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? 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 [...]

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 [...]