Are you stopping counterfeit goods? Learn how to spot suspicious transactions.
Due to the COVID-19 pandemic, sales of counterfeit goods are on the rise. Criminals are taking advantage of an increase in online commerce to peddle their fake merchandise to unsuspecting consumers.
The production, sale, and distribution of counterfeit goods represents:
- money laundering
- human trafficking
- sanctions evasion
- terrorist finance
Transnational and localized organized crime groups gain hundreds of billions of dollars every year from these operations. By understanding the risk indicators of the sale of counterfeit goods, you can leverage analytics and gap analysis to detect potentially high-risk customers/members, products, and transactions.
- What are the risks involved in the sale of counterfeit goods?
- Who are the illicit actors involved?
- How do these goods make their way into the stream of commerce?
- How do traditional anti-money laundering controls apply to counterfeit goods?
- How can open source databases enhance due diligence searches?
- What are the red flags of high-risk transactions?
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