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Municipal Tax Fraud Cases Offers Key AML Lessons for Compliance Pros
By Matt Squire
printParticipants in a multi-million-dollar property tax fraud in Washington, D.C., left an abundance of clues that should alert any experienced banking compliance professional to the possibility of criminal activity, say anti-money laundering consultants. Federal prosecutors say at least seven individuals, including two ex-municipal tax officials and a former Bank of America employee, helped steal more than $20 million from the Washington, D.C., government over several years by cashing fake property tax refunds. Here's how it worked: Conspirators opened bank accounts for fake companies and employees of the D.C. Office of Tax and Revenue cut six-figure property tax refund checks for...
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