Ask any compliance officer how international product diversion money laundering works, or the criminal use of Life Settlements, and you get a bloody blank stare. It's because financial institutions never invest the time to hold closed-door training sessions, where their frontline compliance officers actually learn the nuts and bolts of advanced and esoteric money laundering techniques, what the brits call Tradecraft. Given the strong language contained in the massive British American Tobacco case, and the news that US compliance officers who approved over 300 transactions that ultimately benefited North Korea, because they didn't understand what was happening, you can expect that heads will roll, and it will not be pretty.
How do you trace a burned wire transfer? What!!! You do not know what that is?
Most Financial Services firms in Canada or in the USA do not hire professional Compliance Analysts or Consultants until they are indicted and pay a heavy and massive fine. Mortgage Firms in Canada are the worst offenders and try to scrimp on wages and salaries and love initials and degrees instead of knowledge and expertise.
Chronicles of Monte Friesner – Financial Compliance & Crime Analyst
Contributed by - Kenneth Rijock – Financial Crime Consultant