Banco Internacional y El Lavado de Dinero
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Transcript of Banco Internacional y El Lavado de Dinero
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INTERNATIONAL BANKING&
MONEY LAUNDERING
Lima, PeruAugust 2000
Presented by Senior Special Agent Jeff OConnor
United States Customs Service
Federal Law Enforcement Training Center
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U.S. Customs Mission Statement
We are the guardian of our Nation'sborders--America's frontline.
We serve and protect the American
public with integrity, innovation and
pride.
We enforce the laws of the UnitedStates, safeguard the revenue and
foster lawful international trade and
travel.
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Customs
Workforce
Customs Inspectors
Canine Enforcement
Officers
Import Specialists
Attorneys
CommunicationsSpecialists
Chemists
Special Agents
Pilots Intelligence Analysts
Marine Enforcement
Officers
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Money Laundering
Narcotics Smuggling
Strategic Investigations
Child Pornography
Import/Export Fraud
US Customs Investigative
Priorities
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Primary Investigative Agency
18 USC 1956 & 1957
Specified Unlawful Activities (SUA)
Entry of goods by means of false statements
Smuggling of goods into the U.S. Theft from foreign shipment
Illegal import/export of obscene matter
Import/export of child pornography Foreign transportation of stolen property
Import/export of certain motor vehicles/parts
Aviation smuggling
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Specified Unlawful Activities contd
Export Administration Act of 1979
International Emergency Economic Powers Act
Trading with the Enemy Act Arms Export Control Act
International transportation of monetary
instruments or funds which are proceeds of some
form of unlawful activity and where the defendantknew that the transportation was designed in
whole or in part to avoid a transaction reporting
requirement
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Agenda
The Federal Reserve System
U.S. Bank Regulatory System
Banking OperationsPayment Systems
Wire Transfers
Trade Based Money Laundering (BlackMarket Peso Exchange)
Bulk Cash Smuggling
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Federal Reserve
Central Bank of United States
Economic Policy
Payment SystemsBank Supervision
Foreign Bank Operations
Bank Application Approval
Bank Secrecy Act Oversight
Enforcement, Training, Expert Testimony
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Bank Regulatory System
State Member Bank
State Non-member Bank
National BankSavings & Loans Assoc.
Credit Unions
Holding Companies
Foreign Bank
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Foreign Bank Operations
in the U.S. Bank {National or State Charter}
Branch: Receive deposits and make loans.
Agency: Same as branch, except cannot acceptdeposits from U.S. citizens.
Representative Office: Engages in representational
and administrative functions; no authority to make
business decisions. Edge Act: Entities of banks that permit
international banking for customers.
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Foreign Bank Operations
in the U.S.Foreign banks from 61 countries operate in
the U.S.
There are over 800 foreign bank offices inthe U.S.
Together they account for more than $1
trillion in assets.One third of U.S. lending is done by foreign
banks.
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Bank Payment System
Same Bank
Correspondent Bank
Clearing HouseFederal Reserve System
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Same Bank
First and Only Bank of US
Everyone in US is customerAll transactions cleared in-house
Cash Does Not Move
Check is presented
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Correspondent Bank
Only two banks in US-West & East Coast
All checks presented
Each bank clears checks of the other bankChecks exchanged daily
Cash doesnt move
Reconcile daily via accounts
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Clearing House
Example: Ten banks support clearing house
Each bank opens account at CH
Each bank sends checks to CHCH sorts and distributes checks
CH reconciles accounts
Banks settle daily with CH
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Federal Reserve System
Ultimate check payment system
Handles 1/3 of all checks
Nationwide check clearing overnightRegulates check clearing process
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The Ever Popular Check
Annual check volume: 63 Billion
Annual growth rate: 3%
90% exchanged in paper form10% electronic check presentment (ECP)
UCC and Federal Reserve comprise body of
law governing check transactionsFunds availability: Most overnight but 48
hours/local & 5 days/non-local is legal limit
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Check Definitions
Check: Draft drawn upon bank, made
payable on demand, signed by maker,
containing an unconditional promise to paya sum certain to order of payee.
Certified check: Check of a depositor upon
which bank certifies that sufficient funds
are on deposit and have been put aside
Cashierscheck: Banks own check drawn
on itself.
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Funds Transfer Parties
Originator
Intermediary
Beneficiary
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Parties to a Funds Transfer
Originator: the sender of the first payment
order in the funds transfer process.
Originators Bank:the bank used by theoriginator to begin the funds transfer.
Receiving Bank: any bank in the funds
transfer process that receives a paymentorder.
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Parties to a Funds Transfercontd
Beneficiary: the person who is the recipient
of the funds transfer.
Beneficiarys Bank:the bank that makes thepayment from the funds transfer to the
beneficiary according to the payment order.
Intermediary Bank: a receiving bank otherthan the originators or beneficiarys bank.
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Wire Transfer Methods
FEDWIRE
CHIPS (Clearing House Interbank
Payments System)SWIFT (Society for Worldwide Interbank
Financial Telecommunication)
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FEDWIRE
Operated by the Federal Reserve System
Established in 1918
Connects the 12 Federal Reserve Banks,their 25 branches and other agencies, such
as the Treasury Department
9,400 financial institutions directlyparticipate in FEDWIRE
US DOLLARS ONLY
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FEDWIRE contd
60% of the banks on-line.
99% of transactions from on-line banks.
FEDWIRE transfers are viewed assubstitute for cash. Immediate use.
FEDWIRE transfers cannot be made outside
of the U.S. (exception: U.S. bank branchesoverseas).
Average cost per transaction is 50 cents.
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FEDWIRE contd
346,000 transactions daily
$1.2 Trillion average daily volume
1/2 of volume from Federal Reserve Bankof New York
Messages are
encrypted
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CHIPS
Clearing House Interbank Payments
System
Owned and operated by the New YorkClearing House Association.
Consists of eleven New York Banks, i.e.
Citibank, Chase, BONY, Morgan Guaranty,Bankers Trust, etc.
Preferred system for transferring USD
offshore.
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CHIPS contd
94 participants from 27 countries
70% are foreign banks
Settlement at end of each day through theFederal Reserve System
97% of all USD denominated international
transfers occur through CHIPS.233,000 average daily transfers
$1.4 Trillion average daily volume
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CHIPS contd
Cost = 13 to 40 cents per transaction
80% of CHIPS transfers are initiated by a
SWIFT message.
Message contents: Customer information,
sending and receiving banks ABA or BIC
date, amount and transaction reference #s
CHIPS is cooperative with Law
Enforcement, but access is difficult.
Messages are encrypted
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SWIFT
Society for Worldwide Interbank Financial
Telecommunication
Belgium based communication system International financial transaction
processing and transmission system
6,000 users of SWIFT include securitiesbrokers, stock exchanges, clearing systems,
money markets, foreign exchanges, etc.
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SWIFT contd
3.5 million transfer messages per day
708 million transfer messages sent in 1997
75% of messages are bank paymentinstructions
SWIFT does notprovide a mechanism for
clearing & settling transactions.
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SWIFT contd
Mandatory message contents: Reference #,
date, amount, currency, originators &
beneficiaries name & address
Law Enforcement access is severely
restricted
Messages are encrypted
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Alternate Electronic Funds Transfer
Systems
Money Gram and Western Union
Closed Systems
Operating outside of banksRecords only obtained from these systems
Money Gram - More than 22,000 agents
operating domestically and abroadOperational in 100 countries
5.87 million transactions conducted in 1997
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Conducting Investigations
with Funds Transfers
The logical focal point of an investigation
should be at the beginning of the fundstransfer process.
Use the account statement of a customer to
identify the existence of a funds transfer,either incoming or outgoing.
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Conducting Investigations with
Funds Transfers contd
Once a funds transfer has been identified,
request the payment instruction that will
give the details of each funds transfer.
Tracing funds via funds transfer is time
consuming and may involve numerous
banks.
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Sources of Information
Bank Regulator
Supervision & Application records
Personal financial records and background Bank personnel records
Loan files
Limited bank account information History of BSA at bank
CBRS from IRS, FinCen
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Recordkeeping Requirements
for Funds TransfersDesigned to assist law enforcement
Covers all funds transfers of $3000 or more
Effective date: May 28, 1996
Banks are required to acquire and maintain
detailed records of funds transfers, to
include the identity of originator and
beneficiary.
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Recordkeeping Requirements
for Funds Transfers contdBanks must know customers & verify
identity of non-customers.
Banks are required to obtain:
name and address of originator
amount of the payment order
execution date of the payment order
any payment instructions
identity of beneficiarys bank
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Currency Transaction Report
(CTR)
Currency greater than $10,000
11,552,000 CTRs were filed in 1994.CBQS search by account #, name, zip code,
social security number, EIN
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Currency and Monetary
Instruments Report (CMIR)
Required to file for import or export of
more than $10,000 in US Dollars or foreignequivalent
Negotiable Monetary instruments
Knowledge
Criminal and civil penalties
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Suspicious Activity Reports (SAR)
Implemented on April 1, 1996
FinCEN is the Administrator of SARs
Reporting Requirements: Suspected money laundering activity over $5000
All suspected bank insider violations
All losses to the bank of $5000 and over where there is
a known suspect
All losses to the bank of $25,000 and over regardless of
a potential suspect
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Suspicious Activity Reports (SAR)
As of May 2000: 390,440 SARs have been filed
by financial institutions
9,000 SARs generated per month in US
Majority of Violations for BSA/Money
Laundering
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New Money Laundering
Trends & Issues
Black Market Pesos Exchange
Cash SmugglingForeign Bank Drafts
Payable Through Accounts
Private Banking
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Question?
THE END
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Bank Regulatory System
State Member Bank FRS/State
State Non-member Bank FDIC/State
National Bank OCCSavings & Loans Assoc. OTS
Credit Unions NCUA
Holding Companies FRS
Foreign Bank FRS/State