Ongoing Monitoring Ongoing monitoring entails taking steps to ensure that the firm's knowledge of its business ties is up to date, as well as reviewing transactions to ensure that they are compatible with the expected conduct and purpose of the business partnership. Many businesses are looking to automate this process to screen all [...]
Mexican Cartel Money laundering is a form of destructive conduct that criminals all around the world engage in. It is the process of transforming illegal revenues into "clean" money that cannot be traced back to its source. Money laundering, in addition to being a financial crime, is linked to other sorts of crime [...]
Fraud and AML Trends and Predictions for 2023 The effects of the global pandemic have shown themselves on two different sides of the mirror: the acceleration of the initiatives in the digital financial service industry and the evolution of fraud methods together with the new digital channels. As fraudsters are becoming more tech-savvy [...]
How to Build an Effective Know Your Customer (KYC) Strategy Why KYC is important Banks and other financial institutions are entitled to the responsibility to verify the identity of their customers and their genuinity. Therefore, operating an effective and successful Know Your Customer (KYC) process has the utmost importance in today’s financial [...]
Money Laundering and Technology Technological advancements may make transaction monitoring and screening programs considerably more successful despite the obstacles. Analysts spend up to 80% of their time obtaining data rather than fixing problems, according to AML experts, so there's lots of room for new solutions to speed up the information-gathering process. Advances are [...]
Unexplained Wealth Order (UWO) The Criminal Finances Act includes additional provisions in the United Kingdom to combat asset recovery and money laundering. Unexplained Wealth Orders (UWOs) are an important component of the Act, serving as an investigative tool to assist law enforcement in acting on corrupt assets. Transparency International has been advocating for [...]
Non-Fungible Tokens (NFTs) and Their Risks Related to Money Laundering Crimes What are NFTs? NFT stands for “non-fungible token” which means that the NFTs cannot be exchanged with each other as they carry incomparable values. NFTs are stored on a distributed ledger technology (DLT) or more specifically on the Ethereum blockchain. The [...]
Know Your Transaction (KYT) Know Your Transaction, or KYT is a term used in the financial industry to describe the process of examining financial transactions for fraudulent or suspicious activity, such as money laundering. As cryptocurrency adoption grows, institutions must be able to drill down into crypto transactions for evidence of financial crimes. [...]
Patriot Act The Patriot Act was passed shortly after September 11, 2001, terrorist attacks in the United States, and it allowed law enforcement agencies additional authority to investigate, indict, and bring terrorists to justice. It also resulted in harsher sanctions for anyone who perpetrates or assists terrorist acts. The USA Patriot Act, which [...]
Prevention of Money Laundering Act The Prevention of Money Laundering Act is a criminal statute of the Parliament of India passed by the NDA administration in 2002 to prohibit money laundering and confiscate property obtained from the laundered money. On July 1, 2005, the PMLA became legislation and went into effect. Many petitions [...]
