Wed Jun 23 HKT (4 months ago)
In your timezone (EDT): Tue Jun 22 11:00pm - Wed Jun 23 5:00am
Money mules recruited online are typically used to transfer the proceeds from online fraud, scams, cybercrime, and other illegal activity. It’s a crime that disproportionately affects the most vulnerable – the unemployed, those facing hardship and the financially illiterate. And money muling is on the rise – exacerbated by the pandemic, high unemployment, and economic uncertainty.
Though the problem of mule networks in money laundering is not new, the role of the mule in obscuring identities and sources of wealth, and extracting illicit proceeds, has become increasingly critical for bad actors. At this same time, the continuous evolution of muling techniques makes detection and recovery increasingly difficult for law enforcement and financial institutions.
Underlining the significance of the threat, clear links have been established between organised crime and terrorist groups. These groups have been learning from each other, increasingly working together, and using similar methods to raise, store and move funds - including money mule networks.
In this, our panel of experts will delve into the unique challenges faced across Asia, and why the detection of money mule activity has become so essential to curbing financial crime. We also explore the specific issues mule activity presents to financial institutions, including the challenges they face in protecting consumers after detection.
KEY LEARNING OUTCOMES:
• Understanding money mule operations, emerging trends and typologies.
• Red flags: behavioural patterns and transactional indicators.
• The use of data & analytics to facilitate detection of muling activity.
• Linkage between muling, organised crime, and terrorism financing.
Moderator & Co-founder, Regulation Asia
VP of Financial Investigations, Ciphertrace
Singapore Country Manager, Hill & Associates
APAC Market Lead, AML, NICE Actimize