6th Anti Money Laundering Directive 6AMLD is among the latest sanctions imposed by the European Union on Turkey through the United Kingdom and the United States. The EU has recently implemented the 5AMLD. However, there are some uncertainties in 5AMLD. Therefore, the EU has decided to implement a new directive, the sixth money [...]

Anti-Money Laundering ACT 2020 Anti-money laundering act covers a number of laws, regulations, and procedures to prevent criminals' illegal income and terrorist financing from being disguised as legitimate income. In the recent past, the national legislation on anti-money laundering and the financing of terrorism, aimed at preventing the introduction of revenues, which are [...]

Sanctions Regime in Turkey Money laundering is one of the most talked-about and on-agenda topics in Turkey, especially in recent years. With the globalization of the world economy, money laundering has become a serious problem that threatens not only Turkey but also all the countries aorund the world. The idea underlying the legal [...]

High Intensity Financial Crime Area (HIFCA) High Intensity Financial Crime Areas (HIFCA) or High Risk Money Laundering and Related Financial Crime Areas are defined in the United States as the locations that specially pose a high risk of money laundering or financial crime. As the High Intensity Financial Crime Area (HIFCA) programs aim to support [...]

The Central Bank of Bahrain (CBB) The Central Bank of Bahrain (CBB) was published by the 2006 CBB and Financial Institutions Law on September 6, 2006 and serves as a public corporate entity. The main responsibilities of the CBB are ensuring the financial and monetary stability of the Kingdom of Bahrain.The predecessor of the Central [...]

2020 AML Fines and Penalties 2020 AML fines and penalties generally includes policies, laws and regulations to prevent financial crimes. AML is a worldwide term for preventing money laundering. There are global and local regulators established in the world to prevent financial crimes, besides each country has a different 2020 AML fines and penalties. Organizations [...]

Kuwait Capital Markets Authority Kuwait Capital Markets AuthorityThe CMA Act created a new independent organization, the Kuwait Capital Markets Authority, which provides a new regulatory framework for establishing CMAs, targets, bases of objectives and bridging the legal gap.The CMA Act is considered to be the most complex legislation enacted in recent Kuwait history. The rudimentary [...]

Anti-Money Laundering (AML) Compliance FinTech and InsurTech How Fintechs do AML compliance?Just as all the financial institutions, FinTechs are entitled to comply with the AML regulations as they are faced with the financial crime risks too. Together with the improvements in the technology, the criminal activities in the financial environment started to become more digitalized [...]

Office of Foreign Assets Control (OFAC) Regulations The Office of Foreign Assets Control (OFAC) is the financial intelligence and enforcement agency of the United States Treasury Department. OFAC imposes sanctions about the matters of economy and trade by taking US foreign policy and national security goals as the reference. The sanctions are applied to those [...]

Qatar Financial Centre Regulatory Authority (QFCRA) In a recent decision made in December 2019, QFCRA strengthened audits of QFC certified companies for non-compliance with corporate governance guidelines and financial penalties for the organization's senior management and board of directors. Subsequent appeals to the QFC Regulatory Court have reduced fines for non-compliance, but QFCRA is a [...]