23 min
Episode 14: Risks of money laundering associated with UK Money Service Bureaus and UAE Exchange House Sector The UKFIU Podcast
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- Business
In this episode, panellists from the National Crime Agency (NCA) and UAE Financial Intelligence Unit (UAEFIU) discuss the nature of MSBs and exchange houses in the UK and UAE, the risks of money laundering associated with both sectors, patterns of criminality, how this type of financial service has changed and why there is still a need for them in an increasingly cashless world.
For the subtitled version of this episode go to: https://youtu.be/zSHK63hIugU
Acronyms used in this podcast:
MSB: Money service bureau or money service business
SME: Subject-matter expert
SARs: Suspicious Activity Reports
AML: Anti-money laundering
CFT: Combatting financing of terrorism, or CTF (counter-terrorist
financing)
STR: Suspicious Transaction Report
HOSSP: A report published by the Financial Action Task force
(FATF) on ‘the role of Hawala and other similar service providers in money
laundering and terrorist financing’
IVTF: Informal value transfer system
IBAN: International bank account number
EMI: Electronic Money Institutions
Time Stamps
00:07 Introduction
00:55 MSB’s explanation
03:05 Hawala explanation
04:12 How does this differ to an exchange house within the UAE?
04:51 What steps have been taken to identify financial crime through suspicious activity reporting in the UK?
06:16 What steps have been taken to identify financial crime through suspicious activity reporting in the UAE?
09:45 What are some of the key areas of concerns regarding these areas of financial services?
11:50 What concerns does the UAE have around Hawala type services?
12:30 Patterns of criminality associated with MSBs in the UK
14:32 Patterns of criminality associated with Exchange Houses in the UAE
19:12 Why is there a need for MSBs or Exchange Houses in an increasingly cashless world? Do the benefits to customers outweigh the challenges to law enforcement or regulators?
22:38 Conclusion
In this episode, panellists from the National Crime Agency (NCA) and UAE Financial Intelligence Unit (UAEFIU) discuss the nature of MSBs and exchange houses in the UK and UAE, the risks of money laundering associated with both sectors, patterns of criminality, how this type of financial service has changed and why there is still a need for them in an increasingly cashless world.
For the subtitled version of this episode go to: https://youtu.be/zSHK63hIugU
Acronyms used in this podcast:
MSB: Money service bureau or money service business
SME: Subject-matter expert
SARs: Suspicious Activity Reports
AML: Anti-money laundering
CFT: Combatting financing of terrorism, or CTF (counter-terrorist
financing)
STR: Suspicious Transaction Report
HOSSP: A report published by the Financial Action Task force
(FATF) on ‘the role of Hawala and other similar service providers in money
laundering and terrorist financing’
IVTF: Informal value transfer system
IBAN: International bank account number
EMI: Electronic Money Institutions
Time Stamps
00:07 Introduction
00:55 MSB’s explanation
03:05 Hawala explanation
04:12 How does this differ to an exchange house within the UAE?
04:51 What steps have been taken to identify financial crime through suspicious activity reporting in the UK?
06:16 What steps have been taken to identify financial crime through suspicious activity reporting in the UAE?
09:45 What are some of the key areas of concerns regarding these areas of financial services?
11:50 What concerns does the UAE have around Hawala type services?
12:30 Patterns of criminality associated with MSBs in the UK
14:32 Patterns of criminality associated with Exchange Houses in the UAE
19:12 Why is there a need for MSBs or Exchange Houses in an increasingly cashless world? Do the benefits to customers outweigh the challenges to law enforcement or regulators?
22:38 Conclusion
23 min