Comments on: U.S. broker-dealers scrutinized for anti-laundering compliance in Venezuelan currency swaps http://blogs.reuters.com/financial-regulatory-forum/2012/11/13/u-s-broker-dealers-scrutinized-for-anti-laundering-compliance-in-venezuelan-currency-swaps/ Mon, 31 Oct 2016 15:40:16 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Cofficer http://blogs.reuters.com/financial-regulatory-forum/2012/11/13/u-s-broker-dealers-scrutinized-for-anti-laundering-compliance-in-venezuelan-currency-swaps/comment-page-1/#comment-17600 Thu, 20 Dec 2012 15:44:51 +0000 http://blogs.reuters.com/financial-regulatory-forum/?p=9558#comment-17600 Excellent article. There are a lot of International Bank Entities in Puerto Rico that receive funds from Venezuelan customers once the Bonds are swapped. The role of their Compliance Officer is to mitigate the risk associated with BSA/AML, however the risk in the Bond Swap process includes unknown originator of the funds, which clearly has exposure to money laundering, corruption and/or terrorist financing.

I think that you should write an article regarding the actual illegal ways to exchange Venezuelan bolivars for U.S. dollars with the intention of teaching the bankers how to mitigate the risk associated to money laundering.

]]>