Cryptocurrencies and virtual assets (VAs) continue to go from strength to strength in the US. Fuelled in part by the announcement of a US strategic crypto reserve, activity and innovation are strong in the sector, building on a longer-term trend […]
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AML compliance
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 […]
An anti-money laundering (AML) compliance officer is a professional appointed by an organization to ensure it meets its regulatory obligations. Compliance officers achieve this by developing and implementing effective AML compliance programs to mitigate their firm’s risks relating to money […]
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 […]
An ultimate beneficial owner (UBO) is someone who ultimately owns or controls a company and benefits from its financial transactions. Because UBOs sometimes seek to remain anonymous, often through a complex chain of corporate infrastructure, they may not be immediately […]
In the economic arena, financial intelligence, or FININT, is increasingly pivotal. With international financial crime near its highest level since the 2008 financial crisis, FININT has become ever more necessary as a tactic both for stopping criminals and for enforcing […]
In the wake of the 2008 financial crisis, the US government looked at ways to better regulate the behavior of banks, and to protect consumers. The subsequent Dodd-Frank Act became one of the most important articles of US financial legislation, introducing new […]
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 […]