Ecommerce Payments Introduces a New Regulatory Challenge in the Battle Against Money Laundering

From FinExtra, “Transaction Launderers are taking  full advantage of the gaps in the current regulatory regime to funnel illicit ecommerce transactions into the payments ecosystem. Without proper controls, AML efforts are threatened by the influx of billions of dollars laundered through merchant accounts.

By funnelling unknown payments through verified merchant accounts, transaction launderers essentially touch upon the three steps of money laundering – placement, layering and integration – all in one click–the digital age of money laundering.”

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