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 [...]
What are the Types of Fraud? Fraud is fairly common nowadays, so it can occur in a wide variety of ways. There are many types of fraud that threaten your financial security and your personal information. Understanding these types of frauds and taking steps to protect yourself is essential. The common types of [...]
How to Avoid and Recognize Authorized Push Payment Fraud? Authorized push payment fraud, which is common in today's digital world, is a threat to be paid attention and avoided. APP fraud involves a series of activities that receive unfair payment from individuals or institutions. In particular, institutions need to take precautions as it [...]
What Is Watchlist Screening? Watchlist screening is a vital protective measure adopted by businesses to evaluate potential risks associated with individuals or entities they interact with. This methodical process entails cross-referencing against a consolidated "watchlist," containing information on individuals from high-risk countries, politically exposed persons, those in adverse media, money laundering offenders, and [...]
What is Cloud Technology in Anti Money Laundering? Money laundering poses a global threat to financial systems, with traditional Anti-Money Laundering methods struggling to keep pace with evolving techniques. Cloud computing emerges as a key solution, empowering financial institutions to enhance AML efforts through advanced analytics and machine learning. In this year 2024, [...]
