The current coronavirus contingency (COVID-19) has created different challenges for the authorities in charge of the fight and prevention of the crimes of Money Laundering and the Financing of Terrorism (ML/FT).
Financial technology (FinTech) aims to improve and automate the use of financial services. Using specialized software and algorithms, FinTech enables companies, business owners, and consumers to manage their financial transactions and processes better.
FATF Travel Rule, officially accepted by FATF on 21 June 2019, is the AML / CFT compliance obligations that financial institutions in 37 member countries worldwide must apply. Travel Rule is an update to existing FATF Recommendation 16 on cross-border and domestic bank transfers.
Crowdfunding is the funding of a project or initiative by a group of people via the internet. Crowdfunding, one of the new investment trends...
With the release of the October 2016 cybersecurity guide of the Financial Crime Enforcement Network (FinCEN), financial services faced the challenge of integrating cyber incidents into AML programs.
Fintechs are at the forefront of the fight against money laundering. It is the responsibility of the financial institutions' compliance departments to comply with the European anti-money laundering guidelines.
The effects of money laundering are severe and extensive. It can create global and local impacts for businesses, economies, and societies. The negative effects of money laundering on the economy are quite numerous.