Assessing the impact of the lottery scam on the banking remittance sectors
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ASSESSING THE IMPACT OF THE LOTTERY SCAM ON THE BANKING & REMITTANCE SECTORS PowerPoint PPT Presentation


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ASSESSING THE IMPACT OF THE LOTTERY SCAM ON THE BANKING & REMITTANCE SECTORS. Presented By: Justin Felice Chief Technical Director FINANCIAL INVESTIGATIONS DIVISION. Jamaica ’ s Legal Framework- ( AML & CFT). Terrorism Prevention Act (2005) Proceeds of Crime Act & Regulations (2007)

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ASSESSING THE IMPACT OF THE LOTTERY SCAM ON THE BANKING & REMITTANCE SECTORS

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Assessing the impact of the lottery scam on the banking remittance sectors

ASSESSING THE IMPACT OF THE LOTTERY SCAM ON THE BANKING & REMITTANCE SECTORS

Presented By: Justin Felice

Chief Technical Director

FINANCIAL INVESTIGATIONS DIVISION


Jamaica s legal framework aml cft

Jamaica’s Legal Framework-( AML & CFT)

  • Terrorism Prevention Act (2005)

  • Proceeds of Crime Act & Regulations (2007)

  • Financial Investigations Division Act (2010)

  • Terrorism Prevention Regulations (2010)

Financial Investigations Div.


Regulated sector

REGULATED SECTOR

  • Financial Institutions (gatekeepers)

    (POCA, TPA- sec 2)

  • Designated Non-financial institutions -pending

    (e.g. Accountants, Attorneys-at-law etc)

  • Any other person declared by the Minister of National Security/Foreign Affairs

    (e.g. Exim Bank)

Financial Investigations Div.


Str received by fid

STR Received by FID

Financial Investigations Div.


Ttr received by fid

TTR Received by FID

Financial Investigations Div.


Designated non financial institutions pending

Designated Non-Financial Institutions. (pending)

  • Lawyers, notaries, other independent legal professionals, accountants

  • Casinos (including internet casinos)

  • Real estate agents

  • Dealers in precious stones and metal

  • Trust company service providers

Financial Investigations Div.


Lottery scam indicators

LOTTERY SCAM INDICATORS

REMITTANCE TRANSACTIONS

  • Average amounts sent relatively small, between US$250 - $1,000

  • Multiple senders to single recipient

  • Multiple recipients from same sender.

  • Multiple transactions during the same day or within short period.

Financial Investigations Div.


Lottery scam indicators1

LOTTERY SCAM INDICATORS

Profile of the sender

  • Sender normally elderly

  • Multiple transactions from same sender

  • Senders residing in areas where there are not large concentrations of Jamaicans

  • Senders surnames tend not to be of English origin, hence unlikely to be related to the typical Jamaican

Financial Investigations Div.


Lottery scam indicators2

LOTTERY SCAM INDICATORS

PROFILE OF RECIPIENT

  • Although island-wide most scammers reside in the western parishes

  • Recipient usually between age 18 to 30 years

  • The use of multiple IDs and addresses

  • Usually unemployed or low-income jobs.

Financial Investigations Div.


Lottery scam indicators3

LOTTERY SCAM INDICATORS

TRANSACTIONS –OTHER FINANCIAL INSTITUTIONS

  • Large wire transfers from same sender(s)

  • Frequent large cash deposits

  • New accounts being opened or dormant accounts being re-activated.

  • Joint accounts with older relative (usually mother)

Financial Investigations Div.


Lottery scam indicators4

LOTTERY SCAM INDICATORS

TRANSACTIONS –OTHER FINANCIAL INSTITUTIONS

  • When funds are deposited, withdrawals are mainly via ATM and POS

  • Source of funds information not credible/ does not match profile of accountholder

  • Occupation/income not in keeping with level of deposits

  • Cash intensive businesses registered as decoy

Financial Investigations Div.


Lottery scam indicators5

LOTTERY SCAM INDICATORS

Recent trends

  • Collection of funds (in the USA) by associates who then send funds to Jamaica- identification of victim becomes more difficult.

  • Couriers/third parties used to collect funds-no direct trail to beneficiaries

  • Funds sent to other Countries

Financial Investigations Div.


Challenges

CHALLENGES

LAW ENFORCEMENT

  • Inadequate sender information and arduous process in obtaining this information.

  • Obtaining of witness statement

  • Need for physical presence of overseas witness/victim for court purposes.

  • Court system (hearing dates & continuous postponements)

  • Insufficient resources (personnel, software)

Financial Investigations Div.


Proposed solutions

PROPOSED SOLUTIONS

FINANCIAL INSTITUTIONS

  • Effective implementation of policies and procedures for identification & monitoring of suspicious transactions

  • Continuous staff training, KYC.

  • Greater collaboration between local and overseas remittance partners

Financial Investigations Div.


Proposed solutions1

PROPOSED SOLUTIONS

  • Need for greater collaboration in sharing intelligence.

  • Better use of analysis, understanding the threat to Jamaica.

  • Creation of a Problem Profile…National Intelligence Model.

  • Task Force to include ALL agencies with hands on support from US Law Enforcement Agencies.

Financial Investigations Div.


Proposed solutions2

PROPOSED SOLUTIONS

  • Media Campaign

  • Education re Benefits of Asset Recovery

  • Reducing Crime

  • Asset Recovery should be Self Generating

  • Safer and Stronger Communities

  • Crime Doesn’t Pay

  • Asset Recovery Incentive Scheme

  • Crime Fighting Priorities

Financial Investigations Div.


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