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Full-Text Articles in Legal Ethics and Professional Responsibility
Beneficial Ownership: Tracking The True Owners Of Business Accounts, Angela Lintag-Ihde
Beneficial Ownership: Tracking The True Owners Of Business Accounts, Angela Lintag-Ihde
Economic Crime Forensics Capstones
Bank accounts are a popular place to hide and move illegal funds. Many banks offer private banking or wealth management services, to customers with more than $1,000,000. That provides premier banking services as well as a confidential, safe, and legal haven. With these services is a heightened money laundering risk. The Federal Financial Institutions Examination Council (FFIEC) of Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual specifically states that privacy and confidentiality are important elements of private banking relationships. “Private Banking and Wealth Management services are vulnerable to money laundering schemes that include: private bankers as client advocates; powerful clients including …
Theme Park Fraud And How To Catch It, Lilly Lask
Theme Park Fraud And How To Catch It, Lilly Lask
Economic Crime Forensics Capstones
One of the most significant, if not the most important financial difficulty facing theme parks today is credit card fraud and the use of counterfeit money by individuals to improperly obtain theme park tickets. The tickets are then used by the fraudsters themselves, or sold or otherwise distributed to guests of the parks. The improper use of the tickets significantly impacts the income of the parks. In order to continue to appropriately manage the parks after the losses, ticket prices need to be raised, which generally leads to a reduction in the valid revenue of the parks as they become …
Small Business Occupational Fraud, Judy Dunne
Small Business Occupational Fraud, Judy Dunne
Economic Crime Forensics Capstones
Estimate show that businesses will lose approximately 5% of revenue annually to occupational fraud. A small business generating $5 million in annual revenue will be estimated to lose $250,000 annually to fraud. The small business owners, with only a few employees, do not have the luxury an internal audit department to keep fraud in check. The small business owners must rely on themselves to be the audit department and it has to happen in a cost effective manner. In order to combat the possibility of fraud, the small business owner must first be familiar with the concepts of the fraud …