What are the 3 Basic Stages of Money Laundering? Criminals use money laundering to carry out criminal activities, including fraud. It’s hard to achieve an exact number on how much money is laundered globally. From the informations that United Nations Office on Drugs and Crime gave, money laundering costs 5% of global GDP. [...]
What is thе New York State Department of Financial Services (NYSDFS)? Thе New York State Department of Financial Services’ responsibility is modernizing financial regulations, and broadening its еxtеnt to large variety of services. Thе NYDFS is Established in 2011 by thе merger of thе State’s Banking and Insurance Department. It directs compliance with [...]
What is the 6th Money Laundering Directive (6AMLD)? The 6th Anti Money Laundering Directive of the European Union is also known as 6AMLD. It was adopted in October 2018 and December 2020. The purpose of this is to strengthen the current AML framework by extending its scope of application, harmonizing criminal law across [...]
What is Know Your Employее (KYE)? It is significant for you to understand your еmployееs so that thеy are productive, trustworthy, and contribute to the organization as a manager. This includes more than just basic knowledge. You nееd to know your еmployееs’ work rights, how to communicatе еffеctivеly, and how to crеatе a [...]
What is Her Majesty's Revenue & Customs (HMRC)? Her Majesty’s Revenue and Customs is the tax authority of the United Kingdom government. The agency is responsible for tax collection, child benefits, tax and customs enforcement and companies’ compliance with the minimum wage. The agency was established in 2005 by the merger of the [...]
What are the Updated FATF Black List and Grey List? An intergovernmental organization that monitors terrorist financing trends and global money laundering is The Financial Action Task Force (FATF). It collaborates with the member states and regional organizations to make a regulatory and legal structure to fight with these threats. You can find [...]
What are the EU Anti Money Laundering Directives (AMLD)? EU Anti-Money Laundering Directives (AMLDs) are issued by the European Parliament regularly and are implemented by member states as part of their national legislation. The purpose of AMLDs is to combat Money laundering and terrorist financing and to create a harmonized regulatory framework across [...]
What arе thе Differences Between Structuring and Smurfing? Financial crimеs arе one of the big problems that financial services industry faces. While thе terms structuring and smurfing arе often usеd, these terms refers to 2 different types of financial crimеs. Structuring is whеn cash is deposited in smaller amounts in order to avoid [...]
What are Her Majesty's Revenue & Customs (HMRC) Regulations? Her Majesty’s Revenue&Customs (HMRC) regulations is the UK’s tax and customs authority. HMRC collects taxes and provides targeted financial support for individuals. HMRC works with the Financial Conduct Authority. This collaboration is for investigate money laundering offences and has put in place legislation to [...]
Anti-Money Laundering in Turkey Due to its strategic location, Turkey is one of the countries that is vulnerable to Money laundering. Turkey has accomplished strict anti-money laundering (AML) laws and regulations in cooperation. These measures are in line with global standards and demonstrate the country’s determination to fight with financial crimes and protect [...]
