What types of financial and non-financial businesses are considered to be a higher risk for laundering money?
There are several types of businesses or services that are considered to have greater vulnerability to money laundering schemes. Most of these allow the quick movement of funds or the ability to convert and disguise the source of illegitimate cash. Some of the higher risk banking services include, but are not limited to, international wires, foreign correspondent banking and payable through accounts, ACH transfers, debit cards and online banking. Non-bank financial institutions that are viewed by criminals as attractive vehicles for money laundering include money service businesses (e.g. check cashiers), money remitters, insurance companies and securities broker-dealers. There are also several other businesses, such as pawn shops, jewelers or precious metals dealers, or automobile, boat and plane dealers, that could be considered at risk for money laundering schemes.
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