How Tech Brains Crowdfunding Platform could have ousted the Breaking Bad Universe
Many of you might have had the experience of walking through the Breaking Bad universe. Dubbed one of the best TV shows ever made, the series explores the life of Walter White, a high school Chemistry teacher turned drug kingpin, who rises to the top of the international drug cartel, starts leading a respectable life as a car wash owner until his crime gets detected and hell breaks loose.
So, what happened? Why did the chemistry teacher suddenly get obsessed with washing cars and how does he get caught?
The answer to the first question is simple. Money laundering. The incredible inflow of cash thanks to his illegal, not to mention highly scandalous drug dealings was laundered through his legal car wash business and with fraudulent book-keeping tricks, accounted for as profits.
In other words, the illicit or dirty money gained from drug trafficking was siphoned into a newly bought car wash business and laundered clean and taxable, as explained by White’s devious lawyer Saul Goodman.
What troubles me as a moral citizen is that Walter White could have gotten away with that but for an accidental and dramatic twist in the plot.
Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money") appear legal (i.e. "clean"). Typically, it involves three steps: placement, layering, and integration. First, illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the "dirty money" appears "clean." Money laundering can facilitate crimes such as drug trafficking and terrorism, and can adversely impact the global economy. https://www.fincen.gov/history-anti-money-laundering-laws
The Federal government has a long history of placing utmost significance in fighting against financial crimes via various laws and policies and strictly enforcing them.
In June 2021, the FinCEN (Financial Crimes Enforcement Network) issued the first government-wide priorities for anti-money laundering and countering the financing of terrorism (AML/CFT) policy following consultation with other relevant Department of the Treasury offices, as well as Federal and State regulators, law
enforcement, and national security agencies. The priorities identify and describe the most significant AML/CFT threats currently facing the United States.
At Tech Brains, we ensure that our employees are up-to-date with the federal government’s policies and regulations in all aspects. Our anti-money laundering analysts and financial technology experts conduct holistic reviews and searches to gather exhaustive evidence against any kind of fraudulent or suspicious transactions and work out combative measures.
We build robust and fool-proof fintech solutions not only to meet your business challenges but to fight against financial crimes. Simply put, you can rest assured that no illicit money ever passes through your financial institution.
Automate your processes, and get an integrated AML, KYC, and onboarding solution that takes care of client screening, transaction monitoring, detecting suspicious activities, and managing investigations.
Recently, we built a high-impact crowdfunding platform for a prestigious global crowd funding company, with extensive AML background check and DocuSIgn integration.Read the full story here.
To know more about our financial technology solutions, or generally talk to us, drop an email to email@example.com