The October 22, 2008 “Asset Search News Roundup” mentioned the problem of money launderers concealing assets through money mules. The Federal Deposit Insurance Corporation issued its own alert last week about this same use of money mules:
Click Here For A Complete View Of Last Week’s Alert
A money mule making a wire transfer can however, be especially vulnerable to detection. This is true because at the time of a wire transfer, financial institutions and governmental authorities can search for “red flags“. Thirteen of these red flags are identified by “Money Laundering Red Flags, Wire Transfers“, which is from the BSA / AML Examination Manual published by the U.S. government’s Federal Financial Institutions Examination Council.
Copyright 2009 Fred L. Abrams