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Combating Trade Based Money Laundering: Rethinking the Approach

Combating Trade Based Money Laundering: Rethinking the Approach

by Kim Sindberg | September 17, 2017

In August BAFT released "Combatting Trade Based Money Laundering - Rethinking the Approach," a paper that proposes alternative, collaborative approaches to solving the problem of trade-based money laundering by increasing the public and private sector partnership.

The paper's objective is to clarify bank-intermediates trade and banks' ability to intercept illicit activity, and to explore ways that broader international trade stakeholders from both the private and public sectors can better align to help reduce trade based money laundering and terrorist financing without hindering international commerce and economic growth.

Read the full press release:
Download the pa... Read The Full Post

My Own SWIFT MT700 Parser And Some More Stories

My Own SWIFT MT700 Parser And Some More Stories

by Shahriar Masum | August 21, 2017

In my last post, I discussed how MT798 message flows between bank and corporate and how the MT798 structure differs from a bank to bank swift message (e.g. MT700 etc.). Today I will focus on the more technical details and FileAct protocol.

When I was in bank, I used to think swift server (at the bank) as an encrypted one that no one but SWIFT can read. I used to think; if somehow, I can open that database, I could generate a lot of reports. What I failed to realize at that time, is that, the SWIFT server is not a database. It's merely an ftp folder where you put the message in plain .txt file. You can actually read it in notepad. If anything was encrypted, that was my bank's trade finance module.

So, the basic process of sending message is; we place a plain text f... Read The Full Post

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