What is The Bank Secrecy Act (BSA)? The Bank Secrecy Act (BSA) is the United States’ most important anti money laundering regulation: banks and other financial institutions must ensure they meet the compliance obligations it involves. Introduced in 1970, the […]
As financial authorities adapt to evolving criminal threats, risk assessment has become a foundation of AML/CFT compliance around the world. Banks and financial institutions must understand how to efficiently manage the money laundering and terrorism financing risks they face in […]
As the largest economy in the world and an influential political power, the United States plays an important role in the global fight against money laundering and the financing of terrorism. The US is a member of the Financial Action […]
Singapore’s Payment Services Act (PSA) was introduced to address the emerging criminal risks of payment technology and to consolidate previously separate payment services regulations. Passed into law on January 14, 2019, and into legal effect on January 28, 2020, the […]
Money laundering — the “cleaning” of criminal funds to make them appear legitimate — is big business. According to the United Nations Office on Drugs and Crime (UNODC), the estimated amount of money laundered globally in one year is 2–5% […]
According to PwC’s Global Economic Crime Survey 2022, around two-thirds of insurance companies were subject to some form of financial crime in 2021. Life insurance companies are at particular risk of money laundering because of the massive flows of funds […]
The UK anti-money laundering legislation is dictated by the Proceeds of Crime Act 2002 (POCA), the Terrorism Act 2000 and the Money Laundering, Terrorist Financing and Transfer of Funds 2017. The UK is a member of FATF and, accordingly, the […]
US prosecutors announced on February 7 that they had secured their first criminal conviction resulting from the Panama Papers investigation, which began nearly four years ago. Harald Joachim von der Goltz, a German businessman and former US resident who was […]
As cryptocurrency usage increases, so too do cryptocurrency regulations around the world that are put in place to govern them. The crypto landscape is constantly evolving and keeping up to date with the rules in different global territories isn’t easy. […]
Sanctions screening is integral to AML/CFT regulation around the world and vital in the fight against money laundering and terrorism. Sanctions breaches constitute serious offenses and can result in heavy penalty fines: accordingly, banks and financial institutions must check customers […]
The Malaysia AML/CFT Regime (Newly Revised for 2020) In 2019, Malaysia’s central bank and financial regulator, Bank Negara Malaysia (BNM), revised the existing Malaysia AML/CFT regime by introducing two policy documents applicable to two broad categories of financial entities. The […]
Increased enforcement efforts are shining a spotlight on AML sanctions compliance. Financial institutions (FIs) are under pressure to elevate their game to keep pace with regulators’ demands while still providing their customers with exceptional service — which, in today’s world, […]
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