Anti-money laundering?

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PostPosted: Mon Apr 20, 2009 8:15 am   Post subject:   

That's quite an experience Micheal.



I'd also like to know further that if you suspect money laundering in a transaction, how would you go about it?

jeorge
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PostPosted: Mon Apr 20, 2009 11:44 am   Post subject:   

Quote:
money laundering is only possible if several members i.e. agent, policy owner, policy beneficiary all are involved and having a good understanding (??) with one another.



Death certificate and reason for the death is what actually asked in order to settle down the claim.So, there are people who obtains fake or suspicious death certificates (there are so many people who are having common first names and last names) and thus beneficiary get the claim money and from that money the policy owner, beneficiary, agent all get their own percentage of reward.



This is really a risky one if anyone of these trio get caught somewhere.Surely the agent will end up losing the license, but still these practices do happen.



Although it may not be possible in the US as a matter of the social security number allotted to each and every person and is unique one but still it is possible in other countries.




Amit, that has nothing to do with money launderinig. That is plain old fashioned insurance fraud. No money is being laundered.
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PostPosted: Mon Apr 20, 2009 7:42 pm   Post subject:   

Hello jeorge,



If I suspected any wrong doings I was to report to the head compliance officer in our company and explain my concerns. With his guidence we would research the individual(s) in question. Since I never had to go any further, I am not sure where it would go from there. I am assuming the government regulatory board would get involved.

Maybe there are people on this board that have actually gone further then myself with this type of situation.



Michael

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PostPosted: Tue Apr 21, 2009 7:27 am   Post subject:   

Hi Micheal,



Quote:
I ran a daytrading firm a while back and someone walked into our office with a suitecase of cash.




Is that all that has thrown the red flag to you? Or there were more in the manner of the gentleman to raise your suspicion? IMO the launderer are often too clever to walk in an office with the case full of money. They often have a nexus with the various financial traders to make their transaction look legal. What do you say?
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PostPosted: Tue Apr 21, 2009 1:28 pm   Post subject:   

Hello Kelvin,



We also thought the guy had quite the "Kahoona's" to do what he did. He seriously thought that he was not doing anything wrong. At least that is how he came across. We did place his name on a watch list. Our firm was very small so if anything was out of the ordinary we would catch it at an early stage. This guy just walked in..very strange. It was also over 10 years ago, before 911.



Michael

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PostPosted: Tue Apr 21, 2009 1:56 pm   Post subject:   

But Michael..it may have seemed a lot easier to catch someone since you guys were involved in a smaller operation then.



I wonder if there could be some real good rules to catch such people amid a bigger concern. How do you guys keep a check now that you've grown with time?



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PostPosted: Tue Apr 21, 2009 2:26 pm   Post subject:   

Hello Purpleheaded08,



I am no longer in that business. I now sell life insurance. I am not sure how in that specific business they have grown to adjust to the new and improved ways criminals get around all the rules and regulations. I am sure that it is more difficult now to fool the system.



Michael

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PostPosted: Wed Apr 22, 2009 6:19 am   Post subject:   

Surely Micheal, it's much difficult with the large farms to keep watch on every transaction that're taking place. Hope they have skilled professionals to keep vigil over the spurious dealings.



So, you really don't what had become of that gentleman with suitcase full of money. SmileWink

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PostPosted: Wed Apr 22, 2009 11:17 am   Post subject:   

Michael,



I'd rather be interested to know more about the factors that have caused you to believe that its now difficult. If you're referring to the steps taken by the government against money laundering, then I must say that I haven't come across any concrete solution. Crossbreed


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PostPosted: Wed Apr 22, 2009 1:17 pm   Post subject:   

Hi Crossbreed,



I know, back then, we had to fill out a lot of paperwork on each customer. There were specific detailed questions that had to be answered. If the person registering the customer(the broker) felt like the questions where not answered to the fullest, he/she was to report their concerns and make sure that it was okay. Just like life insurance, the broker has a responsibility to make sure that they are not doing anything wrong and it is the responsibility of the compliance officer to check everything. There must be a paper trail when opening an account. We always made sure that it came from a legit US account when being transferred to our firm.

I think that it is much harder now (but still possible) because of 911. A friend of mine is part of home land security in the money laundering division and he mentioned to me that after 911 there have been many changes to crack down on this type of thing. I am not sure if they are working but lets hope that they are. As we are all aware, if there is a rule, there is someone that is looking to break it and profit from it.



Michael

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PostPosted: Thu Apr 23, 2009 9:01 am   Post subject:   

Michael,



Quote:
As we are all aware, if there is a rule, there is someone that is looking to break it and profit from it.


Such attempts would always be there..still we'd need to make sure that it's tougher for Con artists.



From what you've written it seems things have become tougher post-911.

But even then I see it was quite a long drawn process already as it had to go past the compliance officer and then you needed to check the legitimacy of the account.



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PostPosted: Fri Apr 24, 2009 7:34 am   Post subject:   

Hi,



Quote:
Such attempts would always be there..still we'd need to make sure that it's tougher for Con artists.




We can't just stop people from finding out new ways. At the most we may devise precautionary rules on the basis of our past experiences.

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PostPosted: Sat Apr 25, 2009 7:43 am   Post subject:   

Hi anonymous00,



Quote:
still we'd need to make sure that it's tougher for Con artists.




Things have become tougher for the foul players. Modern day technology has improved a lot to track down the people involved in such malpractices and also the suspicious transactions taking place every minute.



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PostPosted: Wed May 13, 2009 10:51 am   Post subject:   

Anti money laundering is where you convert your black money into white and easy option always open is insurance. I was working with Insurance firm last year, where this person was farmer, he applied for 2 policies in the name of his grandson of 2 lac each single premium in ULIP plan, on paper his investment was low. additional income proof was asked? Customer said I have land undercultivation which i have rented to manufacturer who grows potatoes on it and pays me 50000 anuity per month but i do not have any proof. This income comes under AML as manufacturer of potato chips is not showing where and what he is paying and farmer is not disclosing in his income to save taxes. Insurance application was rejected and firm action was taken against the advisor who got these policy applications.

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