DSA President Quoted regarding Online Rental Money Laundering Scheme


Alison Jimenez, president of Dynamic Securities Analytics, was quoted in a recent Association of Certified Financial Crime Specialists article titled “Criminals Turning to Online Rentals to Launder Money” by Brian Monroe.

 

“Online marketplaces such as Airbnb are attractive to money launderers for several reasons,” said Alison Jimenez, President of Tampa, Fl.-based Dynamic Securities Analytics, a consulting firm specializing in AML and financial services litigation issues.

“One factor money launders look for is the ability to conduct cross-border transactions,” she said. “Many online marketplaces facilitate legitimate cross-border transactions such as vacation home rentals that can be used as a cover for a criminal trying to remit illicit proceeds across borders.”

For instance, a criminal gang could smuggle fentanyl into the USA and then remit the proceeds back home via a fake “IT consulting gig” or via multiple fake home rentals run through a legitimate online marketplace, Jimenez said.

“Money launderers also look for the ability to launder large sums of dollars at once,” she said. “Home rentals can cost several thousand dollars and serve as a quick way to cash out a stolen credit card if you have a corrupt or hacked host account on the other end.”