Financial Crime World

Money Express SRL in Lima Accused of Laundering Money for Criminal Organizations

Lima, Peru - A recent investigation has uncovered allegations that Money Express SRL, a currency exchange house in Lima, Peru, was involved in money laundering activities on behalf of Colombian criminal organizations.

Background

The company, owned by the Velit family, had been under scrutiny since 2008 when police and prosecutors discovered its involvement in money laundering activities. Despite warnings from BBVA’s own anti-money laundering unit in 2006 and again in 2008, the bank failed to freeze the Velit Núñez accounts.

Lack of Due Diligence

The investigation highlighted a lack of due diligence by BCP (Banco de Crédito del Perú) and BBVA in preventing money laundering activities. The banks’ compliance units:

  • Failed to detect suspicious transactions
  • Did not take adequate measures to prevent financial crimes

Employee Vetting

Concerns were raised about the vetting process for banking employees. Four cases were found where BCP and BBVA employees had links to organized crime groups, including:

  • One employee identified as a “financial advisor” for a mafia group
  • Another accused of collaborating with a criminal organization involved in drug trafficking

Investigation Findings

The investigation concluded that Money Express SRL was used to launder money for Colombian criminal organizations through its connections with BBVA and BCP employees. The findings suggest that the banks failed to maintain adequate standards in their anti-money laundering systems, allowing financial crimes to go undetected.

Response from Banks

In response to the allegations, both BBVA and BCP stated that they maintain high standards in their money laundering prevention systems and comply fully with authorities.

Conclusion

The investigation highlights the need for improved regulation and oversight of the financial system in Peru to prevent money laundering and other financial crimes. It is essential for financial institutions to prioritize due diligence and employee vetting to prevent such incidents from occurring in the future.