Sanction Scanner Blog

Don’t risk your business.
All Regulations Anti Money-Laundering Counter-Terrorist Financing‎ Compliance RegTech
Avatar
Compliance

What is FATCA (Foreign Account Tax Compliance Act)?

FATCA is a law that requires American citizens to report to the IRS the details of their financial accounts outside of the United States. The law aims to prevent the US taxpayers' natural and legal persons from avoiding US-based taxation over their incomes and assets and establish a transparent, traceable tax system. ...
Avatar
Anti Money-Laundering

How Does Technology Prevent You From Drug Cartels Money Laundering?

Money Laundering is a process of conversion illegal sources to a legal source. Because they are legally acceptable before they can be used. Money laundering has become a major financial problem and crime today. Every year billions of dollars are illegally smuggled to international borders. ...
Avatar
Regulations

What is PSD2?

With the PSD1 (Payment Services Directive 1), which enter into force in 2009 for the first time in EU countries, the main aim of the European Union was to develop an efficient, fast, standardized, secure and competitive payment market among the union countries. With the revision made by the European Commission in 2015, PSD2 replaced PSD1. ...
Avatar
Regulations

What is GDPR?

It is the regulation that will protect all personal or professional data of the citizens of the European Union member countries and ensure that the rights on these data are taken and terminated from internet companies. Any organization using the personal data of individuals must comply with this regulation. ...
Avatar
Anti Money-Laundering

Artificial Intelligence and Anti-Money Laundering

Money laundering is the process of making large amounts of money generated by criminal activities as if it appears to have come from a legitimate source. Anti Money Laundering is a complex issue for financial institutions. AML compliance ...
Avatar
RegTech

What is RegTech?

RegTech is the platform that combines regulations with technology. These are technologies created to facilitate the process of compliance with increasingly complex regulations and to serve users in-process monitoring. Regtech provides...
Avatar
Compliance

What is Customer Due Diligence (CDD)?

Customer Due Diligence is a process which is collected information about the customer. The organization recognizes its customers and reduces the risks to which it will be exposed. The most important of these risks is money laundering and financing of terrorism...
Avatar
Compliance

What is KYC (Know Your Customer)?

KYC is the process that businesses do to verify customer's identities before doing business with their customers. KYC regulations help companies protect themselves against illegal financial transactions. Why is KYC important?...
Avatar
Counter-Terrorist Financing‎

What is Terrorist Financing?

Terrorists need money for terrorist activity. Terrorist financing provides funds to terrorists. They use these funds for training, accommodation, buying weapon, etc. So, how are these funds provided?...
Avatar
Anti Money-Laundering

What is Anti Money Laundering?

First of all, what is money laundering? Money laundering is the process of making large amounts of money generated by criminal activities as if it appears to have come from a legitimate source...
Avatar
Regulations

What Are The AML Regulations?

Financial institutions have certain compliance obligations to which they are responsible. These obligations are regulated by financial regulators. Financial institutions must comply with national and international regulations to ensure AML compliance...
Avatar
Regulations

What Is PEP (Politically Exposed Persons)?

A politically exposed person is a term that describes someone who has a prominent public function. They are considered high-risk by financial institutions because of their potential to engage in bribery and corruption. Creating PEP lists is a difficult process...
Avatar
Anti Money-Laundering

What is Financial Crime?

Financial Crimes are criminal activities carried out by individuals or criminal organizations in order to provide economic benefits through illegal methods. Financial crimes cause harm to people and organizations. Financial crime has become a very important issue in recent years all over the world...
Avatar
Regulations

What Is A Sanction List?

Sanctions lists were created by governments and international authorities to combat persons engaged in illegal activities. These lists help us identify countries and individuals involved in financial crime...