Anti-Money Laundering (AML) Compliance FinTech and InsurTech How Fintechs do AML compliance?Just as all the financial institutions, FinTechs are entitled to comply with the AML regulations as they are faced with the financial crime risks too. Together with the improvements in the technology, the criminal activities in the financial environment started to become more digitalized [...]

Office of Foreign Assets Control (OFAC) Regulations The Office of Foreign Assets Control (OFAC) is the financial intelligence and enforcement agency of the United States Treasury Department. OFAC imposes sanctions about the matters of economy and trade by taking US foreign policy and national security goals as the reference. The sanctions are applied to those [...]

Qatar Financial Centre Regulatory Authority (QFCRA) In a recent decision made in December 2019, QFCRA strengthened audits of QFC certified companies for non-compliance with corporate governance guidelines and financial penalties for the organization's senior management and board of directors. Subsequent appeals to the QFC Regulatory Court have reduced fines for non-compliance, but QFCRA is a [...]

Anti-Money Laundering (AML) Watchlist Screening What is AML (Anti-money laundering) watchlist screening?Watchlists are databases, including checks against suspected terrorists, money launderers, fraudsters, or PEPs (Politically Exposed Persons). They are being kept internationally at governmental levels relating to the information gathered at the governmental level, law enforcement, international, and regulatory databases about prohibited individuals or corporations [...]

Sanctions Regime in UK Sanctions regime in UK is restrictive measures aimed at achieving national security or foreign policy goals. The UK implements and enforces sanctions imposed by the United Nations and under the UK's internal sanction regime. The UK has attempted to transfer the political objectives of the EU's pre-Brexit sanctions regime under the [...]

UAE Sanctions Regime in UAE The United Arab Emirates (UAE) has complex sanctions based on various sources. UAE sanctions regime in UAE is based on a variety of interests, including political, economic and national security interests. Due to the rapidly changing nature of these benefits, penalties can change continuously and significantly. UAE sanctions regime in [...]

Private Sanctions Lists Proper application of economic sanction lists are essential to achieve the goals of the Common Foreign and Security Policy, and above all, to help prevent terrorism financing. The imposition of fines is an obligation of both the public and private sectors. In this regard, the EU has special responsibilities to credit and [...]

Financial Crimes Enforcement Network (FINCEN) The Financial Crimes Enforcement Network is an office of the United States Department of the Treasury and operates a network of financial transaction analysis to detect and prosecute financial crimes. This includes preventing money laundering and combating terrorism financing and applies to national and international affairs. FINCEN was established in [...]