On May 27, top FIFA officials and sports marketing executives were arrested in a rampant corruption scandal. According to a 164-page indictment, FIFA officials received tens of millions of dollars in bribe payments in connection with sponsorships, marketing and media rights for soccer tournaments. These bribes were funnelled through U.S., Latin American and European financial institutions.
Creative money laundering methods were used to conceal the illicit payments, including FX dealers, shell companies, numbered bank accounts in high risk jurisdictions, correspondent accounts, and safe deposit boxes.
Will the various listed financial institutions named and others be caught up in the scandal?
In consideration of this
- Would you pass a regulatory AML examination?
- Do you want to ensure all your employees are trained?
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