The Money Laundering Cycle Spins On

It’s a $2 trillion problem, according to stats, and global in scope. Money laundering is big business and the recovered funds are scant, which begs a solution (a roadmap was offered up for FIs in a recent PYMNTS interview with Zac Cohen, Trulioo general manager). Elsewhere, Mastercard is targeting contactless payments on a mass scale – for mass transit, rolling out across additional cities through the next few years.

Data:

1 percent: The share of proceeds intercepted from financial crimes.

$2 trillion: The top end of a range (starting at $800 million) in money laundering estimated by the United Nations Office on Drugs and Crime.

20: The number (at least) of U.S. cities in which Mastercard plans to offer contactless payments over the next few years.

58 percent: The share of consumers engaging in contextual commerce, according to respondents to the latest Digital Consumer report.

81 percent: Share of consumers engaging in contextual commerce who said they used social media as their channel of choice.