Money Laundering Risks Associated With New Technologies

New money laundering scheme is related to Mobile Phone Transactions (MPT).

Red Flags or Indicators of Money Laundering for Mobile Phone Transactions are the following:

1. Transactions are not consistent with person's business or income level,
2. Significant increase in the amount or currency amount of transactions,
3. Transactions with multiple senders and one beneficiary,
4. Transactions are structured to lose a paper trail,
5. Lack of reference or identification,
6. Multiple third parties conducting separate but related non-reportable transactions,
7. Customer explanation of source of income is unclear,
8. Customer provides incomplete or false information.

Reference:

World Bank (2011), "Protecting Mobile Money Against Financial Crimes: Global Policy Challenges and Solutions".