8SEPTEMBER - OCTOBER 2025OPINIONIN MYBy Dr. Artur Golban, Deputy Director of General Compliance and Internal Control, VictoriabankUnderstanding Money Laundering and Fraud RisksIn an era of globalization and the rapid shift to a digital economy, money launderers and fraudsters have become increasingly sophisticated. According to the Association of Certified Fraud Examiners (ACFE) Report to the Nations 2024, organizations worldwide may lose up to 5% of their annual revenue due to undetected fraud. Meanwhile, the United Nations Office on Drugs and Crime (UNODC) estimates that EUR 715 billion to 1.87 trillion--approximately 2-5% of global GDP--is laundered each year.To better understand this threat, it is crucial to define money laundering and fraud and explore their impact on organizations and the global economy.What is Money Laundering?Money laundering is the process by which criminals disguise the illicit origins of funds derived from illegal activities such as drug trafficking, corruption, tax evasion, piracy, and forgery. The goal is to give unlawfully acquired money the appearance of legitimacy.Money laundering occurs in three key stages:1. Placement: Illicit funds are introduced into the financial system, often in small cash transactions below reporting thresholds.2. Layering: Criminals conduct multiple transactions to create layers of complexity, making it difficult to trace the funds' origin. Electronic fund transfers (P2P transactions) are frequently used due to their speed, global reach, and anonymity.3. Integration: Laundered funds are reintroduced into the legitimate economy, often through business investments, real estate purchases, or shell companies.Detecting the integration stage is particularly challenging for financial crime investigators, as it requires distinguishing between legitimate and illicit funds.Money laundering has severe economic and social consequences, including:· Increased exposure to organized crime and corruption· Reduced foreign investment· Weakened financial institutionsMONEY LAUNDERING AND FRAUD RISKS: THREATS AND WAYS TO PROTECT CUSTOMERS IN THE ERA OF DIGITALIZATIONDr. Artur Golban is the Deputy Director of General Compliance and Internal Control, at Victoriabank in the Republic of Moldova. In 2016, he earned a Doctorate in Economic Sciences and has published more than 50 scientific papers in local and international journals. In 2022, he obtained a Master's degree in Law from the Academy of Economic Studies of Moldova.With over a decade of experience in the Moldovan banking sector, he has worked with several major international financial groups, including JSCB Mobiasbanca-Groupe Société Générale, JSCB BCR Chiinu (part of Erste Group), JSCB EXIMBANK (part of Intesa Sanpaolo Group), and Victoriabank (part of Banca Transilvania Group).Dr. Golban has played a key role in strengthening AML (Anti-Money Laundering) and compliance frameworks, actively promoting a strong AML culture in Moldova's banking system. He has extensive experience in implementing AML/KYC/Sanctions IT solutions across the organizations he has worked with.He is an active member of the Association of Certified Anti-Money Laundering Specialists (ACAMS) and holds both the CAMS (Certified Anti-Money Laundering Specialist) and CGSS (Certified Global Sanctions Specialist) certifications, obtained through the House of Training of Luxembourg (ATTF Luxembourg).Since 2021, he has served as the Co-Chair of the ACAMS Eurasia Chapter, a key part of the ACAMS community, which fosters professional development and networking for AML, fraud, and sanctions experts in the region.In February 2025, he earned his Certified Financial Crime Specialist (CFCS) certification from the Association of Certified Financial Crimes Specialists.
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