Anti-Money Laundering Guide for FinTechs AML for FinTechs is very important. FinTech uses innovative technologies to enhance and automate financial services. It attempts to compete with traditional financial services techniques since technology has advanced and old methods are no longer enough, hence the financial sector requires FinTech and its solutions. FinTech has advanced [...]
How to conduct a Sanction Scan? Sanctions are punishments that are imposed on persons or organizations who violate laws or norms. Governments or global organizations usually impose sanctions on other countries or persons. A sanction scan is used to avoid transactions with people who are barred from participating in specific transactions and activities. [...]
Anti-Money Laundering Guide for Exchange Houses Foreign currency exchange service providers should apply AML program for exchange houses. Foreign currency exchange (FX) is a common way for money launderers who aim to attack a variety of service weaknesses. The growing volume of FX businesses in the banking and commercial sectors, on Main Streets [...]
Russia and Belarus related Worldwide Sanctions The European Commission welcomes Member States' agreement today to impose additional targeted measures due to Russia’a invasion in Ukraine and Belarus's role in this aggression. The new measures, in particular, impose restrictive measures on 160 persons and alter Regulation (EC) 765/2006 on restrictive measures in light of [...]
Which countries are banned from SWIFT and why? What does SWIFT refers to? The SWIFT system, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a secure platform that allows financial institutions to share information about worldwide monetary operations such as money transfers. While SWIFT does not actually transport money, it [...]
Economic Sanctions Against Belarus In reaction to Belarus' participation in the ongoing Ukrainian crisis, the EU dramatically strengthened its sanctions against Belarus on March 2, 2022. Belarus was already subject to major EU sanctions targeting its financial, dual-use, military, tobacco, petroleum, and potash industries, many of which were imposed in reaction to social [...]
Belarus Sanctions Regime in USA, EU and UK As part of its first wave of sanctions on Belarus for its role in Russia's invasion of Ukraine, the United Kingdom targeted Belarusian army commanders. The package includes four defense officials and two military enterprises. The Republic of Belarus Sanctions Regime The Republic of Belarus [...]
Russian Sanctions Regime in UK Following Russia's recognition of the Donetsk and Luhansk regions as independent, the United States and the United Kingdom moved quickly to impose further sanctions on Russia in reaction to its alleged worsening of the continuing situation along the Russia-Ukraine border: On February 21, 2022, the United States issued [...]
UK’s Sanctions Against Russia The UK government has imposed sanctions on 370 more Russian and Belarussian persons and organizations. Since the beginning of Russia's invasion of Ukraine, the UK has sanctioned over 1,000 of Russia's and Belarus' most prominent and valuable persons, businesses, and subsidiaries. According to the Foreign Office, Russian President Vladimir [...]
Belarus Sanctions Regime in EU Since October 2020, the EU has gradually tightened sanctions against Belarus. The sanctions were enacted in reaction to Belarus's rigged presidential elections in August 2020. The sanctions regime on Belarus presently designates 183 persons and 26 companies, including major officials in the political leadership and administration, high-level members [...]
