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 [...]

International Sanctions International sanctions restrict trade and economic relations between individuals, organizations, or countries. Diplomatic, transportation, and communication restrictions are also among the international sanctions restrictions. International sanctions are imposed for a variety of reasons. Diplomatic disputes, security issues, human rights violations, international terrorism, and widespread mass destruction of weapons are all reasons [...]

Watchlist Screening Watchlists are databases that include searches for suspected terrorists, money launderers, fraudsters, and PEPs. They are being stored internationally at governmental levels about information collected at the governmental level, law enforcement databases, international databases, and regulatory databases about prohibited individuals or corporations in industries such as finance, healthcare, and agriculture. What [...]

VDD-Vendor Due Diligence When a company intends to buy, work with, or develop a commercial alliance with another company, it conducts vendor due diligence (VDD). Vendor due diligence, like customer due diligence (CDD), is an important component of AML/CFT since it guarantees potential buyers that their prospects are financially secure and represent no [...]