Money Mules A money mule is someone who transmits money obtained illegally on behalf of another in person, through a courier service, or electronically in exchange for a fee. Money mules are not directly involved in the crimes, but they are complicit in the sense that they launder the revenues of such crimes. [...]

Ponzi Scheme A Ponzi scheme is a fraudulent investment operation in which the operator, either an individual or an organization, pays returns to its investors from new capital contributed to the operators by new investors rather than profit gained from genuine sources. Typically, enormous returns on the initial investment are promised. The fraudster [...]

Anti-Money Laundering Compliance in Turkish Republic The Turkish Republic has made significant advancements in the establishment of anti-money laundering regulations as well as the mechanisms for detecting and countering them in recent years. In 1996, the first instance of money laundering that was prosecuted as a financial crime in Turkiye took place. Since [...]

How to conduct an Adverse Media Check? Adverse media, sometimes known as negative news, is any type of adverse information found in a wide range of news sources, including both conventional news channels and unstructured sources. The hazards of doing business with people or firms who have a negative media presence are numerous [...]

Essentials of KYC Know Your Customer Process KYC, or Know Your Customer, refers to a collection of protocols that enable banks and other financial institutions to validate the identification of the organizations and persons with whom they do business and guarantee that those entities are functioning legally. Effective KYC process prevents businesses from [...]

What is the onboarding process for KYC? The customer onboarding process for the KYC includes greeting your client, ensuring that your customer understands how to use your product, platform, or service, and then continuing to assist them while they use the product/service to ensure that they are pleased and will continue to support [...]

2021 AML Anti Money Laundering fines The repercussions of the coronavirus pandemic continued to have a detrimental impact on banks and financial institutions in 2021, making it another challenging year for the financial industry. As service providers and financial regulators reacted to a changing risk landscape and a variety of emergent Covid-19-inspired criminal [...]

CDD Final Rule The Financial Crimes Enforcement Network (FinCEN) issued its Final Rule on May 11, 2018, establishing several new customer due diligence (CDD) obligations for financial institutions in the United States. The CDD Final Rule requires banks, brokers, and other obliged institutions to prove beneficial ownership of legal entity clients when opening [...]