Cybercrime and the Evolution of Money Laundering Tactics in Financial Services

Article

As digital payments and financial innovations advance, so do the tactics of organized crime groups using money mules to launder illicit funds. At CeFPro's Financial Crime Europe event, Gareth Dothie of the City of London Police sheds light on the challenges and solutions for combating money laundering today.

Feb 21, 2025

Gareth Dothie, Interim Head of Fraud Operations, City of London Police

Tags: Financial Crime Cyber

Cybercrime and the Evolution of Money Laundering Tactics in Financial Services

The views and opinions expressed in this content are those of the thought leader as an individual and are not attributed to CeFPro or any other organization

Money mules, often recruited through social media, help criminals hide their identities and facilitate illicit transactions across borders.
Financial institutions and regulators face difficulties in tracing money laundering activity due to advanced technology and complex cross-jurisdictional operations.
Educating vulnerable groups, such as young people and those in financial distress, is critical in preventing recruitment into money mule operations.
While AI and machine learning play a crucial role in detecting patterns, traditional approaches and cross-border collaboration remain essential for tackling financial crime.