Remote working presents unique problems for due diligence in general and client onboarding in particular. Firms will need to address and codify new guidelines so as to ensure consistency and effectiveness of any temporary internal know your customer (KYC) processes. […]
Although prepaid credit cards have been available since the 1990s, their popularity grew significantly in the late 2000s and continued to do so over the following decade. By 2027, research suggests that the prepaid cards global market will be worth $3tn, creating […]
Financial institutions have traditionally opted for on-premises software solutions to help them comply with AML requirements out of a sense of security. But many are now choosing to move to cloud-based solutions. The reason: the financial landscape is rapidly evolving. […]
Digital payments are growing at an annual rate of 12.7% and are projected to reach 726 billion transactions in 2020. As payment technology goes digital, money laundering methodologies are also changing. To manage those new threats, many financial institutions are […]
What is an Unexplained Wealth Order? Introduced in the United Kingdom in 2018, unexplained wealth orders (UWO) have become a powerful tool in the fight against money laundering. UWOs are court orders, issued by the UK High Court, that compel […]
EU anti-money laundering directives are issued periodically by the European Parliament to be implemented by member states as part of domestic legislation. European anti-money laundering directives (AMLD) are intended to prevent money laundering and terrorist financing and establish a consistent […]
Is it time for compliance culture to shift entirely? The risk-based approach (RBA) to AML/CFT efforts has been in effect for years. But the financial impact of dark money and organized crime is still a significant shadow on the global […]
The Financial Action Task Force (FATF) is an intergovernmental organization that monitors global money laundering and terrorist financing trends. The FATF collaborates with its member states and regional organizations to develop a legal, regulatory, and operational framework for combating these […]
Economic sanctions are an important part of the global fight against financial crime, including money laundering and the financing of terrorism. In recent years, the number of economic sanctions in place across the world has increased significantly: in the United […]
In a nutshell, secondary sanctions are meant to enhance the effect of primary, or designated, sanctions, which target certain parties to bring about behavioral change. They are, in essence, an extension of those primary sanctions, as they are used to […]
Fraud and money laundering are often connected in criminal and regulatory contexts, and this proximity is reflected in the crossover of responsibilities of AML and anti-fraud employees. However, while they face similar threats, AML and fraud departments often operate in […]
The illegal wildlife trade (IWT) is a global problem that threatens the survival of many species, from small reptiles and amphibians to large mammals like elephants, rhinoceroses, and tigers. IWT is driven by various factors, including poverty, the demand for […]
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