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 funding "Movements" and "Terror groups". 

Update August 2019
From 2009 until today, Evidence is accumulating, linking Nigerian 419 AFF to terrorism.

The fraud is shifting from a criminal inspired activity into an ideology driven terror funding mechanism for terror organizations and their affiliates in Europe, the Middle East and Asia.

Synergy between Crime and Ideology in the Diaspora
“Unwary of the fact that they were funding terrorism, these US victims paid amounts varying between $7,300 and $57,000 to money launderers and recruiters of Boko Haram who reside 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 Match.com member
"What had not been widely reported until 2014 are romance swindles with United States citizens (both male and female) on dating sites. Match.com is the most documented connection to Boko Haram, leading Match.com to warn its users of Nigerians’ frequent use of their site for financial gain" - Victims of online romance scams are funding deadly Nigerian terror group

Evidence accumulating
Between 2003 and 2007 there was evidence of a terrorist connection in the slipstream of 419 fraud networks, supporting terror attacks. In 2008 and 2009 there was evidence directly linking 419 AFF networks to (attempted) terrorism attacks in Abuja.
Evidence is accumulating from 2009 until today, linking 419 AFF to funding and support of both "Movements" as well as "Terror groups". The Nigerian 419 AFF scams have been escalated to a matter of utmost concern!

Nigerian fraud Growing profits, expanding networks and a game changer.


Update August 2019
Profits are flowing in to other crimes, support of politicians, including Presidential candidates and Terrorism

Profits of Nigerian fraud are skyrocketing for an exponentially growing number of perpetrators of this endemic crime.

After investing in to development, recruitment, new fraud formats and markets for example BEC, Romance scams and Sextortion, profits are flowing in to other crimes, support of politicians, including presidential candidates and terrorism.

We registered an increase of scam activity
A decline in the use of U.K. company bank accounts by 419 scammers. But a steep rise in money mules and victims of Auction, Job and Romance fraud. The National Fraud Authority calculated that 1 in 50 British know someone who has been victim of a romance scam.

There is evidence linking romance scammers with "The global Movement" of "The terror group" Boko Haram in Nigeria.

In 2016 we monitored tens of millions in cash and Cash Cards transferred from the US and Canada to Nigerian Politicians and money launderers in London. Significant amounts were further laundered to 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.

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