Dr. Artur Golban is the Deputy Director of the Compliance Department 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 Chișinău (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.
Understanding Money Laundering and Fraud Risks
In 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 institutions
• Significant reputational risks for affected countries
• Economic instability
Understanding Fraud and Its Connection to Money Laundering
Fraud is a predicate money laundering offence, meaning that fraudulent activities generate illicit funds that criminals later launder. According to the Financial Action Task Force (FATF)—the global AML/CFT (Countering the Financing of Terrorism) watchdog—fraud is a major contributor to money laundering operations.
The Cambridge Dictionary (2023) defines fraud as: “The crime of getting money by deceiving people.”
Deception is the core element of fraud, and fraudsters frequently use social engineering tactics to manipulate victims into disclosing confidential information. Common fraud schemes include:
• Identity theft
• Account takeovers
• Unauthorized access to banking services and government benefits
"In the era of digitalization, money launderers and fraudsters have become more professional, making it essential for organizations to implement strong governance, risk, and compliance programs to safeguard their customers and reputation."
Fraudsters often study victims’ personal information before exploiting their bank accounts, credit/debit cards, and online banking access. Stolen funds are typically laundered through electronic channels, including:
• Multiple P2P transfers to different individuals
• Use of crypto currency exchanges to obscure fund origins
• Trade-based money laundering schemes
Red flags that may indicate identity theft or fraud include:
• Unusual transactions inconsistent with a customer’s profile
• Large fund transfers that do not align with past account activity
• Rapid withdrawals of nearly all account funds
• Multiple small P2P transactions to different recipients without clear economic rationale
Fraud and money laundering expose organizations to reputational, legal, and financial risks, underscoring the need for proactive risk management strategies.
How Organizations Can Protect Against Money Laundering and Fraud
As financial criminals become more sophisticated, banks and businesses must strengthen their governance, risk, and compliance (GRC) frameworks to mitigate exposure. Effective AML and anti-fraud programs should include:
1.Clear Policies, Procedures, and Controls
• AML and fraud prevention policies should be board-approved to ensure strong leadership commitment ("Tone from the Top").
2.Dedicated Financial Crime Units (FRAML)
• Traditionally, AML and fraud teams operated separately. However, due to their interconnection, many organizations now integrate them into a Fraud + AML (FRAML) unit to improve efficiency and collaboration.
3.Comprehensive Risk Assessments
• Regular evaluations should cover customer profiles, product offerings, service channels, and geographic risks.
4.Independent Audit Functions
• Regular audits ensure compliance and identify potential weaknesses in AML/fraud controls.
5. Advanced IT Solutions for AML and Fraud Prevention
• Cutting-edge AI-powered transaction monitoring systems can help detect suspicious activities in real-time.
6. Ongoing AML and Anti-Fraud Training
• Employees must receive continuous education to recognize and respond to emerging financial crime threats.
To effectively combat money laundering and fraud risks, organizations must implement robust GRC frameworks that foster a strong AML and anti-fraud culture. Building a workforce with a deep understanding of financial crime risks—and equipping them with the tools to prevent and detect these threats—is crucial in protecting customers and maintaining financial integrity.
