Canada’s status as the second-largest economy in North America and as a major center for business and finance means it faces significant money laundering risks. In 2021, the Financial Action Task Force (FATF) provided an update on its assessment of […]
Automating and enhancing AML/KYC compliance for digital assets The Know Your Customer (KYC) process is a fundamental component of anti-money laundering regulations in jurisdictions around the world. However, with the rise of disruptive blockchain technology and increased global use of […]
A Year in Review: 2020 AML & Anti-Financial Crime Highlights As we close the books on 2020, we look back on an intense year of sanctions, designations, money laundering, cyber crime, fraud and the key trends in AML & anti-financial […]
Free Ports, Free Trade Zones and Money Laundering Risks Free ports and free trade zones (FTZ) are special-status areas in which the tax and customs rules that are applicable within the surrounding jurisdiction do not apply. Usually established to stimulate […]
In the new normal of payments, what are the top AML risks? Have AML/CFT risks been impacted by COVID-19? Apart from being a massive public health crisis, COVID-19 is also sounding the death knell for cash. During the peak of […]
AML in Austria: Regulations and compliance Austria is one of Europe’s major financial hubs, attracting a range of commercial business interests and offering financial services to customers from all over the EU and the world. The primary financial regulator in […]
Shell companies are business entities that are often used by money launderers to hide illegal funds and the identity of beneficial owners. In 2016, the Panama Papers exposed the extent to which shell companies were being used to launder money […]
The European Union’s Fifth Anti Money Laundering Directive (5AMLD) came into force across all member states on 10 January 2020. The directive set out a range of requirements and amendments to EU AML legislation, including the introduction of a legal […]
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 […]
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 […]
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