It may seem ingenious and creative, but organized crime is a severe problem in Sweden and elsewhere. It needs to be addressed.
At Ondorse, we know that preventing money laundering may feel like a "whack-a-mole" game, so here are a few tips for #ops, #compliance and #risks teams to flag such schemes:
1️⃣ Update your risk scoring matrix to flag business customers in the music industry and re-run your rule engine on existing customers
2️⃣ Conduct enhanced due diligence on such business customers to verify if a portion of their income comes from streaming platforms
3️⃣ Check the reputation of the beneficial owners by running adverse media screening
4️⃣ In your transaction monitoring system, flag for manual review repetitive payments from streaming platforms like Spotify or Deezer
5️⃣ Finally, for rappers, if you launder money, don’t brag about it in your songs 🙃