What is The Financial Intelligence Unit-The Netherlands (FIU-NL)? The Netherlands’ national agency that combats money laundering and financing of terrorism is called Financial Intelligence Unit – The Netherlands or FIU – NL. Created to protect the Dutch financial environment, FIU-NL receives, processes and shares financial information to involve interest law enforcement bodies. This [...]
What is Securities Fraud? Giving information about securities fraud, it can be stated that it is a type of white collar crime that refers to fraud committed in securities trading within a stock or investments. The main objective is to control the shareholders and make them decide wrongly with material that is also [...]
What is Synthetic Identity Fraud? Synthetic identity refers to such things like obtaining real and fake information and such identity cannot be easily detected. It is employed to create various accounts, acquire credit and forge other related ways of embezzlement and fraud. It is challenging to detect because it often involves the use [...]
What is Mortgage Fraud? Mortgage fraud is a financial crime involving false information on mortgage applications to secure loans that wouldn't be approved under normal conditions. The primary purpose is to deprive lenders and receive loan approval or better terms for the loan with deceit. Fraud in mortgages can be carried out by [...]
What are Financial Intelligence Units (FIUs)? FIUs are officially recognized bodies endowed with the tasks of collecting, processing and exchanging information relating to the subject matters of money laundering, terrorism financing and every other form of financial crimes. They act as the focal point for receiving suspicious transaction reports (STRs) from the financial [...]
What is real estate fraud? Real estate fraud involves illegal activities carried out during the buying and selling of real estate. These activities include increasing the price of real estate more than its normal value and trading with fake documents and identities. As it is a fairly common type of fraud, it is [...]
What are Designated Non-Financial Businesses and Professions (DNFBP) in AML? DNFBP represents occupational groups that are considered risky in the handling of financial crimes. When these occupational groups do not take the necessary measures, they can unintentionally mediate crimes such as money laundering or terrorist financing. Although not financial institutions, some sectors can [...]
What is Authorized Push Payment (APP) Fraud? APP fraud is often used to convince individuals and businesses to transfer money by using security vulnerabilities in their payment systems. Unlike other types of fraud, since the offender does not have access to funds unjustly, people in APP scams usually initiate the transfer without being [...]
What Is Customer Risk Rating in KYC? Customer risk rating is a systematic process used to assess the current level of risk of organizations or individuals. The customer risk rating provides a structured framework for illegal financial activities. Many institutions are at risk of facing financial crimes. Therefore, the risk rating can be [...]
What is an AML Compliance Officer? AML compliance officers are those responsible for the implementation of AML procedures. For this reason, they are at key points in the determination of financial crimes. In AML compliance programs, officers often follow the style set by the corporate leader. So this means that officers must have [...]
