AML Certificate Number

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Question:

We have a customer that wants to have funds sent from an international account into his account here, a US bank. In trying to set up the transfer, the international bank requires an anti-money laundering certificate number. It is a mandatory field. Can you explain what certificate they are referring to?

Answer:

The unsuspecting victim is lured into a business or investment deal with someone he/she believes to be a legitimate representative of the Nigerian Government. The victim is led to believe that he/she will receive a large amount of money, usually several million dollars, for performing a "risk-free" task, Later, when the victim expects to receive the promised payment, he/she is told that a small processing fee must be paid before transfer of the funds can be completed. Ironically, the first of these advanced fees is usually to purchase a "Certificate of Legitimacy" AKA "AML Certificate ” vouching for the non-criminal origin of the funds. Another type of fee that may be required before payment is to generate a new PIN code. These advanced fees will continue, one after the other, until the victim realizes that the final payment of funds is not forthcoming. Often, however, this realization does not take place until after the victim has lost several thousand dollars.

Sample "Certificate of Legitimacy" Sample Letter Detailing PIN Number Generation Fee

Read all about Frauds and Scams @ Federal Reserve bank of New York

First published on BankersOnline.com 2/16/04