SWIFT publishes “Follow the Money” report to aid comprehension of money laundering risks underpinning large-scale cyber-heists

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Follow the money Swift money laundering report - SWIFT publishes “Follow the Money” report to aid comprehension of money laundering risks underpinning large-scale cyber-heistsIn September 2020, SWIFT (a global member-owned cooperative and provider of secure financial messaging services) published a report to support market participants in understanding the money laundering techniques which underpin large-scale cyber-attacks.

The report sets out the end-to-end journey commonly used by criminals to launder funds obtained through illicit cyber-crime related activities, and focusses on how criminal activity is conducted during the three stages of money laundering (placement, layering and integration). For example, SWIFT explains the use of money mules in ATM-related heists; how other third parties (such as front companies and financial representatives) can be exploited; and the growing appeal of virtual currencies in the money laundering arena.

See:  Swiss Regulator Releases Anti-Money Laundering on the Blockchain Guidance

SWIFT highlights five strategies which firms should consider to mitigate the risks highlighted in the report.

These include:

  1. Enhancing domestic information sharing, especially between the public and private sectors.
  2. Facilitating international information sharing, in particular pertaining to jurisdictions identified as high risk by the Financial Action Task Force (FATF).
  3. Investing in technology to enable the identification and disruption of money mule activity.
  4. Enhancing customer due diligence and reporting requirements and standards, especially in jurisdictions where these are known to currently be weaker and thus entice criminals for exploitation purposes.
  5. Increasing investment and training in cyber-security initiatives focussing on data centric security.

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NCFA Jan 2018 resize - SWIFT publishes “Follow the Money” report to aid comprehension of money laundering risks underpinning large-scale cyber-heists The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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