In 2019, global financial authorities handed down an unprecedented amount of money laundering fines, amounting to around $8.14 billion (including fines imposed for historic offences). While regulators in the United States and the United Kingdom were the most active, penalties […]
A Year in Review: 2020 AML & Anti-Financial Crime Highlights As we close the books on 2020, we look back on an intense year of sanctions, designations, money laundering, cyber crime, fraud and the key trends in AML & anti-financial […]
Free Ports, Free Trade Zones and Money Laundering Risks Free ports and free trade zones (FTZ) are special-status areas in which the tax and customs rules that are applicable within the surrounding jurisdiction do not apply. Usually established to stimulate […]
In the New Normal of Payments, What are the Top AML Risks? Have CFT/AML risks been impacted by COVID-19? Apart from being a massive public health crisis, COVID-19 is also sounding the death knell for cash. During the peak of […]
AML in Austria: Regulations and Compliance Austria is one of Europe’s major financial hubs, attracting a range of commercial business interests and offering financial services to customers from all over the EU and the world. The primary financial regulator in […]
Shell companies are business entities that are often used by money launderers to hide illegal funds and the identity of beneficial owners. In 2016, the Panama Papers exposed the extent to which shell companies were being used to launder money […]
5AMLD and the Art Trade The European Union’s Fifth Anti Money Laundering Directive (5AMLD) came into force across all member states on 10 January 2020. The directive set out a range of requirements and amendments to EU AML legislation, including […]
It’s no secret that fighting financial crime depends on knowing your customers. Yet current AML/CFT regulations provide merely a starting point for this. The emphasis regulators place on taking a risk-based approach leaves much to an individual financial institution’s best […]
How to choose an AML software vendor From designated non-financial businesses and professionals (DNFBPs) to virtual asset service providers (VASPs), the breadth of firms subject to anti-money laundering (AML) regulations is greater than ever. Moreover, the regulations themselves – and […]
AML Alerts: How to Reduce False Positives in AML As part of their regulatory compliance obligations, banks and other financial institutions must develop and implement risk-based AML programs to counter the money laundering and terrorism financing threats that they face. […]
Crypto Exchanges and Wallets: AML Red Flags As the use of cryptocurrency becomes more widespread, cryptocurrency service providers must deal with a greater range of threats from money launderers that exploit the speed and anonymity associated with the online trade […]
Broker dealers are individuals or firms that buy and sell securities for their own account or on behalf of their customers. Since they deal with large sums of money and a range of financial instruments, and engage in frequent transactions […]
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