publication . Article . Preprint . 2007

Prepaid Cards: Vulnerable to Money Laundering?

Stanley J. Sienkiewicz;
Open Access
  • Published: 01 Jan 2007 Journal: SSRN Electronic Journal (eissn: 1556-5068, Copyright policy)
  • Publisher: Elsevier BV
Abstract
This paper discusses the potential money laundering threat that prepaid cards face as they enter the mainstream of consumer payments. Over the past year, several government agencies have issued reports describing the threat to the U.S. financial system, including the use of prepaid cards by money launderers. Also, this paper incorporates the presentations made at a workshop hosted by the Payment Cards Center at which Patrice Motz, executive vice president, Premier Compliance Solutions, and Paul Silverstein, executive vice president, Epoch Data Inc., led discussions. These two leading anti-money laundering strategists explained how money laundering occurs in fina...
Subjects
ACM Computing Classification System: TheoryofComputation_GENERALComputerApplications_MISCELLANEOUS
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