What is Middle East and North Africa Financial Action Task Force (MENAFATF) In today's interconnected world, the menace of financial crimes poses a significant threat to global security and stability. To combat this issue effectively, international organizations like the Middle East and North Africa Financial Action Task Force (MENAFATF) have emerged as vital [...]

What is Know Your Business (KYB) Process? Know Your Business (KYB) is a crucial process implemented by financial institutions and businesses to verify and understand their corporate clients or business partners. It involves gathering information and conducting due diligence to assess the legitimacy, reputation, and potential risks associated with a particular business entity. [...]

How to Manage a Customer Due Diligence Procedure? Customer Due Diligence (CDD) is an integral part of the risk management process, especially for businesses operating in regulated sectors such as the finance, banking, and legal sectors. CDD can also be defined as the process of collecting and verifying information about customers to ensure [...]

Cybersecurity and Anti-Money Laundering: Safeguarding Financial Systems In today's digital age, the integration of technology into financial systems provides tremendous convenience and efficiency. However, with these developments, new risks and challenges, especially in the field of money laundering, cannot be avoided. Cyber security plays a vital role in the fight against money laundering [...]

Anti Money Laundering in United Arab Emirates Money laundering has become a global concern in recent years, as criminals seek to disguise the origins of their ill-gotten gains. The United Arab Emirates (UAE) has taken a proactive stance in combating money laundering, implementing stringent regulations and establishing specialized courts to tackle this issue. [...]

Caribbean Financial Action Task Force (CFATF) The Caribbean Financial Action Task Force (CFATF) was established in 1990 to address the issue of money laundering in the Caribbean region. The CFATF is a member of the Financial Action Task Force (FATF), an international organization that sets standards for combating money laundering and terrorist financing. [...]

The National Risk Assessment (NRA) There are some risks that countries may face within the framework of money laundering and terrorism financing, and it is necessary to act against these risks. The National Risk Assessment (NRA) is a comprehensive process that enables countries to identify and calculate these risks and act against the [...]

Ultimate Beneficial Owner (UBO) A UBO is the person that ultimately owns or controls a financial transaction. The relationship between UBO and AML (Anti-Money Laundering) can be hard to indentify and that may lead to onboarding of PEPs (Politically Exposed Persons) and individuals who are sanctioned for tax evasions or money laundering. It [...]