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Published: 15/04/2020

How to Spot Money Laundering

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For retailers, offering customers a service that enables them to make cash deposits and withdrawals is beneficial. It’s an extra type of service that attracts customers into their store.

While these type of services are a great addition to our Payzone terminals, we would like our retailers to be aware of the potential risk of money laundering. 

What is money laundering?

Money laundering is the process of making money generated through criminal activity but appears to have come from a legitimate source.

The chances of a customer entering your store with this intention are very slim but it’s best to be prepared. We have put together a few top tips on how to spot if somebody could be money laundering.

How might a customer who is money laundering behave?

The way a customer behaves while requesting the transaction could signal that they are using it fraudulently. What should you look out for?

  • They might try to convince you that a barcode for a deposit is actually for a cash withdrawal instead
  • They might try to argue that the withdrawal amount is larger than the amount stated on the terminal
  • They might not be able to provide the barcode for the cash withdrawal at your request
  • They could try to distract you while you’re doing the transaction so you make a mistake

How might a customer who is money laundering use the product?

Perhaps you have started to recognise a partícular customer who uses the service more than once over a 24 hour period? The customer in question may:

  • Make multiple transactions over a 24 hour period and use a number of different stores to make payments
  • Deposit cash only to make a withdrawal shortly after

What are the other signs to look out for? 

  • The customer appears to be acting on somebody else’s behalf. They could be accompanied by someone who is pressurising them to make the transaction.
  • You hear the customer discussing illegal business activities 
  • You may notice that the customer is depositing large amounts of money but in small monetary values 

What should you do if you’re suspicious of someone’s behaviour? 

If you are feeling uneasy about how a particular customer is using any type of cash deposit and withdrawal service, trust your instincts. 

Stay calm and take the following steps:

1. Stop processing the transaction

Do not confront the customer about any suspicions you may have. Instead, tell the customer that your Payzone terminal is not working properly so you cannot complete their payment at this time. 

2. Once the customer has left your store, report it to the Payzone Helpdesk

Call our team on 01601 566566 and tell us about the transaction in question. We can then investigate this further on your behalf.

3. Let your Store Manager know about any suspicious activity

If you’re an employee at a Payzone store, make sure you report the incident to your Store Manager. 

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