Fraud and money laundering are often connected in criminal and regulatory contexts. This proximity is reflected in the crossover of responsibilities of anti-money laundering (AML) and anti-fraud employees. However, while they face similar threats, AML and fraud departments often operate […]
The illegal wildlife trade (IWT) is a global problem that threatens the survival of many species, from small reptiles and amphibians to large mammals like elephants, rhinoceroses, and tigers. IWT is driven by various factors, including poverty, the demand for […]
As financial authorities adapt to evolving criminal threats, risk assessment has become a foundation of AML/CFT compliance around the world. Banks and financial institutions must understand how to efficiently manage the money laundering and terrorism financing risks they face in […]
As the largest economy in the world and an influential political power, the United States plays a vital role in the global fight against money laundering and the financing of terrorism. The US is a member of the Financial Action […]
Money laundering, or the processing of illegally obtained funds to make them appear legitimate, is big business. The United Nations Office on Drugs and Crime estimates the total annual value of laundered money at 2–5 percent of global GDP, or […]
To combat global financial crime, governments and international authorities implement a range of anti-money laundering and countering of terrorist financing (AML/CFT) regulations that impact the insurance sector. Penalties for compliance failures can include heavy fines, and failures to catch internal […]
Every year, money laundering costs the UK economy around £100 billion. To avoid the risk of penalties and fines resulting from non-compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) regulations, firms in the UK should understand UK […]
As cryptocurrency usage increases, so too do cryptocurrency regulations around the world that are put in place to govern them. The crypto landscape is constantly evolving and keeping up to date with the rules in different global territories isn’t easy. […]
In 2019, Malaysia’s central bank and financial regulator, Bank Negara Malaysia (BNM), revised the existing Malaysia AML/CFT regime by introducing two policy documents applicable to two broad categories of financial entities. The first document is for financial institutions (FIs) such […]
How to Comply With AMLA Malaysia Malaysia is a regional and global political power with the third-largest economy in Southeast Asia, following Indonesia and Thailand. Attracting business interests from across the world, and with high investment in the technology and […]
Vendor due diligence (VDD) is the process of evaluating a vendor’s financial crime risks before entering into a business relationship with it. Working with third-party vendors is an essential operational element in many sectors, from established financial institutions (FIs) partnering […]
The Financial Action Task Force (FATF) Travel Rule is an important piece of anti-money laundering and countering the financing of terrorism (AML/CFT) guidance. It states that virtual asset service providers (VASPs) should collect information on transaction senders and receivers. As […]
