Scams, Banking & Fraud Update

How cybercrime syndicates have 'moved up' in the banking world

Money Laundering

Money laundering is a serious issue that poses risks to the financial sector. It involves the process of making illegally-gained proceeds, also known as "dirty money," appear legal or "clean." Here are some key points about banking and money laundering:

Money laundering scandals: Money laundering scandals have caused bank collapses and shocked countries. These incidents have highlighted the importance of combating money laundering to maintain stability in the financial sector.

Bank Secrecy Act (BSA): The Bank Secrecy Act was enacted by Congress to fight drug trafficking, money laundering, and other crimes. It is designed to help prevent banks and other financial institutions from being used as vehicles for illegal activities.

Anti-Money Laundering Laws: There is a history of anti-money laundering laws that have been implemented to combat money laundering. These laws aim to detect and prevent money laundering activities by imposing obligations on financial institutions to implement robust anti-money laundering measures.

The Big Crunch

It is crucial for banks and financial institutions to have strong anti-money laundering policies and procedures in place to prevent money laundering and maintain the integrity of the financial system, sadly, the system is failing. Our investigators are witnessing more sophisticated banking methods used by cybercrime syndicates.

Integrated Accounts: Apart from cryptocurrency, integrated bank accounts are the second choice for criminals. The account has the ability to receive multi-currency transfers with ease, an all-in-one account that can be applied for online!. Past criminal activity involved using unused business accounts and personal savings accounts of financially desperate or greedy random citizens who are paid commission to receive scam victim's funds. Criminals have moved on to 'higher ground'. (Other criminal banking methods will not be disclosed here).

Recent arrests of persons receiving criminal funds have resulted in bank accounts being frozen after the funds have disappeared and account holders being threatened by money laundering laws (depending on jurisdiction) These account holders will usually plead innocence.

The Risks of Renting, Lending or Buying Bank Accounts

If you are asked to receive funds and are promised commission in the process, you risk being involved in fraud and risk being arrested for obtaining property by deception, money laundering or conspiracy to defraud.

The public should not rent, lend or buy bank accounts, as such actions committed in the handling of crime proceeds, even if the owner does not control the account in practice, could still violate money laundering laws. (Laws may differ in each jurisdiction).

Private Solutions by ICIA handles scam cases and helps victims of fraud in unique ways. If you or your connections have been involved in a financial fraud case you must make a local police report immediately. Our agency can also help and give you a free consultation.