AML: Time to get tough

Were it not for a simple spelling mistake on an online bank transfer instruction, cyber criminals would have made off with more than $1billion from the Bangladesh Bank in February. The attempted raid left many scratching their heads as to how in this day and age, with all the anti-fraud checks banks should have in place, such an audacious heist was even thought possible. And while the misspelling of “foundation” as “fandation” was enough to prompt the bank to halt the transfer, the unknown criminals still walked away with $80 million. Had the spelling mistake not occurred, they would have taken the full amount. Just days after the raid was confirmed by officials, it came to light that most of the proceeds had been moved into bank accounts held with the Rizal Commercial Banking Corporation in the Philippines. The cash was then laundered through a junket operator and two casinos,...

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