Russian Laundromat Case Offers Banks Compliance Lessons

Law360, Hollywood, Florida (April 10, 2018, 9:00 PM EDT) -- The Russian Laundromat scheme, which laundered between $20 billion and $80 billion out of Russia, provides a lesson in compliance to banks and other institutions, which need to more aggressively monitor transactions involving shell companies, experts at an anti-money laundering conference said Tuesday.

Examined individually, the 75,000 transactions between 2010 and 2014 in the massive scheme likely would not have raised suspicion. But institutions need to look at these transactions together, according to experts on a panel dissecting the scheme at the annual conference of Association...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.