Ultrascan Financial Intelligence Unit

A mixture of intelligence gathering, investigations, reputational risk mitigation and Innovative Technology in line of objectives

Purpose

liaison capability, focused on external information collection and stakeholder engagement, which enables us to detect and reduce exposure to financial crime risk.

Impact

Drive the regional development through the provision of clear strategies

Ultrascan FIU Mobile Money Laundering Threats

Introduction to the concept of Anti-Money Laundering

MOBILE MONEY BANKING:

- Anti-Money Laundering (AML) and dismantling terror financing networks by exclusion from the mobile banking system
- The Alleged Threat of Mobile Money
- An important factor within money is micro-structuring also known as “smurfing”
- Further challenges for law enforcement
- The threats of mobile money

Innovative Technology

ELECTRONIC PAYMENT CARD MONEY LAUNDERING DETECTION SYSTEM FOR ELECTRONIC PAYMENT CARDS

The algorithm example used in this report is also called an exemplary embodiment which is simply put, the preferred example. It is just another terminology for “example” but specifically used when referring to a patent. This Anti Money Laundering, AML, system has been chosen to represent how an AML monitoring system should function.

Ultrascan FIU Ingres Egress

Stakeholders

Relationships with senior staff on client-related matters in:

Leadership

Recruit small, expert regional liaison teams that will provide consistent and insightful financial crime related intelligence.

Operational Effectiveness & Control

Identify and recommend best practices identified within the wider liaison peer group

Developing countries and the reforms

Developing countries and the reforms 2019

A fragile institutional environment can lead to heightened corruption:

• This can enable and lead to increasing corruption
• Which in turn can enable money laundering through illicit cash flows
• Which then divert and starve funds of developing economies that are already cash poor and suffer from capital-starvation.

The true cost of money laundering

AML Intelligence Briefing

The amount of money that is laundered annually is of truly colossal proportions. ML poses an existential threat to all countries. It warrants and demands thorough oversight and a transnational prevention strategy. The UK’s National Crime Agency (NCA) calculated recently, “hundreds of billions of pounds are laundered through UK banks each year.”

Money Laundering Centre

Context

The unit is subject to sensitive, and therefore risky, information, exercises sound judgement in protecting it and adheres to all relevant rules and regulations. 

Management of Risk

Risk management and strong leadership by continually reassessing the operational risks.

The Nigerian 419 AFF scams have been escalated to a matter of utmost concern

Nigerian 419 Funds "Movements" and Terror Groups

Update August 2019
Since 2003 evidence links Nigerian Advance Fee Fraud (419) to terrorism.

419 Fraud has shifted from pure criminality into an ideology driven funding mechanism for terrorist organizations and their affiliates in Europe, the Middle East, and Asia.

Synergy between Crime and Ideology
"Victims of 419 crime are unaware that their stolen money is used to fund terrorism. For example, these US victims paid between $7,000 and $57,000 to Boko Haram recruiters and money launderers who live in the UK." The Shadow Where Crime Becomes Ideology - Prelude to civil war in Nigeria 

Romance may not be in your future with a Boko Haram terrorist
"Since 2014, Romance 419 swindles targeting United States citizens (and others) on dating sites have been widely reported. Romance scam victims are both male and female. Match.com is the most documented connection between Romance 419 and Boko Haram, though Match.com warns its users that Nigerian 419ers use their site to troll for, and defraud victims." - Victims of online romance scams are funding deadly Nigerian terror group

Evidence accumulates
Since 2003 there is evidence of terrorist connections and attacks in the slipstream of 419 fraud syndicates. For example, in 2008-2009 evidence directly linked 419 AFF networks to (attempted) terrorist attacks in Abuja, the capital city of Nigeria. 419 AFF supports both "Movements" and their action arms - terror groups.
Nigerian Advance Fee Fraud (419) scams have escalated into a matter of utmost concern!

The growing profits and expanding networks of Nigerian 419 syndicates are a game changer


Update August 2019
Profits are flowing into other crimes, terrorism, and support of Nigerian politicians in including Presidential candidates

Profits of Nigerian fraud are skyrocketing for the exponentially growing numbers of perpetrators of this endemic crime

419 syndicates invest in recruitment and development of new fraud formats and markets. For example, 419 profits from CEO/BUSINESS EMAIL COMPROMISE (BEC) FRAUD, Romance scams, and Sextortion flow into other crimes, terrorism, and support of Nigerian politicians.

Scam activity has increased
Although there has been a decline in the use of UK company back accounts by 419 scammers, there has been a steep rise in the use of money mules and in victims of Auction, Job, and Romance fraud. For example, The UK National Fraud Authority calculated that 1 in 50 British know someone who has been the victim of a romance scam.

Remember that evidence links Romance 419ers and "the global Movement" of the Nigerian terror group Boko Haram.

Also note that in 2016 we monitored tens of millions in cash and cash card transfers from the US and Canada to Nigerian politicians and money launderers in London. Significant additional amounts were also laundered in Dubai.

Profits are flowing in to other crimes including support of political, even Presidential candidates and Terrorism

Observation of Controls

Keep appropriate records and, as necessary, ensure the timely implementation of internal and external audit points, including issues raised by regulators.

Copyright 2019 Ultrascan FIU - All Rights Reserved