Insights
Insights
Here are the latest trends and insights along with emerging technologies that are shaping the Finance Industry through the eyes of Fineksus team.
Here are the latest trends and insights along with emerging technologies that are shaping the Finance Industry through the eyes of Fineksus team.
Unexplained Wealth Order (UWO)
Unexplained Wealth Order (UWO) The Criminal Finances Act includes additional provisions in the United Kingdom to combat asset recovery and money laundering. Unexplained Wealth Orders (UWOs) are an important component of the Act, serving as an investigative tool to assist law enforcement in acting on corrupt assets. Transparency International has been advocating for [...]
Non-Fungible Tokens (NFTs) and Their Risks Related to Money Laundering Crimes
Non-Fungible Tokens (NFTs) and Their Risks Related to Money Laundering Crimes What are NFTs? NFT stands for “non-fungible token” which means that the NFTs cannot be exchanged with each other as they carry incomparable values. NFTs are stored on a distributed ledger technology (DLT) or more specifically on the Ethereum blockchain. The [...]
Use of AI and ML Technologies in AML Compliance
Use of AI and ML Technologies in AML Compliance There has been a growing interest in the use of artificial intelligence (AI) and machine learning (ML) technologies for anti-money laundering (AML) compliance. These technologies improve the efficiency and effectiveness of AML compliance programs by automating the detection of suspicious activity and providing more accurate [...]
Know Your Transaction (KYT)
Know Your Transaction (KYT) Know Your Transaction, or KYT is a term used in the financial industry to describe the process of examining financial transactions for fraudulent or suspicious activity, such as money laundering. As cryptocurrency adoption grows, institutions must be able to drill down into crypto transactions for evidence of financial crimes. [...]
Whitepaper: Future Of Payments In The Middle East And North Africa (MENA)
Future Of Payments In The Middle East And North Africa (MENA) Explore the changes that are expected to happen in the payments industry in the MENA region even though the region by nature is fond of cash and there is an insufficiency in the digital payment infrastructures. Download the Whitepaper
Patriot Act
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
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
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)
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?
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 [...]
