Patriot Act The Patriot Act was passed shortly after September 11, 2001, terrorist attacks in the United States, and it allowed law enforcement agencies additional authority to investigate, indict, and bring terrorists to justice. It also resulted in harsher sanctions for anyone who perpetrates or assists terrorist acts. The USA Patriot Act, which [...]

Prevention of Money Laundering Act The Prevention of Money Laundering Act is a criminal statute of the Parliament of India passed by the NDA administration in 2002 to prohibit money laundering and confiscate property obtained from the laundered money. On July 1, 2005, the PMLA became legislation and went into effect. Many petitions [...]

False Negative Result Money laundering concerns are becoming more dangerous for financial institutions as financial crime grows. Regulators established an AML Compliance Program, and financial institutions must follow these standards to decrease this risk. They may face regulatory fines if they do not. The advancement of technology has brought technical means of money [...]

Geographical Targeting Order (GTO) Geographic targeting orders (GTO) and FinCEN Consulting brought money laundering issues in the real estate business to light. They stressed the significance of providing SARs if a buyer or seller is suspected of money laundering. As a result, the processes were ensured to be integrated into existing AML / [...]

What are the new UK sanctions on Russia? The British government announced further trade restrictions against Russia. According to the announcement, the new sanctions prohibit the export, supply, and delivery, as well as the making and transfer of inland printing goods and technology, marine goods and technology, chemical and biological weapons-related goods and [...]

Gambling and Money Laundering Money laundering is the legal practice of stealing money gained illegally. Money laundering can be accomplished in a variety of ways. Throughout the year, financial institutions are subject to a variety of money laundering activities. Casinos are one of the businesses most vulnerable to money laundering. In essence, a [...]

Financial Crime Unit (FCU) Financial crime units (FCUs) assist banks and financial institutions in detecting and preventing money laundering, terrorism funding, and other financial crimes while satisfying regulatory compliance duties more effectively. Criminals can use a variety of new technology to commit fraud, money laundering, and other crimes in a quickly evolving financial [...]

Vendor Due Diligence (VDD) When a firm wants to purchase, collaborate with, or engage in a commercial partnership with another company, it performs vendor due diligence (VDD). Vendor due diligence, like customer due diligence, is an important component of AML/CFT, since it serves to persuade potential purchasers that their prospects are financially sound [...]

Black Market Peso Exchange What is BMPE? The Black-Market Peso Exchange is a trade-based money laundering strategy used among Colombian and Mexican drug traffickers. The main feature employs a money trader to ensure that no revenue from US drug sales crosses borders. Instead, those dollars are utilized to buy a variety of genuine [...]