Remember, the bulk cash money laundering method previously employed in Mexico, which was extremely successful, can easily be adapted to the Guatemalan financial structure. Money launderers will have their associates and clients deposit drug cash into the largest Guatemalan banks, who will eventually ship the cash into the United States in bulk.
If your bank has correspondent relationships with Guatemalan banks, or branches or subsidiaries of foreign banks that are located in Guatemala, are you receiving deposits composed of bulk cash? Is this inconsistent with the bank’s relationship history with you? If so, immediately institute enhanced due diligence on the funds, including proof of the origin and source of these cash funds.
By Kenneth Rijock
Financial Crime Consultant, for World-Check
