Russian Sanctions Regime in USA by OFAC The Ukraine/Russia sanctions program implemented by the Office of Foreign Assets Control (OFAC) began on March 6, 2014, when the President of the USA declared a national emergency in Executive Order (EO) 13660 against the threat posed by the actions and policies of certain individuals, who [...]
Russian Sanctions Regime in EU What Measures has the EU Taken Against Russia in the last decade? Since 2014, the EU has progressively placed sanctions on Russia in reaction to the unlawful annexation of Crimea. In March 2015, EU leaders resolved to tie the current economic sanctions system to full implementation of the [...]
Economic Sanctions against Russia US economic sanctions against Russia: On 21st February 2022 Presidency of the USA declared and issued Executive Order(EO) for banning any financial transactions in relation with the Luhansk and Donetsk Regions. Following days, USA issued economic and financial restrictions and prohibitions towards Russia due to military attacks on Ukraine: [...]
4 AML Trends to Follow Up in 2022 2021 was a challenging year for the financial industry in terms of the increasing threats of financial crimes and the expanding scope of the regulatory requirements. As a result, the focus of the regulatory bodies was on the Anti-Money Laundering (AML) compliance and how [...]
5 Scandalous AML Anti-Money Laundering Fines in 2021 The United Nations estimated that the cost of global money laundering annually is between $800 billion - $2 trillion which makes up 2-5% of global GDP. Unfortunately, only 1% of the money laundered can be detected and acted upon by the authorities. In order to [...]
Opportunities and Challenges of New Technologies for AML/CFT The new and innovative methods, procedures and technologies are being developed constantly for the purpose of the successful, effective and up-to-date implementation of AML (Anti-Money Laundering) and CFT (Combatting the Financing of Terrorism) requirements. Recently, on November 26th, 2021 I was a panel speaker for [...]
UAE KYC Blockchain Consortium When and why was the platform founded? The initiative of the UAE KYC (Know Your Customer) Blockchain Platform was launched in February 2020 by Dubai Economy (Dubai’s Department of Economic Development) together with its founding partner banks. The main motivation behind its foundation is to create a national ecosystem [...]
What is AML Transaction Monitoring? Banks and other financial institutions can use AML transaction monitoring software to monitor client transactions for risk on a daily or real-time basis. The software can provide financial institutions with a ‘whole picture’ analysis of a customer's profile, risk levels, and predicted future activity, as well as generate [...]
Fineksus is a SIBOS 2021 Partner Fineksus has become a SIBOS 2021 Partner to virtually share innovative ideas on October 11th-14th, 2021 covering the topics of future of transaction monitoring and screening supported by the AI-powered solutions as well as the journey of the seamless payments with a more secure and effective financial messaging [...]
What is Adverse Media Check? A media and press search of a prospective customer’s public profile using worldwide electronic media sources is known as a negative news check of adverse media AML. This can include both professional and personal activities, and it can provide you with a unique perspective on a customer’s image [...]
