Strengthen Anti-Money Laundering (AML) Compliance: Protegrity Empowers Financial Institutions
The “Russian Laundromat” scheme is a notorious example of how complex and far-reaching financial crimes can be. Running from 2010 to 2014, this scheme funneled between $20 billion and $80 billion out of Russia, using a network of shell companies and global banks, many of which were based in Moldova and Latvia. This was not a small operation — it involved around 500 people, many of whom were wealthy Russians, and relied on thousands of transactions to launder the money.