The National Risk Assessment (NRA) There are some risks that countries may face within the framework of money laundering and terrorism financing, and it is necessary to act against these risks. The National Risk Assessment (NRA) is a comprehensive process that enables countries to identify and calculate these risks and act against the [...]

Ultimate Beneficial Owner (UBO) A UBO is the person that ultimately owns or controls a financial transaction. The relationship between UBO and AML (Anti-Money Laundering) can be hard to indentify and that may lead to onboarding of PEPs (Politically Exposed Persons) and individuals who are sanctioned for tax evasions or money laundering. It [...]

NFT in Money Laundering It has been more than ten years since cryptocurrencies, blockchains, and non-fungible tokens (NFTs) entered our lives. Cryptocurrencies, which provide anonymity, have given their users a serious area of freedom, unlike the traditional banking system, where all transfer transactions are recorded. However, the fact that cryptocurrencies and NFTs can [...]

Australian Transaction Reports and Analysis Center (AUSTRAC) The Australian Transaction Reports and Analysis Center (AUSTRAC) is an agency of the Australian government that regulates and oversees the financial industry to help prevent money laundering, terrorism financing, and other crime in the country. AUSTRAC is responsible for all financial institutions, cash-processing businesses, and other [...]

Anti-Money Laundering Regulations in Azerbaijan In Azerbaijan, the relations related to the detection and prevention of the legalization of property obtained through crime and the financing of terrorism are regulated by the Anti-Money Laundering Law. However, there is a gap in the anti-money laundering legal framework that excludes dealers of arts, antiques, and [...]

9 FATF-Style Regional Bodies (FSRBs) To spread the international standards on preventing money laundering, financing of terrorism, and proliferation (FATF Recommendations) around the globe, nine regional bodies in the FATF style (FSRBs) have been created. The fundamental responsibility of FSRBs is to establish procedures for preventing the financing of terrorism, money laundering and proliferation [...]

European Union (EU) AML Package AML Package, a complicated piece of legislation designed to tighten EU anti-money laundering and countering the funding of terrorism rules, was recently submitted by the European Commission. The proposed improvements aim to enhance procedures for identifying suspicious transactions and suspicious activity. They will bring about a number of [...]

Best Methods in Conducting AML Investigations The frequently disjointed nature of international anti-money laundering rules are becoming more and more exploitable by seasoned money launderers. Working fluidly across jurisdictions and having competence with a wide range of instruments is necessary to stop these well-organized money launderers. What are the Best Methods in Conducting [...]

FinCEN-Financial Crimes Enforcement Network The Financial Crimes Enforcement Network (FinCEN), which was founded on April 25, 1990, acts as the American government's financial intelligence unit both at home and overseas. The Treasury Department has approved this organization to fight financial crime in the USA. To stop money laundering and the financing of terrorism, [...]

Updated Sanctions Against Russia and Russian Banks In reaction to the war against Ukraine that began on February 24, 2022, and the illegitimate annexation of Ukraine's Donetsk, Luhansk, Zaporizhzhia and Kherson regions, the EU has imposed significant and unprecedented sanctions against Russia. They increase the amount of sanctions put in place against Russia [...]