Private Sanctions Lists

By |2021-08-12T16:50:19+03:00March 3rd, 2021|

Private Sanctions Lists Proper application of economic sanction lists are essential to achieve the goals of the Common Foreign and Security Policy, and above all, to help prevent terrorism financing. The imposition of fines is an obligation of both the public and private sectors. In this regard, the EU has special responsibilities to credit and [...]

Financial Crimes Enforcement Network (FINCEN)

By |2021-08-11T12:18:45+03:00March 3rd, 2021|

Financial Crimes Enforcement Network (FINCEN) The Financial Crimes Enforcement Network is an office of the United States Department of the Treasury and operates a network of financial transaction analysis to detect and prosecute financial crimes. This includes preventing money laundering and combating terrorism financing and applies to national and international affairs. FINCEN was established in [...]

5TH AML Directive (5AMLD) of European Union

By |2021-08-11T11:48:29+03:00March 3rd, 2021|

5TH AML Directive (5AMLD) of European Union Definition of 5th AML DirectiveThe 5th Anti-Money Laundering (AML) Directive of the European Union (EU) is a legislation that came into force in January 2020 in order to fortify the fight against money laundering and terrorist financing by increasing transparency. The 5th AML Directive enables public access to [...]

Sanctions Regime in USA

By |2021-08-11T11:43:33+03:00March 2nd, 2021|

Sanctions Regime in USA Iran has been subject to sanctions from various countries and international organizations since the hostage crisis in 1979. However, restrictions increased significantly after 2010 and, sanctions regime in USA has been one of the hottest topics of the international community lately. The primary concern of the international community is to ensure [...]

Financial Services Regulatory Authority (FSRA) / ADGM

By |2021-08-10T10:26:49+03:00March 2nd, 2021|

Financial Services Regulatory Authority (FSRA) / ADGM ADGM is a financial freedom region within the United Arab Emirates and has its own civil and commercial laws and its own financial services regulator, the Financial Services Regulatory Authority (FSRA). Companies incorporated in ADGM can be 100% foreign-owned and subject to the same civil, commercial and regulatory [...]

The Dubai Financial Services Authority (DFSA)

By |2021-08-10T10:10:10+03:00March 1st, 2021|

The Dubai Financial Services Authority (DFSA) The Dubai Financial Services Authority is the financial regulator of the Dubai International Financial Center (DIFC), a special economic zone in Dubai, United Arab Emirates. This agency is separate from the United Arab Emirates Securities and Commodities Authority, and its jurisdiction includes the United Arab Emirates, which is generally [...]

Customer Due Diligence (CDD)

By |2021-05-05T16:14:19+03:00February 16th, 2021|

Customer Due Diligence (CDD) What is Customer Due Diligence (CDD)?Customer Due Diligence (CDD) is a process which involves the collection and evaluation of the informations; such as full name, birth place, birth date or marital status, about the customers - or potential customers - in order to be used by the financial entities. It collects [...]

Digital Onboarding and AML Compliance

By |2021-05-05T16:28:00+03:00February 15th, 2021|

Digital Onboarding and AML Compliance All governments work with regulatory agencies to combat money laundering and financing of terrorism. Financial institutions must follow certain measures and regulations to prevent money laundering. It is very difficult for banks, FinTechs and other financial institutions to use traditional methods for customer with manual methods and according to these regulations. [...]

Know Your Customer (KYC)

By |2021-05-05T16:39:10+03:00February 14th, 2021|

Know Your Customer (KYC) What is Know Your Customer (KYC)?Know Your Customer (KYC) is a process by verifying the identities of customers. It should be applied before or during onboarding new customers. By implementing the Know Your Customer procedures, banks, FinTechs and other FIs aim to prevent risky situations and ensure compliance. By conducting Know [...]

Anti-Money Laundering (AML) Regulations

By |2021-05-18T23:12:17+03:00February 13th, 2021|

Anti-Money Laundering (AML) Regulations 1. Anti-Money Laundering (AML) DefinitionAnti-Money Laundering (AML) includes policies, laws, and regulations aimed at preventing financial crime. AML is a worldwide term for money-laundering prevention. There are global and local regulatory authorities established around the world to prevent financial crimes. Each country has a different AML policy, therefore banks and all [...]

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