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 […]
Broker dealers are individuals or firms that buy and sell securities for their own account or on behalf of their customers. Since they deal with large sums of money and a range of financial instruments, and engage in frequent transactions […]
To avoid detection by financial institutions (FIs), criminals often use surrogates, known as money mules, to conduct illegal activities on their behalf. Money mule networks are a global problem, moving vast sums of illegal money between accounts and facilitating a […]
Customer Screening: Maximizing Effectiveness and Efficiency A Balancing Act If companies aren’t strategic in their approach to customer screening and monitoring, they risk being overwhelmed with alerts. Those companies face high operational costs, a nearly-impossible-to-clear backlog of alerts, longer remediation […]
On 11 May 2018, the Financial Crimes Enforcement Network (FinCEN) implemented its Final Rule, setting out a range of new customer due diligence (CDD) requirements for financial institutions in the United States. In more detail, the CDD Final Rule involves […]
An eWallet, or digital wallet, is a software-based system that holds users’ payment information and can be used to pay for goods and services, either online or in person with a mobile device. The global use of eWallets has grown […]
Why is P2P money laundering becoming more prevalent? Advances in fintech have allowed for the development and widespread uptake of a variety of online financial services, including peer-to-peer lending and crowdfunding, both of which have grown to represent multi-billion dollar […]
As banks and non-bank financial institutions explore new, innovative methods with which to deliver financial services, digital lending has emerged as an opportunity for those organizations to loan money faster and more efficiently. Digital lending is essentially the use of […]
As banks and other financial institutions (FIs) embrace advances in financial technology, the digital banking sector has grown dramatically. This trend shows no signs of slowing down: one survey suggests 86 percent of UK adults use some form of online […]
The money remittance industry is growing. In 2018, global remittances reached $689 billion: a figure that is expected to reach $746 billion in 2020. The trend is driven, in part, by digital remittance services, which are expected to see a […]
Foreign currency exchange (FX) is a popular methodology for money launderers, who seek to exploit a range of vulnerabilities associated with the service. The growing volume of FX businesses across the banking and commercial sectors, on Main Streets and online, […]
Banks and other financial institutions (FIs) must implement an anti-money laundering (AML) compliance program to detect and prevent money laundering and terrorism financing activities and satisfy their associated regulatory obligations. Given the administrative burden and the need to manage their […]
