
Moody’s Talks: KYC Decoded
Luxuries and larceny: ‘Following the goods’ for AML prevention
May 24, 2024
Guest Jessica Cath, Head of Financial Crime at Thistle Initiatives, discusses how money launderers use luxury goods like cars and watches to hide wealth. Topics include stages of money laundering, secondary markets, risk-based measures for businesses, and responsible consumer purchasing decisions to avoid complicity in financial crime.
35:29
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Quick takeaways
- Luxury goods serve as an easy entry point for illicit cash in money laundering, aiding the placement stage.
- Secondary markets play a significant role in layering illicit funds and disguising the origin of goods.
Deep dives
Understanding the Definition of Luxury Goods in Money Laundering
The scope of luxury goods in money laundering includes items above 10,000 euros, which need to adhere to money laundering requirements such as large cash transactions or multiple payments adding up to the threshold.
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