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بسم الله الرحمن الرحیم

بسم الله الرحمن الرحیم. How to identify the suspiciousness about your customer Some special indicators and red-flags to identify the suspicious act of a criminal activity. Case NO. 1 the story of several individuals.

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بسم الله الرحمن الرحیم

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  1. بسم الله الرحمن الرحیم How to identify the suspiciousness about your customer Some special indicators and red-flags to identify the suspicious act of a criminal activity.

  2. Case NO. 1the story of several individuals. • Several individuals from a foreign country opened bank accounts at various financial Institutions. They registered the accounts in their own names, or in the name of Companies that they owned.

  3. Purposes of opening several accounts in different financial insinuations • Once the accounts were opened, the customers used them to circulate (Layer) large sums of money. Roughly US$6,000,000 shuttled to and from foreign countries through the various accounts, in an attempt to conceal the origin of the funds from external observers.

  4. Responsibility of financial insinuations • Despite the layering attempt, the financial institutions involved found the transactions suspicious and decided to disclose to our national FIU. • Refusing to know the business rationale because of initial concerns of account opening. • Several other institutions refused to enter into business relationships with these individuals due to initial concerns when account openings were attempted. • These institutions also disclosed to the FIU.

  5. Information from other sources • However, the criminal actions of some of these individuals had already attracted the attention of various police departments. A police investigation revealed the existence of an international criminal operation for trafficking in stolen cars. The authorities opened a judicial file for fencing stolen goods, money laundering and conspiracy.

  6. Attempt to conceal the origin of the funds from external observers. international criminal operation for trafficking in stolen cars.

  7. FIU responsibility • Meanwhile, the FIU of the country analyzed the reported financial information. The analysis indicated that the same person had acted as introducer for all the holders of the accounts across a range of banking institutions. • This person appeared to be a key facilitator within the laundering structure. The account holders were suspected to be just ‘straw men’, acting on behalf of others.

  8. FIU responsibility • The FIU also identified a variety of money laundering mechanisms to which the various transactions, sent by the financial institutions, could be connected. • The link between these transactions, and the police information, made it possible to pass a report on to the judicial authorities. The intelligence highlighted organized crime and money laundering deriving from illicit trafficking in goods and merchandise.

  9. The result • The individuals involved were sentenced to prison terms ranging from one month to four years. A • Total amount of US$300,000 was confiscated. • What could be the possible indicators.

  10. The indicators (red-flags) • Lack of underlying business rationale • Multiple repeat movements of funds between accounts • Attempt to conceal the origin of the funds from external observers.

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