For more than a decade, terrorist financing has been a prevalent financial crime on which authorities are desperate to crack down. It became a major political issue after the September 11th terrorist attacks in the United States, and it has […]
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Knowledge & training
If you are familiar with the financial industry, you have likely heard the phrase “know your customer”, which is often referred to as KYC. KYC is an important practice in business and finance, as it allows institutions to ensure that […]
The Financial Crimes Enforcement Network (FinCEN) is the United States’ primary financial regulator. It is responsible for supervising financial institutions (FIs) and ensuring banks and other service providers comply with anti-money laundering and counter-financing of terrorism (AML/CFT) laws. Established in […]
FATF and the Prevention of Financial Crime The Financial Action Task Force, or FATF, is one of the most influential and important organizations in regard to combating financial crimes such as money laundering, terrorist financing, and other forms of corruption. […]
As criminals develop increasingly sophisticated methodologies to launder money, commit fraud, and fund terrorist activities, demand for effective AML/CFT software grows. Financial crime is a global threat meaning that banks and financial institutions must ensure they are able to accurately […]
Money laundering and terrorist financing (ML/TF) pose a substantial threat to governments and financial institutions. Over the past few decades, increasing measures have been taken across the globe to counter them. In 2022, the EU moved forward in its bid […]
To address violations of international law, human rights abuses, other state-sponsored crimes, and threats to international security, governments may impose sanctions against designated targets around the world. Sanctions are a range of restrictions and penalties imposed on countries, entities, or […]
The Office of Foreign Assets Control (OFAC) is responsible for creating, implementing and enforcing the United States’ sanctions. All parties under US jurisdiction must abide by OFAC sanctions and associated regulations and avoid OFAC sanctions violations. Exemptions to sanction orders […]
One of the ways the US punishes violations of international law, human rights abuses, and other state-sponsored criminal activities is by imposing economic sanctions against countries, entities, and individuals. The OFAC sanctions regime is implemented and enforced by a dedicated branch of […]
Like most countries, the UK issues a range of sanctions against individuals, groups, and other states to achieve certain economic or diplomatic outcomes. Sanctions form a major element of the UK’s foreign policy. As a significant political and economic power, […]
Financial crime refers to any criminal conduct relating to financial services or markets. As regulators and monetary authorities introduce new strategies to detect and prevent financial crime, criminals develop increasingly sophisticated methods of evading scrutiny. Most jurisdictions have established organizations […]
Anti-money laundering guidance Various government agencies and interest groups publish information regarding anti-money laundering. Australia: Australian Government – Trade-based money laundering: Risks and regulatory responses UK: HMRC Guidance for Money Service Businesses US Treasury: Office of Foreign Assets Control (OFAC) […]