Is Cryptocurrency Legal in the US? Cryptocurrencies: Not considered legal tender Cryptocurrency exchanges: Legal, regulation varies by state While it is difficult to find a consistent legal approach at the state level, the US continues to progress in developing federal […]
The United Nations Office on Drugs and Crime (UNODC) estimates that two to five percent of global GDP is laundered annually – equating to between €715 billion and €1.87 trillion each year. As technology advances, so do the avenues through […]
Know your customer (KYC) is the process financial institutions (FIs) use to verify their customers’ identities and inform compliance risk assessments. KYC is a foundation of anti-money laundering and countering the financing of terrorism (AML/CFT) compliance in jurisdictions worldwide. Given […]
A Money Laundering Reporting Officer (MLRO) is a person responsible for implementing and overseeing a company’s anti-money laundering (AML) compliance program. The duties of the MLRO may involve serious legal consequences that result in civil and criminal action. Money Laundering […]
A Bank Secrecy Act (BSA) Officer is the person responsible for ensuring compliance with the Bank Secrecy Act of 1970, which aims to prevent and detect money laundering and other financial crimes. The Bank Secrecy Act is administered by the […]
An AML compliance program is a set of regulations and procedures that FIs follow to detect and prevent money laundering and associated crimes, including fraud, tax evasion, and terrorist financing. Financial institutions (FIs), such as banks, credit unions, and capital […]
In order to oversee internal anti-money laundering policies and remain compliant with important regulations, banks, credit unions, and similar financial institutions are required to appoint an Anti-Money Laundering Compliance Officer. As part of the fight against financial crime, governments across […]
In order to carry out its duties, the Office of Foreign Assets Control (OFAC) produces the Specially Designated Nationals and Blocked Persons list – also known as the OFAC SDN list. The OFAC SDN list represents an essential tool in […]
When people talk about conducting KYC checks, they’re probably referring to the process that takes place at onboarding, i.e. identifying your customer and verifying that identity. But the problem for most businesses, is that a quick identity check isn’t going […]
Adverse media, sometimes called negative news, refers to information from news and other media sources that suggest an individual or entity may represent a financial crime risk. Because of the insights adverse media can provide, screening for it forms an […]
ComplyAdvantage is proud to announce that it has won the award for Most Innovative Compliance Service at the inaugural RemTech awards. The awards were held at the Global Forum on Remittances, Investment and Development, GFRID2017 they were organized by the […]
ComplyAdvantage is proud to announce today that it has partnered with Encompass Corporation to combine AI-driven data with next generation aggregation and automation technology. Encompass Corporation’s unique KYC automation software is used by a wide range of clients in the […]
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