Sanitised case 24
J is a UK national currently residing in South Africa, J appears to hold dual nationality possessing UK and Australian passports and was portrayed as a professional gambler.
The disclosing institution explained that J had received over $1,021,000 from a USA on-line betting company. He subsequently transferred $940,000 of this (in two tranches) to a third party in Australia.
Disclosures by a second institution on J showed similar traits, money being received from entities related to on line betting and then paid away to third parties in Australia.J became very irate when questioned him about the payments. Both institutions exited all relationships with J. While it was noted that part of the balance was transferred to J’s account in South Australia.
A suspicion was formed that J was layering funds.
The method being used by J to account for the source of funds is a well known conduit for laundering. The amount of winnings far exceeded those reasonably expected from even a professional gambler. Two separate institutions were used to receive and transfer the funds. There was no rationale as to why funds were paid into a Jersey accounts from the USA for a man living in South Africa and subsequently being paid away to a third party in Australia.
Enquiries with other jurisdiction revealed that J had in the past been linked to the importation of illegal substances. It is known that there are ongoing enquiries on a multi jurisdictional level for which the information supplied by the institutions have been of significant benefit.
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