by InsInvestigator » Thu Nov 06, 2008 06:00 am
I've decided to throw yet another iron in the fire by writing a CE course on anti-money laundering. I know what it is, how it works, how it's investigated, etc., etc.
Does anyone have any real-life experience in the subject and/or any examples they could share with me?
Does anyone have any real-life experience in the subject and/or any examples they could share with me?
Posted: Tue Apr 21, 2009 02:26 pm Post Subject:
Hello Purpleheaded08,
I am no longer in that business. I now sell life insurance. I am not sure how in that specific business they have grown to adjust to the new and improved ways criminals get around all the rules and regulations. I am sure that it is more difficult now to fool the system.
Michael
Posted: Wed Apr 22, 2009 06:19 am Post Subject:
Surely Micheal, it's much difficult with the large farms to keep watch on every transaction that're taking place. Hope they have skilled professionals to keep vigil over the spurious dealings.
So, you really don't what had become of that gentleman with suitcase full of money. :) :wink:
Posted: Wed Apr 22, 2009 11:17 am Post Subject:
Michael,
I'd rather be interested to know more about the factors that have caused you to believe that its now difficult. If you're referring to the steps taken by the government against money laundering, then I must say that I haven't come across any concrete solution. Crossbreed
Posted: Wed Apr 22, 2009 01:17 pm Post Subject:
Hi Crossbreed,
I know, back then, we had to fill out a lot of paperwork on each customer. There were specific detailed questions that had to be answered. If the person registering the customer(the broker) felt like the questions where not answered to the fullest, he/she was to report their concerns and make sure that it was okay. Just like life insurance, the broker has a responsibility to make sure that they are not doing anything wrong and it is the responsibility of the compliance officer to check everything. There must be a paper trail when opening an account. We always made sure that it came from a legit US account when being transferred to our firm.
I think that it is much harder now (but still possible) because of 911. A friend of mine is part of home land security in the money laundering division and he mentioned to me that after 911 there have been many changes to crack down on this type of thing. I am not sure if they are working but lets hope that they are. As we are all aware, if there is a rule, there is someone that is looking to break it and profit from it.
Michael
Posted: Thu Apr 23, 2009 09:01 am Post Subject:
Michael,
As we are all aware, if there is a rule, there is someone that is looking to break it and profit from it.
Such attempts would always be there..still we'd need to make sure that it's tougher for Con artists.
From what you've written it seems things have become tougher post-911.
But even then I see it was quite a long drawn process already as it had to go past the compliance officer and then you needed to check the legitimacy of the account.
Crossbreed
Posted: Fri Apr 24, 2009 07:34 am Post Subject:
Hi,
Such attempts would always be there..still we'd need to make sure that it's tougher for Con artists.
We can't just stop people from finding out new ways. At the most we may devise precautionary rules on the basis of our past experiences.
anonymous00
Posted: Sat Apr 25, 2009 07:43 am Post Subject:
Hi anonymous00,
still we'd need to make sure that it's tougher for Con artists.
Things have become tougher for the foul players. Modern day technology has improved a lot to track down the people involved in such malpractices and also the suspicious transactions taking place every minute.
Crossbreed
Posted: Wed May 13, 2009 10:51 am Post Subject:
Anti money laundering is where you convert your black money into white and easy option always open is insurance. I was working with Insurance firm last year, where this person was farmer, he applied for 2 policies in the name of his grandson of 2 lac each single premium in ULIP plan, on paper his investment was low. additional income proof was asked? Customer said I have land undercultivation which i have rented to manufacturer who grows potatoes on it and pays me 50000 anuity per month but i do not have any proof. This income comes under AML as manufacturer of potato chips is not showing where and what he is paying and farmer is not disclosing in his income to save taxes. Insurance application was rejected and firm action was taken against the advisor who got these policy applications.
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