For financial institutions worldwide, the recent death of North Korean leader Kim Jong II raises new concerns about money-laundering and transactions involving the movement of sanctioned goods.
Paul Buelens, a Belgium-based fraud expert for global compliance and payments solutions provider EastNets, says institutions are closely watching political developments in China, an important diplomatic ally of North Korea.
“It’s always been confusing how much China is involved,” Buelens says. “China has been behind a lot of phishing attacks and other cyberschemes to see what they can find. Now with Kim Jong’s death, I think it will get even worse.”
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High Risk Goods and Money Movement
Ben Knieff, who oversees fraud prevention strategy for NICE Actimize, a provider of financial crime, compliance and risk-management solutions, says the situation in North Korea, like recent political unrest in Northern Africa and other parts of the world, naturally raises concerns about the movement of high-risk or sanctioned goods and changes in control of monetary funds.
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