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 […]
From designated non-financial businesses and professionals (DNFBPs) to virtual asset service providers (VASPs), the breadth of firms subject to anti-money laundering (AML) regulations is greater than ever. Moreover, the regulations themselves – and the criminal activities they’re designed to detect […]
As part of their regulatory compliance obligations, banks and other financial institutions (FIs) must develop and implement risk-based AML programs to counter the money laundering and terrorism financing threats they face. After performing risk assessments on their customers, firms should […]
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 […]
The fight against money laundering is a huge challenge for financial institutions around the world. As criminal methodologies grow more sophisticated, so must the anti-money laundering (AML) measures put in place to stop them. Since modern AML requires firms to […]
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 […]
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 criminal activities, including drug trafficking, sexual exploitation and extortion. […]
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 […]
To avoid detection by financial institutions (FIs), criminals often use surrogates, known as money mules, to conduct illegal activities on their behalf. Money mule networks are a global problem, moving vast sums of illegal money between accounts and facilitating a […]
The EU has long tried to determine which predicate offenses drive money laundering. With the latest anti-money laundering directive set to be transposed into law in December 2020, many new predicate offenses will need to be monitored by regulated businesses—screening […]
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) […]
