The merchant 

The merchant’s acquiring bank 

The cardholder’s issuing bank 

The card scheme 

A means to identify, assess and understand money laundering and terror financing risk. 

A movie featuring Tom Cruise where he plays the role of a compliance analyst 

A transaction monitoring protocol which assists banks in identifying risk 

Something only applicable to banks 

Financial Action Task Force 

Financial Action Terminology Framework 

Financial Articles Task Force 

Financial Anti-terror Task Force 

The onboarding of a problematic merchant 

The failure to properly file a Suspicious Activity Report (SAR) in a high-profile case 

Constant, structural, and systematic deficiencies in risk management protocols 

Failure to adapt to new threats 

High-risk lines of business should be avoided 

Resources should be allocated according to potential business value 

All merchants should receive enhanced due diligence 

Higher risk = enhanced measures to mitigate risk 

Customer, product, channel, amount  

Customer, product, channel, jurisdiction 

Product, jurisdiction, channel, blacklist  

Financial, Monetary, Jurisdiction, Inherent

KYC – Know your customer

BYC – Be your Customer

RYK – Reveal your customer 

KYC – Keep your customer 

A company registered in a high-risk jurisdiction 

An abnormally large transaction with an unknown party 

A high-risk product being sold by the merchant 

All of the above 

A new form of digital money laundering 

The action whereby a merchant processes payment card transactions on behalf of another merchant 

A growing problem

All of the above 

Mafia use of laundromats as a way of integrating funds from illicit activity into the financial system 

The “cleaning” of dirty money 

The movie “The Laundromat” 

Nowhere… we don’t know why the term exists, it just does. 

The outward facing part of a business structure which interacts with the end customer 

An entity set up and controlled by another organization with the characteristics of a legitimate business meant to disguises illegal activity 

A tool for carrying out transaction laundering 

B and C 

It is easier than ever to create “fronts” to launder transactions  

The scale and changing nature of ecommerce has made it harder for banks to detect transaction laundering 

There are no means to detect transaction laundering available as of now 

A and B 

Pass through companies 

Front Companies 

Funnel Accounts 

All the above