Thursday, May 22, 2008

The Convergence of Fraud & Money Laundering Continues...

Details from yet another criminal case have highlighted the continuing need for diligent transaction monitoring.

The Washington Post reported that Walter Jones, a former Bank of America manager pleaded guilty to depositing nearly $18 million in fraudulent tax refund checks in a scheme orchestrated by Harriett Walters, a former D.C. Office of Tax and Revenue manager. The interesting thing is that the criminal activity wasn't perpetrated by customers of the bank, but by its own bank manager and a government employee. The article notes that the activity occured from 2000 through 2006, so it will be interesting to learn additional details on how the pair eluded detection for so many years.

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