From the Filipino source here: http://business.inquirer.net/207742/100-m-laundering-via-ph-banks-casinos-probed http://business.inquirer.net/207742/100-m-laund

From the Filipino source here: http://business.inquirer.net/207742/100-m-laundering-via-ph-banks-casinos-probed http://business.inquirer.net/207742/100-m-laundering-via-ph-... > a total of $100 million that was brought into the country’s banking system, sold to a black market foreign exchange broker, transferred to at least three large local casinos, sold back to the money broker and moved out to overseas accounts. Here's how I think that this heist went and I am just speculating here based solely on the info in the report: - They first wired the money to multiple accounts of a secondary financial institution (Remittance or FX business) which is characterized by heavy and frequent transactions so as not to raise suspicions. - They collected the money with the help of the facilitator in that organization. - They exchanged the dollars into pesos and likely in counterfeit bills at very lucrative rates just to account for the risks hoping for more rewards from the operation. - They took the money and deposited them in the casinos for ships settling debts and laundering the money in the process. - They traded the chips for authentic cash from the casinos and then went back to their FX broker to exchange it back in USD. - Finally, they reached out to their man at the FX/remittance business to have the funds wired overseas to the final recipients and probably masked with other legitimate transactions for better security for them.