Hawala and token-based money transfer
• Chinese Underground Banking and Daigou
• The importance of informal finance in the developing world
• Underground banking techniques
• Risks and red flags
• Criminal offences
• Underground banking examples and case studies

Quick Quiz - Test Your Knowledge: Money Laundering

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.