A mechanism created by Dutch lenders for jointly monitoring transactions will initially focus on corporate clients and deploy artificial intelligence and other new technologies to pinpoint illicit finance, sources involved in the project told ACAMS moneylaundering.com.
Financial institutions should closely scrutinize transfers linked to the procurement of medical products and government subsidies and conduct deeper checks on large cash transactions as criminals seek to exploit the coronavirus pandemic, a senior Dutch official said.
Kenya, Uganda and other nations in Africa have emerged as top destinations for Netherlands-based drug traffickers to launder their profits through bulk trades of precious metals and other goods, a Dutch official told ACAMS moneylaundering.com.