Many uncertainties and misunderstandings surround politically exposed persons (PEPs). Classifying a client as a PEP is part of the process that enables financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs) to assess the risks related to PEPs. Since […]
An ultimate beneficial owner (UBO) is someone who ultimately owns or controls a company and benefits from its financial transactions. Because UBOs sometimes seek to remain anonymous, often through a complex chain of corporate infrastructure, they may not be immediately […]
Numerous governments have imposed sanctions against Iran over the past several decades. Iran sanctions measures entail a variety of economic restrictions and have broadly been imposed in response to the Iranian government’s involvement in incidents of international terrorism, its involvement […]
The US government first imposed economic sanctions against Cuba on February 7th, 1962, in response to the Cuban government’s political alignment with the Soviet Union and its ongoing efforts to undermine democratic processes. Implemented by President Kennedy under the terms […]
Economic sanctions against Syria are a response to the Syrian government’s use of chemical weapons against civilians and its sponsorship of terrorist groups. Numerous governments currently maintain Syria sanctions programs, which entail a variety of economic restrictions including trade embargoes, […]
What does the Mexican Unidad de Inteligencia Financiera do? Created in 2004, the Mexican Unidad de Inteligencia Financiera (UIF) is a government agency focused on detecting and preventing financial crimes such as money laundering and terrorist financing. The UIF is […]
Overview of the Egmont Group Of Financial Intelligence Units The Egmont Group of Financial Intelligence Units is an important global financial network. Comprising over 150 members FIUs from around the world, the group was founded in 1995 to formulate coordinated policies […]
The Wolfsberg Group, an association of 13 global banks, is one of the several non-governmental organisations that are involved in managing the international economy. The group was founded in 2000 with the aim of contributing to financial industry standards for […]
The Conselho de Controle de Atividades Financeiras (COAF) is Brazil’s national Financial Intelligence Unit (FIU) and is the supervisory body responsible for fighting financial crime. Founded in 1998 and headquartered in the capital city, Brasilia, COAF is part of Brazil’s […]
Founded in 1989, the Australian Transaction Reports and Analysis Center (AUSTRAC) is Australia’s financial intelligence unit (FIU), responsible for combating money laundering (ML), terrorist financing (TF), and other financial crimes. AUSTRAC operates under the Anti-Money Laundering and Counter-Terrorism Financing Act […]
The important role of HM Revenue and Customs (HMRC) What is HMRC? It is common knowledge that HM Revenue and Customs (HMRC) is responsible for regulating taxes, wages, and many other aspects of the financial sector in the United Kingdom. […]
In the economic arena, financial intelligence, or FININT, is increasingly pivotal. With international financial crime near its highest level since the 2008 financial crisis, FININT has become ever more necessary as a tactic both for stopping criminals and for enforcing […]
