B2B payment companies should be prepared to raise your anti-money laundering game

New players are innovating the way cross-border B2B payments are made and are bringing new business models that bundle these payments with other activities, such as foreign exchange conversions, wallets, invoicing, virtual accounts, etc. But with the growth in cross-border B2B payment companies, I thought it interesting that these new players are entering a space that is getting increasing scrutiny for illicit money movement by traditional means — trade misinvoicing.

What is trade misinvoicing? Simply put, moving money across borders by deliberately misreporting the value, volume, and/or type of commodity. Many anti-money laundering efforts (AML) exist to stop the practice.