Best Methods in Conducting AML Investigations The frequently disjointed nature of international anti-money laundering rules are becoming more and more exploitable by seasoned money launderers. Working fluidly across jurisdictions and having competence with a wide range of instruments is necessary to stop these well-organized money launderers. What are the Best Methods in Conducting [...]

FinCEN-Financial Crimes Enforcement Network The Financial Crimes Enforcement Network (FinCEN), which was founded on April 25, 1990, acts as the American government's financial intelligence unit both at home and overseas. The Treasury Department has approved this organization to fight financial crime in the USA. To stop money laundering and the financing of terrorism, [...]

Updated Sanctions Against Russia and Russian Banks In reaction to the war against Ukraine that began on February 24, 2022, and the illegitimate annexation of Ukraine's Donetsk, Luhansk, Zaporizhzhia and Kherson regions, the EU has imposed significant and unprecedented sanctions against Russia. They increase the amount of sanctions put in place against Russia [...]

US Anti-Money Laundering Act (AMLA) The US Department of Justice (DOJ) has been given much more authority to combat money laundering due to the Anti-Money Laundering Act of 2020 (AMLA). It is consistent with recent statements made by the US administration about combating corruption as a key national security concern with an emphasis [...]

Screening for Sanctions and Embargoes Financial institutions are more exposed to the danger of sanctions, and operational and supervisory issues, and need to abide by regulations from numerous jurisdictions and organizations as a result of globalization. Therefore, compliance methods must be improved to avoid fines and damage to one's reputation. What is an [...]

Essentials of AML Onboarding 92% of businesses believed that the existing Know Your Customer (KYC) onboarding procedures cost about $28.5m, according to a Thomson Reuters study. On the other hand, according to UN estimates, the cost of international money laundering yearly ranges from $800 billion to $2 trillion, or 2-5% of world GDP. [...]

Difference between Fintech and Regtech Fintech and Regtech are two new technologies that are revolutionizing the financial sector and triggering established banking structures. While all two of these financial services solutions are closely tied to one another and work well together, they are not the same thing. What Is FinTech? Fintech, or financial [...]

International Sanctions International sanctions are political, diplomatic, and economic actions taken by nations, international organizations, or a coalition of nations to impose restrictions on a targeted state's or person's trade, financial transactions, and other economic activities, usually to influence the target's behavior. Restrictions on trade, money transfers, travel, and other activities are only [...]

Transaction Laundering Criminals are finding new ways to exploit online payment infrastructures and conceal their illegal funds as banking services connect with eCommerce technologies. Transaction laundering is a new trend among internet criminals that reflects a digital version of traditional money laundering that has been largely ignored by regulators and financial service providers. [...]