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Following the recent attacks on Israel, the US Financial Crimes Enforcement Agency (FinCEN) has issued an alert detailing key terrorist financing red flags to look out for. The alert is relevant for financial institutions (FIs) in multiple industries, including gambling, […]

Over the last decade, US authorities have expressed concerns about the role played by illicit finance in high-end residential purchases. International bodies such as the Financial Action Task Force (FATF) have also expressed concern. In particular, FATF highlighted real estate agents’ lack of regulatory coverage in the Bank Secrecy Act (BSA), the country’s main AML/CFT legislation.

On June 30, 2023, His Majesty’s Treasury (HM Treasury) released a consultation paper on the Reform of the Anti-Money Laundering and CounterTerrorism Financing Supervisory Regime. The consultation is part of a reform plan under the Economic Crime Plan (2023-2026). The […]

money laundering dollar bills

Money laundering underpins most forms of organized crime by disguising illicitly-obtained financial assets as “clean” and allowing nefarious groups or individuals to profit from illegal activity. While the amount of money laundered globally in one year is estimated to equal […]

Third party money laundering

In the global financial landscape, supply chains are crucial to the delivery of goods and services, with third-party relationships connecting companies and sectors across jurisdictions. The integration of effective supply chains into modern business infrastructure allows firms to acquire resources, […]

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 […]

California Consumer Privacy Act

The California Consumer Privacy Act (CCPA) was signed into law on June 28, 2018, by the California State Legislature and introduces sweeping new privacy laws to protect the personal data of California’s residents. Also known as the California Privacy Act, […]

Counter terrorist financing CTF CFT

For more than a decade, terrorist financing has been a prevalent financial crime on which authorities are desperate to crack down. It became a major political issue after the September 11th terrorist attacks in the United States, and it has […]