Compliance Interview Series
with Dimitri Barberini
Dimitri Barberini, AML/CFT Analyst & Insurance Broker
1. Could you explain the concept of money laundering in simple terms?
Money laundering is a crime that uses illicit economic resources such as money, goods or any utility from illicit activities. It is characterized by a circuit with three stages:
1- Placement: insertion of the proceeds from the illicit activity.
2-Layering: Losing the true origin of the asset through its conversion into another currency or asset.
3- Integration: making seemingly lawful what is not lawful.
2. What is the biggest challenge in this sector?
Unfortunately, there is no single biggest challenge; there are several challenges.
However, a collaboration between supervisory authorities, companies, and those obliged by anti-money laundering legislation can play a key role in monitoring and judicial activity.
3. How can AML or KYC or KYB benefit from the blockchain technology?
Use the same algorithms that make up a blockchain to track usage made by users.
4. How can governments stop money laundering? What do you think, can they?
Governments will never be able to stop money laundering. What they can do is track, monitor and restrict a financial transaction. As long as crime exists, there will always be a need to clean up after the crime.
5. If everything went to digital money and cash was no longer accepted, how will change the AML process?
The AML experience of following the money is an important asset. Changing the method because the tool changes don't make sense. A system purely focused on using digital currency is bad, and it is not true that it reduces criminal phenomena.
6. Why is money laundering bad for the economy? What is the worst effect?
The worst effect, I think, is due to the money laundering circuit to conceal sums from illicit funds to lawful funds, this is quite dangerous for the world economy.
7. What are the best books to read to learn about Anti Money Laundering? Have you any recommendations?
Definitely the FAFT Guidelines and the anomaly indices published by the Financial Intelligence Authorities (FIUs) of the respective states.
8. What are the risks and benefits of cryptocurrency in the AML?
The risk is undoubtedly the absence of a central authority and regulation to the exchange activity. The benefits, like any instrument that gains when it goes well and loses us when this goes wrong.
9. What is the craziest money laundering scheme you've encountered?
Of those who tried to convert money from illicit to other assets such as gold items, vehicles, and houses and then resold it all, getting back a clean capital, it took him a few years.
10. What is the essential qualification of an anti-money laundering officer?
11. How has anti-money laundering changed over the time?
It has improved but has many challenges ahead.
12. How can a transaction be called money laundering?
When in a money transfer, there are anomalies both inherent in the person and the nature of the transaction. Data in the investigative phase is discovered to be money from illicit.
13. Have you any recommendations to fintech startups about the AML process?
Comply with current regulations and provide active cooperation.
14. If you trade with bitcoins, how do you manage to "explain" anti-laundering authorities the money-in & money-out?
Declare both at the time of issuance and release of the currency the holders and the amount of the sum paid and generated by trading operations.
15. How did you get CAMS certificate, how did you prepare?
I haven't obtained it yet, but it would be a nice professional achievement to get it.