In the intricate world of financial crimes, there are numerous techniques employed by individuals and criminal organizations to obscure their illicit activities. Among these techniques, two common practices stand out: smurfing and structuring. What is structuring? Structuring occurs when someone […]
First-party fraud (FPF) is a type of fraudulent activity where an entity deliberately engages in deceptive practices or provides false information to defraud a company or organization from within. A unifying factor behind various types of first-party fraud is that […]
Credit card fraud is one of the most common types of identity fraud. Its prevalence rose significantly during the coronavirus pandemic, with fraudulent credit card applications up 17 percent in the first month of the pandemic alone. And this has […]
While embezzlement and money laundering are both financial offenses that often involve the movement of large sums of money, the terms are far from interchangeable. According to the United Nations Office on Drugs and Crime (UNODC), between two and five […]
Cash-intensive facilities that utilize complex transaction chains often attract criminals looking to launder illicitly obtained funds. Casinos fall into this category, offering gamblers anonymity and the ability to transact large amounts of money at a rapid scale. While the market […]
According to the Organisation for Economic Co-operation and Development (OECD), money laundering through real estate is one of the oldest known ways to move and hide illicit funds. Often viewed as a popular means to “wash” funds because large amounts […]
The shifting typologies financial crime compliance professionals seek to identify, monitor, and report on reflect the volatility of the wider economic landscape. But in addition to commonly known and understood risks, such as money mules, a host of typologies are emerging that firms need to understand and assess for 2023.
In our State of Financial Crime 2023 survey, more than one in three senior compliance professionals cited reputational risk as the factor most likely to drive change within their organization. This was a 6 percentage point rise from the previous year. Indeed, reputational risk was the only factor to see a year-on-year increase.
Protests across Ottawa and US-Canada border crossings in 2022 brought global awareness to the problem of crowdfunding platforms being used to finance extremist groups. Crowdfunding has also supported terrorist financing (TF) – notably, for Islamic State (IS) operatives in Syria.
In our 2022 survey of global compliance professionals, 45 percent of financial institutions said supply chain risk is the area their organization is most focused on improving. Much of this concern is likely driven by the intersection of complex supply chains with a volatile economic environment.
Our annual global compliance survey doesn’t just look at the anti-money laundering (AML) implications of hot topics like the uncertain global economy and Russia’s war in Ukraine, important though those are. It also takes an extended view, exploring the longer-term trends that shape how compliance professionals go about their work.
2023 was supposed to be the year we escaped the shockwaves of the COVID-19 pandemic. Unfortunately, the results of our annual survey of 800 C-suite and senior compliance decision-makers across the US, Canada, UK, France, Germany, Netherlands, Singapore, Hong Kong, and Australia suggest otherwise.
