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• W70216501 abstract "Angela Jimenez was just another New Yorker making her way through Manhattan's crowds getting her weekly banking done. Or so it might have seemed. Instead, Jimenez was a key link in a chain helping to keep drugs on city's streets--laundering money for drug traffickers. But Jimenez wasn't classical mule, sent to banks with bags filled with cash for deposit, in amounts below $10,000. [ILLUSTRATION OMITTED] Jimenez had cash--lots of it--but was making many very small deposits all over Manhattan. At one point, when government enforcement agents stopped her during a surveillance tail, she still had $165,000 in her handbag, and, apparently, a lot of stops still to make. Some of cash was destined for purchases of goods, to be shipped for resale in Colombia. And some of it was used to purchase money orders for amounts under $3,000 trigger point. But a good deal of it was entering U.S. banking system for first step of its electronic transformation into Colombian pesos. Jimenez was opening accounts at financial institutions, typically placing just $1,000 in each. She had counterparts in Colombia who were waiting for her scheduled deposits into accounts linked to many ATM cards carried. Using cash machines in Colombia withdrew pesos, which gathered into bigger bunches for delivery to drug lords. By herself, federal authorities estimate, Jimenez helped move at least $1 million in drug sales proceeds, all in itty-bitty batches. Call it wireless wire transfer, or, call it by name law enforcers are using: microstructuring. Citibank flags trend This case--and there have been others--was related by Salvatore A. Dalessandro, deputy special agent in charge of New York Field Office of Department of Homeland Security's Immigration and Customs Enforcement (ICE) Office of Investigations. Dalessandro, who spoke last fall at ABA/American Bar Association Money Laundering Enforcement Conference, is also director of El Dorado Task Force, a multi-agency enforcement group. Dalessandro spoke of emerging threats that ICE is seeing, including stored-value cards, online payments, and ATMs, notably through microstructuring. He described microstructuring as a form of where huge amounts of cash were structured into smaller deposits. Using specialized software and other techniques, many banks are able to track such attempts at evading Currency Transaction Reporting mechanisms. Unlike traditional smurfing, however, microstructuring aims to fly under radar of traditional systems by dealing in very small amounts. Dalessandro said that transactions of $500 to $1,500 are more rule. This method of money-laundering, he noted, is much more labor-intensive. Not only do players have to make many more deposits, but they often have to go out and open new accounts to support this kind of activity, Dalessandro said. Dalessandro credited Citibank for first flagging microstructuring, in a 2004 Suspicious Activity Report. He said bank was fine-tuning its suspicious activity detection software and began to pick up many small repetitive transactions. This led Dalessandro and associates to begin looking for such activity. A key method used was to search for multiple accounts opened using same names, addresses, and other identifying information. While many people have more than one bank account, most don't have their names on hundreds of accounts. Knowing where to start looking for such needles in banking haystack has been a challenge. Right now, he said, the only way we are identifying this activity is through our undercover operations. Another mule found in process used 113 bank accounts to launder $6 million in a year, Dalessandro said. Different software packages handle anti-money-laundering in different ways, with some possibly able to spot patterns others might not flag. …" @default.
• W70216501 created "2016-06-24" @default.
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• W70216501 date "2008-01-01" @default.
• W70216501 modified "2023-09-26" @default.
• W70216501 title "Microstructuring: Dark Side of Today's Retail Banking" @default.
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