What is the Bank Secrecy Act (BSA)? Bank Secrecy Act (BSA) is a United States law. The purpose is to prevent criminals from using banks for money laundering. Banks must provide authorities with records. This occurs when people make suspicious money transactions above $10,000. The law facility authorities' understanding of these transactions. How [...]

What is Money Laundering Through the Football Sector? Recently, football has gone beyond just a sport and become a global sector. With the growing economy of football as a sector, the investment of money into it has also increased, of which some of this investment has criminal connections. The FATF conducted research to [...]

How AI is Used in the AML? Financial institutions are working to improve risk-based approaches for fighting money laundering, with financial crime on the rise. The large amount of data generated by AML compliance and the increasing sophistication of criminal tactics requires the continued exploration of innovative technologies to meet regulatory obligations. Firms [...]

Anti Money Laundering in Uzbekistan Uzbekistan is a Country of Primary Concern regarding money laundering cases. Uzbekistan's efforts to apply anti-money laundering regulations are hampered because of several reasons. These include corruption, a lack of interagency coordination, and vulnerability to political influence. It is difficult to evaluate the advancement of Anti Money Laundering [...]

Anti Money Laundering (AML) in Oman The 2016 International Narcotics Control Strategy Report (INCSR) from the US Department of State classified Oman as a Monitored Jurisdiction (Lower Risk). According to the report, Oman does not provide a serious risk for money laundering or the funding of terrorism, nor is it an offshore or [...]

What is Title Fraud and How Prevent it? Real estate fraud has various forms. One of them is title fraud. It is less common compared to other scams. However, it may result in severe consequences for property owners. This article will provide insight into the nature of title fraud. What is Title Fraud? [...]

What is the Ponzi Scheme and its Relation to Money Laundering? Charles Ponzi is the one that gives the The Ponzi scheme its name. He was a fraudster who told investors that their money would be doubled in ninety days. Even if he was successful in the beginning, the scheme's fast growth in [...]

What is the Cycle of PEP Screening? Politically exposed persons (PEPs) are at a higher risk of corruption and money laundering, according to industry regulators and the Financial Action Task Force (FATF).To reduce these risks, financial institutions must implement certain measures, including obtaining customer identification materials and establishing fund sources. This requires precise [...]

What is Money Service Business (MBS) in Anti Money Laundering? Money Service Businesses (MSBs) are convenient means for the rapid and discrete transfer and exchange of small cash amounts. Despite their efficiency, these entities are susceptible to money laundering (ML) and regulatory scrutiny. A notable case involves Western Union, the largest global money [...]

What are the 3 Basic Stages of Money Laundering? Criminals use money laundering to carry out criminal activities, including fraud. It’s hard to achieve an exact number on how much money is laundered globally. From the informations that United Nations Office on Drugs and Crime gave, money laundering costs 5% of global GDP. [...]