Lather. Rinse. Do Not Repeat. Inside Transaction Laundering, Inc.

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November 29, 2017

In the 1920s, laundromats were a novel business. Regular folks (the ones who didn’t have housekeepers for that sort of thing) were enamored with the coin-operated machines that, for the first time, saved them the trouble of doing the wash themselves. The popularity of laundromats grew accordingly.

Today, as commerce has shifted from brick-and-mortar to virtual settings, transaction laundering has followed. It’s still the same old crime, however: using an apparently legitimate business to disguise the source of proceeds gained through criminal means. In a way, it’s sort of like cleaning – or laundering, if you will – the funds, much as one might wash one’s hands of a crime.  In a recent webinar, G2’s chief product officer, Dan Frechtling, walked Karen Webster through the analog-to-digital transformation of transaction laundering, and what modern acquirers can do to keep these bad guys out of their portfolios.