Cryptocurrencies or crypto-assets have gained a lot of popularity over the past few years. In particular, during the latter part of 2017 market capitalizations for many of the more prominent cryptocurrencies reached all-time highs. Along with their increased popularity, cryptocurrencies […]
In 2016 and 2017, the Panama Papers and Paradise Papers leaks exposed the financial affairs of dozens of multinational companies, politicians, and other high-profile individuals that had been exploiting secretive offshore jurisdictions for decades in order to avoid paying tax […]
Elder financial exploitation: What you need to know An 87-year-old Holocaust survivor is defrauded of his life’s savings in a 6-7 year romance scam. A major drug cartel diversifies its income stream by branching out into timeshare scams targeting seniors. […]
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 […]
Governments impose sanctions on countries, businesses, or individuals to punish violations of international law. Sanctions are a tool for resolving conflicts by exerting economic and diplomatic pressure on designated targets rather than through military means. Common types of sanctions include […]
For most of 2020, the focus of the media and general public has shifted away from Brexit and towards the Covid-19 pandemic. However, with 2021 just a few months away and the end of the UK’s “transition period” coming into […]
In the new normal of payments, what are the top AML risks? Have AML/CFT 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 and their money laundering risks are a perennial concern for financial institutions (FIs). While not illegal outright, criminals often use shell companies to disguise illegal assets and introduce them into the legitimate financial system. When onboarding businesses as […]
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 the introduction of a legal […]
Transaction monitoring, and therefore AML transaction monitoring thresholds, are fundamental components of the risk-based approach to anti money laundering that banks and financial institutions in jurisdictions across the world are required to implement. When customers engage in activity that appears […]
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 […]
