Awan Bank Fraud Filing / RICO / Swamp Drain Why was the case against AWAN filed under BANK FRAUD? The result today is re: BANK FRAUD. BANK FRAUD has more teeth for declaring TRANSNATIONAL CORRUPT ORGANIZATION (TCO) In fact, fraud and anti-money-laundering experts at Ernst & Young say the President's Executive Order 13581 will affect a number of financial monitoring practices, especially those involving international transactions. "There's opportunity for banks to think creatively in terms of really looking at transactions that might create a hit on some sort of watch list," says David Nussenbaum, who leads E&Y's fraud control advisory and implementation practice. HOW ORGANIZED CRIME USES BANKS Order 13581, signed in July 2011, highlights the connection between financial services and international crime [See 4 Crime Rings to Watch]. Banks and credit unions also have to remember that international crime goes beyond mere money laundering. "These people are committing fraud," says Nussenbaum in an interview with BankInfoSecurity's Tracy Kitten [transcript below]. "A hit on a sanctions list could lead to a variety of different reactions and counter measures." Nussenbaum says, as an example, that fraud departments can adjust their detection engines to look for payments that are connected to suspected organized crime rings. "The message is that we in the financial community have to have similar and, frankly, better levels of coordination, communication and technological innovation in order to comply and put a stop to some of the activity that's going on," Nussenbaum says. https://www.bankinfosecurity.com/interviews/how-organized-crime-uses-banks-i-1408