Financial crime Remittance Knowledge & training Money laundering through foreign exchange providers Advances in technology have made moving funds to different parts of the world easier than ever and contributed to the growth in money remittance and foreign exchange service providers. The World Bank reports that, between 2008 and 2018, the amount […] 6 minute read
Financial crime Reports 2020 Global Compliance Report Technology, regulation and the future of financial crimeIn our annual industry report here at ComplyAdvantage, we explore how technology and politics are set to shape financial crime compliance. We identify key AML Compliance trends and issues you need to watch out for in 2020. 1 minute read
Financial crime Knowledge & training Anti-Financial Crime in a Time of Crisis Executive Summary We live in an age of crises; ensuring business continuity is no longer a ‘nice to have’ for any firm. It is essential. Financial Institutions in particular are always highly sensitive to the economic disruptions brought by crisis. […] 14 minute read
Financial crime Knowledge & training Digital financial crime in a cashless society There has been an expectation that with a cashless society imposed by the global pandemic, the financial crime rate would fall. There was a general belief that at least crime may falter on the physical front as criminals shifted to […] 5 minute read
AML compliance Knowledge & training The illegal wildlife trade & money laundering 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 […] 5 minute read
AML compliance Knowledge & training 9 examples of common money laundering schemes 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 […] 10 minute read
Financial crime Knowledge & training What are Financial Crime Units? Financial crime units (FCUs) help banks and financial institutions detect and prevent money laundering, the financing of terrorism and a variety of other financial crimes while meeting their regulatory compliance obligations more effectively. In a rapidly changing financial sector, criminals […] 4 minute read
Financial crime Knowledge & training Money Laundering - The Vancouver Model The Vancouver Model is a method of money laundering that is highly used in Vancouver, British Columbia. The model uses casino gambling as a way for foreign and domestic criminals to launder illegitimate funds and exploits Canada’s traditionally lax regulatory […] 5 minute read
Financial crime Knowledge & training What is layering in money laundering? Crimes that generate significant financial proceeds, such as theft, extortion, and drug trafficking, almost always require a money laundering component so criminals can avoid detection by authorities and use their illegally obtained funds in the legitimate economy. Given the regulatory […] 4 minute read
Financial crime Knowledge & training The connection between money laundering and human trafficking How anti-money laundering efforts combat human trafficking Human trafficking is the criminal trade of men, women and children for the purposes of commercial sex, forced labor or other forms of exploitation. There are currently over 40.3 million global victims of […] 6 minute read
Financial crime Knowledge & training Financial misselling: What you need to know In its most simple form, financial misselling means recklessly misrepresenting a product or service in order to successfully complete a sale. Financial products are usually “missold” in order to make an individual or company complete a purchase that does not […] 3 minute read
Financial crime Knowledge & training 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 […] 4 minute read
