Security company BAE Systems Applied Intelligence released its report The Invisible Network yesterday.
The report aimed to help businesses, including law firms, understand and combat money laundering, which is worth an estimated US$1 trillion to $2 trillion per year worldwide.
Michelle Weatherhead, head of cyber and financial crime solutions at BAE Systems Applied Intelligence, said money laundering is becoming increasingly complex.
“Money laundering is an elusive and ever-evolving threat,” she said.
“On one hand, the convergence between cyber and financial crime makes it increasingly challenging to identify and mitigate risk. On the other hand, launderers are now moving beyond the banks’ walls, targeting industries such as real estate, legal and accounting to avoid being caught.
“In this context, financial services institutions can’t work in silos anymore.”
BAE Systems has identified six common ‘personas’ or identities that are typically involved in money laundering.
“The source” is the provider of dirty money, and can be a white-collar criminal, cyber criminal
Read more at: https://www.lawyersweekly.com.au/biglaw/22136-report-reveals-6-personas-of-money-launderers