Knowledge & Training

The money remittance industry is growing. In 2018, global remittances reached $689 billion: a figure that is expected to reach $746 billion in 2020. The trend is driven, in part, by digital remittance services, which are expected to see a […]

Foreign currency exchange (FX) is a popular methodology for money launderers, who seek to exploit a range of vulnerabilities associated with the service. The growing volume of FX businesses across the banking and commercial sectors, on Main Streets and online, […]

Politically Exposed Persons (PEPs) Screening Best Practices Fighting financial crime committed by political figures starts with identifying them. It’s easy to identify a head of state or key members of a legislature, but there are many politicians in the world […]

In most global jurisdictions, banks and other financial institutions must put an AML compliance program in place in order to detect and prevent money laundering and terrorism financing activities and satisfy their associated regulatory obligations.  However, achieving AML/CFT compliance in […]

The UN Security Council Sanctions Committee on North Korea first convened in 2006, prompted by North Korea’s claim in October of that year that it had successfully conducted a nuclear test. The resolution establishing the committee — resolution 1718 — […]

Money Laundering Through Foreign Exchange Providers  Advances in technology have made moving funds to different parts of the world easier than ever and contributed to the growth in money remittance and foreign exchange service providers. The World Bank reports that, […]

The Philippines is one of the Asia Pacific (APAC) region’s most prominent business destinations and a global hotspot for FinTech and financial services. Ranked as one of Southeast Asia’s favored investment destinations, the Philippines attracted over USD2.44 billion of foreign […]

When individuals are elected to prominent political positions or assigned high-profile public roles, they should be categorized as politically exposed persons (PEPs) to reflect their increased risk of involvement in money laundering or terrorism financing. Global financial authorities require banking […]

Domestic PEPs vs Foreign PEPs: Should They Be Treated The Same? Politicians and other high-profile public officials are especially vulnerable to criminal behavior since they wield significant power and have access to a wealth of resources. Therefore, screening for politically […]

In order to pursue the United States’ foreign policy objectives, the US Treasury has imposed regulations and sanctions on North Korea in some form since 1950. The sanctions have the broad goal of pressuring North Korea to denuclearize but have […]

Save Time, Save Money: Automate Your AML Client Onboarding Process When banks and financial institutions take on new customers and clients, they must also consider a range of important regulatory requirements in order to detect and prevent potential money laundering […]

What You Ought to Know About Transaction Monitoring Best Practices Transaction monitoring is a requirement for AML/CFT programs around the world and a vital tool in the fight against money laundering and terrorism financing. Using transaction monitoring best practices allows […]