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. […]
The Financial Supervisory Authority of Norway (FSA), known as Finanstilsynet, is the primary government agency responsible for the supervision of Norway’s financial system and is tasked with oversight of all banks and financial institutions within the country. In its supervisory […]
AI and Machine Learning in Financial Crime Technology The fight against money laundering is a huge challenge for financial institutions around the world, and as criminal methodologies grow more sophisticated, so must the AML measures put in place to stop […]
FinCEN Files: What You Need To Know Leaked documents have revealed how financial institutions around the world have been complicit in the movement of trillions of dollars of illegal money. In September 2020, journalists revealed a cache of leaked documents from […]
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 […]
AML in The Netherlands: FIU (The Financial Intelligence Unit) Money laundering is a growing problem in the Netherlands, with estimates suggesting that around €16 billion in illegal funds is laundered there every year — money derived from a range of […]
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 […]
6AMLD Challenges: Remittance With the EU’s 6th Anti-Money Laundering Directive in effect, the money remittance industry must adapt to new compliance challenges.The European Union’s 6th Anti-Money Laundering Directive (6AMLD) was implemented across all member states on June 3rd 2021. One of […]
In order to avoid regulatory measures put in place to prevent money laundering, criminals may seek to use money mules to conduct illegal activities on their behalf. Money mule networks are a global problem and are used to move vast […]
The EU has long tried to get a handle on which predicate offences drive money laundering. Now, with the latest anti money laundering directive set to be transposed into law in December 2020, many new predicate offences will need to […]
We finished the first part of this blog with the introduction of 3AMLD in 2005. At this point, the EU had in place an already extensive framework of AML and CFT obligations, including Customer Due Diligence (CDD)/Know Your Customer (KYC) […]
Over the last twelve months, the European Union (EU) has been considering how to renew its attack on money laundering, following a wave of anti-money laundering (AML) control failures at Northern European banks and linked scandals about potential illicit flows […]
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