The popularity of challenger banks in the UK has grown exponentially in recent years, according to the financial services industry. The FCA's recent review found that some challenger banks still have room to improve in terms of anti-money laundering and sanctions compliance.
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Smurfing and structuring are two different but common ways of money laundering techniques.
Keeping records of customer identity and transactions is an essential component of Anti-Money Laundering (AML) regulations.
Elderly people who are the victims of offenders are subjected to financial exploitation; thus, financial institutions should do all possible to safeguard their elderly clients.
If banks suspect money laundering involving large sums of money, they must file reports on any illegal transactions.
Preventing money laundering and embezzlement is critical for the financial health and security of businesses.
Adverse media screening is one of the key factors for businesses to access all kinds of information about their customers.
On 1 January 2021 NDAA (National Defense Authorization Act), came into force in the United States with the approval of Congress.
Mediating millions of financial transactions daily puts banks at significant risk for financial crimes. For this reason, banks must identify the risks by fulfilling their AML obligations and take precautions for them.