Following the succession of five previous anti-money laundering directives (AMLDs), the 6th Money Laundering Directive reinforces the foundations of the European Union’s anti-money laundering and combatting the financing of terrorism (AML/CFT) framework. The first AMLD came into force in 1991 […]
What is the ACPR? The Autorité de Contrôle Prudentiel et de Résolution (ACPR) is the independent administrative authority in charge of supervising banks and insurance companies in France. Under the authority of the Banque de France, the ACPR is responsible […]
Guide to money laundering in Dubai, and the importance of Dubai Financial Services Authority (DFSA) One of the most important financial hubs in the United Arab Emirates and the Middle East, Dubai hosts a range of international business interests in […]
What is a Geographic Targeting Order? Geographic targeting orders (GTOs) are a tool used by the Financial Crimes Enforcement Network (FinCEN) to detect and prevent money laundering. GTOs impose AML requirements on obligated firms, in addition to standard Bank Secrecy […]
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 […]
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 […]
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 their targets to reveal the source […]
Since its formation, the European Union has developed a comprehensive anti-money laundering and countering the financing of terrorism (AML/CFT) framework. This allows member states to regulate businesses in their country to protect themselves against financial crime threats. The presence of […]
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 worldwide has increased significantly: in the United States, for […]
