Digital payments are growing at an annual rate of 12.7% and are projected to reach 726 billion transactions in 2020. As payment technology goes digital, money laundering methodologies are also changing. To manage those new threats, many financial institutions are […]
Introduced in the United Kingdom in 2018, unexplained wealth orders (UWO) have become a powerful tool in the fight against money laundering. UWOs are court orders, issued by the UK High Court, that compel their targets to reveal the source […]
Since its formation, the European Union has developed a comprehensive anti-money laundering and countering the financing of terrorism (AML/CFT) framework. This allows member states to regulate businesses in their country to protect themselves against financial crime threats. The presence of […]
Is it time for compliance culture to shift entirely? The risk-based approach (RBA) to AML/CFT efforts has been in effect for years. But the financial impact of dark money and organized crime is still a significant shadow on the global […]
The Financial Action Task Force (FATF) is an intergovernmental organization that monitors global money laundering and terrorist financing trends. The FATF collaborates with its member states and regional organizations to develop a legal, regulatory, and operational framework for combating these […]
Economic sanctions are an important part of the global fight against financial crime, including money laundering and the financing of terrorism. In recent years, the number of economic sanctions in place worldwide has increased significantly: in the United States, for […]
Fraud and money laundering are often connected in criminal and regulatory contexts. This proximity is reflected in the crossover of responsibilities of anti-money laundering (AML) and anti-fraud employees. However, while they face similar threats, AML and fraud departments often operate […]
The illegal wildlife trade (IWT) is a global problem that threatens the survival of many species, from small reptiles and amphibians to large mammals like elephants, rhinoceroses, and tigers. IWT is driven by various factors, including poverty, the demand for […]
The Bank Secrecy Act (BSA) is a US federal law that contains measures to combat money laundering and other financial crimes. It is a central piece of legislation in the overall US anti-money laundering and countering the financing of terrorism […]
As financial authorities adapt to evolving criminal threats, risk assessment has become a foundation of AML/CFT compliance around the world. Banks and financial institutions must understand how to efficiently manage the money laundering and terrorism financing risks they face in […]
As the largest economy in the world and an influential political power, the United States plays a vital role in the global fight against money laundering and the financing of terrorism. The US is a member of the Financial Action […]
In recent years, Singapore has seen rapid developments in its FinTech sector. The government and the country’s regulator – the Monetary Authority of Singapore (MAS) – have made significant efforts to ensure the country’s regulatory framework keeps up with this […]
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