DETECTING AND REPORTING THE ILLICIT FINANCIAL FLOWS TIED TO ORGANIZED THEFT GROUPS (OTG) AND ORGANIZED RETAIL CRIME (ORC)

This White Paper from ACAMS in May says that high-profile “smash-n-grab” robberies, and nationwide cases involving major retailers in Chicago, Los Angeles, and San Francisco have made headlines; and recent hearings by the US Congress, that discuss and debate proposed legislation, target the ability of criminal organisations to resell the stolen goods online with relative anonymity.  ORC is a low-risk, high-reward business line for transnational criminal organisations’ portfolios that presents a significant financial and public safety risk.  However, criminal organisations need to launder the nearly $70 billion of illicit proceeds gained from ORC activities annually, and financial institutions should ensure proper controls are in place to detect and report illicit activities tied to or involving ORC.

https://www.acams.org/en/media/document/29436

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