What is the Difference Between Embargos and Sanctions?

By |2024-01-29T13:24:34+03:00January 29th, 2024|

What is the Difference Between Embargos and Sanctions? Embargos are a sеt of intеrnational mеasurеs that arе usеd to influеncе thе bеhavior of a country. Thе primary objеctivе of еmbargos is to rеstrict thе importation or еxportation of cеrtain goods, usually in rеsponsе to human rights or sеcurity concеrns. Sanctions arе a morе [...]

What is the Bank Secrecy Act (BSA)?

By |2024-01-18T22:59:26+03:00January 18th, 2024|

What is the Bank Secrecy Act (BSA)? Bank Secrecy Act (BSA) is a United States law. The purpose is to prevent criminals from using banks for money laundering. Banks must provide authorities with records. This occurs when people make suspicious money transactions above $10,000. The law facility authorities' understanding of these transactions. How [...]

How AI is Used in the AML?

By |2024-01-18T22:54:28+03:00January 18th, 2024|

How AI is Used in the AML? Financial institutions are working to improve risk-based approaches for fighting money laundering, with financial crime on the rise. The large amount of data generated by AML compliance and the increasing sophistication of criminal tactics requires the continued exploration of innovative technologies to meet regulatory obligations. Firms [...]

Anti Money Laundering in Uzbekistan

By |2024-01-18T22:50:06+03:00January 18th, 2024|

Anti Money Laundering in Uzbekistan Uzbekistan is a Country of Primary Concern regarding money laundering cases. Uzbekistan's efforts to apply anti-money laundering regulations are hampered because of several reasons. These include corruption, a lack of interagency coordination, and vulnerability to political influence. It is difficult to evaluate the advancement of Anti Money Laundering [...]

Anti Money Laundering (AML) in Oman

By |2024-01-18T22:47:20+03:00January 18th, 2024|

Anti Money Laundering (AML) in Oman The 2016 International Narcotics Control Strategy Report (INCSR) from the US Department of State classified Oman as a Monitored Jurisdiction (Lower Risk). According to the report, Oman does not provide a serious risk for money laundering or the funding of terrorism, nor is it an offshore or [...]

What is the Cycle of PEP Screening?

By |2024-01-03T15:49:14+03:00January 3rd, 2024|

What is the Cycle of PEP Screening? Politically exposed persons (PEPs) are at a higher risk of corruption and money laundering, according to industry regulators and the Financial Action Task Force (FATF).To reduce these risks, financial institutions must implement certain measures, including obtaining customer identification materials and establishing fund sources. This requires precise [...]

What is Money Service Business (MBS) in Anti Money Laundering?

By |2024-01-03T15:46:43+03:00January 3rd, 2024|

What is Money Service Business (MBS) in Anti Money Laundering? Money Service Businesses (MSBs) are convenient means for the rapid and discrete transfer and exchange of small cash amounts. Despite their efficiency, these entities are susceptible to money laundering (ML) and regulatory scrutiny. A notable case involves Western Union, the largest global money [...]

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