Anti Money Laundering (AML) is a worldwide term to prevent money laundering and includes policies, laws, and regulations to prevent financial crime.
Knowledge Base
Everything you need to know about AML & KYC!
Crypto exchanges quickly became important in financial systems by increasing risks and regulations
Anti-Money Laundering (AML) software is a technology designed to detect and prevent money laundering by analyzing financial transactions, monitoring customers, and ensuring compliance.
An anti-money laundering compliance officer/aml officer is a person who manages AML programs and processes of companies under the AML obligation.
Adverse Media (negative news) is any bad and negative information about the customer or business found in various sources.
The AML risk assessment carries out this process by identifying placessand those who want to finance terrorist activities.
Regulators and organizations under the obligations of AML have taken and are taking effective steps in the fight against financial crimes
AML Name Screening is one of the methods used for risk assessment of existing or potential customers of organizations under the AML obligation.
Also known as the Financial Markets Regulator, AMF is France's stock market regulator.
Australian Transaction Reports and Analysis Center (AUSTRAC) is an Australian Financial Intelligence Unit.
AML policy includes the measures the company takes against money laundering. Anti-money laundering policy is a policy created by financial companies that aim to prevent revenues from illegal activities.
Automated Clearing House (ACH) is a system for digital money transfers from a sender bank to a receiver, established in the middle of the 1970s in the US. is used for electronic funds transfer (EFT) and is regulated by Nacha.
Account takeover fraud occurs when a cybercriminal gains access to a user's login credentials for an online account
Authorized Push Payment (APP) fraud is a sophisticated and dynamic financial fraud that presents severe risks to both individuals and enterprises.
BSA Officer works financial institutions to ensure compliance with laws and regulations pertaining to the United States’ Bank Secrecy Act.
Bank stress test refers to the measurement of the losses that banks will experience in possible adverse scenarios.
The Black Market Peso Exchange is the most extensive money laundering methodologies in the Western Hemisphere.
Benefit fraud, also known as welfare fraud, is the illicit act of making false claims or providing misleading information to obtain government assistance programs.
Customer due diligence (CDD), one of the basic requirements of the risk-based AML approach, provides the detection of potential customer risks.
Considering the function of financial institutions, it is crucial to understand a currency transaction report's concept and purpose, also known as CTR.
The financing of terrorism is the financing required by terrorists to carry out terrorist acts. Terrorists provide this funding through donations, money laundering, and drug trafficking.
Financial institutions have to comply with various AML and Know Your Customer (KYC) regulations in their customer onboarding processes.
The Central Bank of Yemen was established in 1971 and the northern and southern sectors of Yemen were merged in 1990.
MONEYVAL is a body of the Council of Europe that evaluates compliance with international standards against money laundering and financing terrorism. It evaluates countries' AML/CTF frameworks and publishes evaluation reports with recommendations for improvement. MONEYVAL's goal is to promote effective AML/CTF measures and protect the financial system from criminal abuse.
Cloud computing technology is the provision of computing services such as servers, storage, databases, network, and software over the internet.
Learn why customer risk screening and monitoring are crucial for companies to comply with AML regulations, mitigate financial crime risks, and protect their reputation.
The Canadian Center for Financial Transactions and Reports Analysis (FINTRAC) ensures the detection of money laundering and financing terrorist activities.
The Financial Crimes Enforcement Network (FinCEN) has performed the CDD Ultimate Rule published by the U.S. Department for financial institutions in May 2018.
Commission de Survellience du Secteur Financier (CSSF) is also known as Financial Supervisory Authority.
The Caribbean Financial Action Task Force (CFATF) was primarily founded as a result of several meetings convened with the local state delegates back.
Customer risk assessment is a series of evaluations made when a new business relationship or transaction is to be initiated with the customer.
Council for Financial Activities Control is the financial intelligence unit that works to prevent money laundering in Brazil.
The California Consumer Privacy Act (CCPA) is a state act aimed at improving rights to privacy and consumer protection for California, United States residents.
Strategies for Understanding and Preventing Credit Card Fraud to Protect Your Financial Security.
CEO fraud, also known as business email compromise (BEC), is a type of cybercrime where malicious actors impersonate high-ranking executives to deceive employees into transferring funds or sensitive information.
The Corporate Transparency Act goes into effect in the US in January 2024. Businesses, get informed now to ensure compliance with this new regulation.
The Chief Risk Officer (CRO) assumes the pivotal role of fortifying organizations against an array of risks that threaten their stability and prosperity.
The key aspects of the Customer Identification Program (CIP), its significance in ensuring compliance with KYC and AML standards, and its critical role in safeguarding financial institutions from fraud and money laundering activities.
As one of the world’s most influential economic and political powers, Australia is a major player in the fight against international money laundering and terrorist financing.
The prevention of money laundering activities issued some guidelines on DNFBP of FATF
Learn about Domestic PEPs and Foreign PEPs, and their significance in risk assessment and compliance measures.
De-Risking is a strategy that companies apply when they cannot manage these money laundering risks that they have obligations to.
The Dodd-Frank Act was created in response to the financial activities that led to the 2008 financial crisis, like falling stock prices.
Drug trafficking is a worldwide illegal enterprise that involves the cultivation, manufacturing, distribution, and sale of illicit drugs under drug regulations.
DEA is a US government law enforcement agency tasked with stopping drug trafficking and maintaining drug-related regulations
Electronic identity verification (eIDV) is a process of verifying a person's identity through electronic means
Enhanced Due Diligence procedure, able to detect high-risk customers and large transactions, is an advanced KYC procedure that provides further risk investigation.
Discover the role and functions of the European Banking Authority (EBA) in regulating and supervising the banking sector across Europe to ensure financial stability and protect consumers.
EFECC will be part of Europol's current organizational structure and consolidate all financial intelligence, etc.
Egmont Group's primary purpose is to help countries develop their national anti-money laundering systems.
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.
ESG stands for Environmental, Social, and Governance and refers to responsible investment strategies focusing on these factors.
eKYC (Electronic Know Your Customer) is a digital process of verifying the identity of a customer through the use of electronic means such as online forms, biometric authentication, and government-issued identity documents.
Financial crimes are a major issue in the global world. Income from financial crimes corresponds to a very large proportion of global GDP.
The Financial Services Agency (FSA) was established in 2000 under the authority of the FRC through the reorganization of the FSA.
Financial Crimes Enforcement Network (FinCEN) collects and examines monetary transactions to prevent money laundering and terrorist financing.
The Financial Conduct Authority (FCA) is an organization that regulates financial firms and markets in the UK and acts as a warning regulator for these organizations.
The FATF blacklists and greylists check in promoting international cooperation against money laundering and terrorist financing is important for the international financial system. Discover how these lists work and the consequences of being included in them.
False negative alarms in Anti-Money Laundering (AML) refer to financial activities that should have been detected, but were missed by the compliance software tool, AML team or an officer due to their subtle or sophisticated nature
Financial Industry Regulatory Authority is a government agency that aims to protect US investors and ensure market integrity.
The purpose of financial sanctions in the UK is to achieve specific foreign policy or national security goals.
The Financial Intelligence Center Act (FICA) came into force in 2003 to combat with financial crimes in South Africa.
As the Federal Financial Supervisory Authority of Germany, BaFin plays a crucial role in combating money laundering and terrorist financing.
FATCA is the law that requires American citizens to provide details of their financial accounts outside the U.S. to the IRS.
Money and fraud are always associated because fraudulent, criminal activities generate cash, which needs to be laundered.
Financial Misseling is generally a sales practice in which a product or service is intentionally misrepresented.
The 5th EU Anti-Money Laundering Directive (5AMLD) was introduced by the European Parliament on April 19, 2018, in response to incidents such as human trafficking, terrorism, and the Middle East migration crisis.
FIUs gained popularity in the 1990s to receive, evaluate, and share financial information related to economic crime.
According to the Money Laundering and the Financing of Terrorism (Prevention) Act (Wwft), the Financial Intelligence Unit-Netherlands is the authority to report suspicious transactions for organizations that are obliged to report.
The Financial Action Task Force (FATF) is an intergovernmental organization established in 1989 by members of the G7 to develop standards around AML.
Financial Supervisory Authority (FIN-FSA) is the institution that controls and supervises Finland's financial and insurance industries.
The Autorité de Contrôle Prudentiel et de Résolution (ACPR) is in charge of overseeing banks and insurers in France.
The Financial Supervisory Authority of Norway (FSA), also known as Finanstilsynet, is the key government agency in charge of overseeing Norway's financial industry and is in charge of all banks and financial organizations.
A financial crime risk analyst is the person responsible for reducing and preventing these crime risks within the organization they work for.
FCPA is designed to prevent U.S. companies and individuals from engaging in bribery of foreign officials in order to obtain or retain business.
Financial Services and Markets Authority (FSMA) is a regulatory body overseeing financial institutions’ AML compliance in Belgium.
The Federal Information Security Modernization Act (FISMA) was enacted to modernize the government's cybersecurity regulations to address contemporary security challenges.
A machine learning system by the Federal Reserve, FraudClassifier categorizes payment transactions based on fraud risk, alerting financial institutions.
Front companies in money laundering pose challenges for financial institutions.
GDPR is the regulation that aims to protect all personal or professional data of the citizens of the EU member countries.
Geographic targeting orders (GTO) is a tool used by the Financial Crimes Enforcement Network (FinCEN) to detect money laundering.
Glass-Steagall Act was enacted in an effort to restore public confidence in the banking sector, which had been severely shaken by the bankruptcy of thousands of banks during the first years of the depression.
The United Kingdom is one of the most important actors in the world of economy and finance. All institutions need to be aware of what HM Treasury does.
HMRC in the UK collects taxes in general. The other important responsibility is to work with the FCA to investigate money laundering crimes.
HKMA ensures the stability of the Hong Kong dollar under the Linked Exchange Rate System (LERS).
Human trafficking prevents the victim's free movement through coercion, a crime against their human rights. Traffickers can use promises such as violence, manipulation, well-paid jobs, or romantic relationships to lure victims into trafficking situations.
HMRC is a law enforcement agency with a strong criminal investigation staff responsible for investigating Serious Organized Financial Crime.
Identity Verification is to check the accuracy of the information provided by a public or private.
International sanctions are restrictions on trade and economic relations between individuals, organizations or countries based on specific reasons.
The International Money Laundering Information Network (IMoLIN) is an organization that plays an active role in the fight against money laundering and helps those working in this field.
The International Emergency Economic Powers Act (IEEPA) is an agreement that allows the president to use executive authority over emergencies even at peacetime.
Identify and prevent impersonation scams, safeguard your personal information, and stay safe online.
Know Your Customer (KYC) is a control procedure that financial institutions apply to verify the identities of their existing and new customers.
Companies need to know whether their income is being misused by corrupt business owners, shareholders, or money launderers by conducting KYB
By calculating the risk associated with a person, the KYC risk rating helps organizations avoid doing business with individuals involved in financial crime.
Know Your Employee fundamentally means whole relationship that the management has established with its employee.
Know Your Transaction is a financial sector term that refers to the process of reviewing financial transactions for fake or suspicious activities like money laundering.
Kleptocrats generally construct elaborate illegal international money laundering networks to secure their stolen assets by concealing them.
Know Your Supplier (KYS), also known as supplier risk management, is a process that focuses on ensuring transparency and compliance in the supply chain.
Know Your Patient (KYP) is a critical compliance process in healthcare aimed at verifying patient identities to protect their data and prevent identity fraud.
Lenders are individuals or organizations that lend money to borrowers in exchange for a particular agreement.
Layering is one of the techniques used in money laundering.
Loan fraud involves criminals obtaining a loan by unlawfully using someone's personal information.
Money Laundering is a process of conversion illegal sources to a legal source. The purpose of criminals laundering money is to earn revenue from crime.
To simply answer "what is money laundering", money laundering is the process of turning the profit of illegal financial activity into a legitimate income.
The Money Laundering Reporting Officer (MLRO) is authorized person in a company to control and report its activities regarding AML compliance.
The Money Services Business (MSB) is usually a currency exchange and money transfer transaction.
The Monetary Authority of Singapore (MAS) is the central bank and financial regulator of Singapore. It is led by the Minister of Finance and operates with a strict code of conduct and core values, such as professionalism, honesty, and fairness.
To provide transparency in financial markets, sharing data on trading activity and transactions are important.
A money mule is a person who transfers money acquired illegally in person, through courier service on behalf of others and receives a fee in return.
The Middle East and North Africa Financial Action Task Force is a regional institution similar to the FATF for nations in the Middle East and North Africa.
The Malta Financial Services Authority (MFSA) is the only banking and finance sector supervisor in Malta.
Mexican Unidad de Inteligencia Financiera (UIF), is a federal body devoted to recognizing and stopping financial crimes such as money laundering and terrorism funding.
Multi-factor authentication (MFA) is a security process that requires users to provide two or more forms of authentication in order to access a system or application.
The discussion focuses on mirror trading, Deutsche Bank's scandal, and regulatory compliance.
Mortgage fraud encompasses a spectrum of deceptive activities related to housing and mortgages.
The New York State Department of Financial Services is responsible for regulating all financial services.
The National Crime Agency (NCA) was established in 2013 to eradicate severe and organized crime in the United Kingdom.
The National Risk Assessment (NRA) identifies the primary concern for money laundering and terrorist financing risks that countries have.
The National Defense Authorization Act (NDAA) is a seminal piece of legislation that lays the foundation for the policies, organizations, and expenditures of the United States defense agencies.
OFAC is a US Department of Treasury agency that implements commercial and economic sanctions to support US security and foreign policy objectives.
OFAC is the most functional financial sanctions organization in the United States based on Treasury administer.
OSFI is an independent federal agency set up to check financial institutions' finances.
Continuous monitoring is to take ensure that their business relationships are consistent in order to keep their information about their customers up-to-date.
The Office of the Comptroller of the Currency (OCC) is a federal government agency regulating national banks and federal savings institutions in the United States.
OCR is the process of converting an image of a text into a machine-readable text format. You may utilize OCR to transform the image into a text document, with the contents saved as text data.
Open-source intelligence (OSINT) means a collection of data from publicly available, free, and open-source tools producing information. Osint tools aim to gather more information about a targeted business or individuals.
OFSI has a vital role in Safeguarding the UK's Financial System and Promoting International Security.
With the revision made by the European Commission in 2015, the payment services directive II replaced payment services directive I.
Politically Exposed Persons (PEPs) are high-risk clients with more opportunities than ordinary nationals to gain assets through illegal means like bribe-taking and money laundering.
The law aims to prevent money laundering and terrorist financing through institutions and confiscate the proceeds from these activities.
The USA Patriot Act's main purpose is to deter and punish terrorist acts in the United States and around the world.
A Ponzi Scheme is a fraudulent investment system where returns are paid to investors using the money from new investors.
Prevention of Money Laundering Act, 2002 is an anti-money laundering law introduced by the NDA Government.
Examples of acceptable documents may include utility bills, bank statements, and government-issued documents.
Prepaid cards are valued storage devices used to pay for products and services using current card payment networks.
pKYC, including its mechanisms for ongoing compliance, its pivotal role in combating financial crime, and its benefits for both financial institutions and customers.
Phishing is a deceptive practice where attackers trick individuals into revealing personal information, leading to identity theft and financial loss.
The Qatar Financial Center Regulatory Authority was established in 2005 as an independent regulator in Doha.
RBI is the central bank of India. The aim is to regulate financial institutions to ensure economic stability and growth in India.
Risk-Based Approach, RBA, is one of the most widely used statements in anti-money laundering (AML) and compliance.
All financial transactions mediates carry the risk of money laundering, terrorist financing, corruption, bribery, and human trafficking.
RCA's or Relatives and Close Associates are meaning, the people who have a close connection or accompany with the PEPs.
Founded in 1934, The Reserve Bank of New Zealand (RBNZ) is the country's central bank.
Ransomware attacks aim for money and notify victims of the vulnerability and recovery steps.
Return fraud is a significant challenge for online businesses, involving practices such as wardrobing, counterfeit returns, price tag flipping, and returning stolen goods, leading to financial losses and inventory management issues.
Romance scams involve fraudsters who create fake profiles to manipulate individuals into sending money or personal information, often using emotional manipulation and fabricated stories of hardship.
North Korea maintains its economy for a long time as it carries the heavy burden of international sanctions. The article examines sanctions from major jurisdictions on the country.
overview of the impacts of sanctions on Saudi Arabia's economic, social, and political landscapes
Many countries and organizations imposed sanctions on the Venezuelan government during the crisis in the country.
There are a number of sanctions imposed on Iran by many countries. You can find information about fundamental sanctions and their effects on Iran.
A Suspicious Activity Report (SAR) is a document filed to track suspicious activities and to inform regulatory bodies about them by related institutions.
OFAC places individuals and organizations on a list called Specially Designated Nationals And Blocked Persons (SDN) for national security.
SAMLA is money laundering and terrorist financing regulations in the united kingdom.
Special Interest Entities and Special Interest Persons put companies at greater risk of money laundering due to the high risks they have.
There are some sanctions for preventing and preventing human rights violations.
Sectoral Risk Assessment refers to a process that enables companies to assess the risks associated with a specific sector of their business activities. In particular, it helps companies identify and manage the risks of money laundering and terrorist financing.
Serious Fraud Office is a specialist prosecuting authority dealing with the highest level of severe or sophisticated fraud, bribery, and corruption.
A BIC number, also known as a SWIFT code, is a critical component of international bank transactions in financial organizations. This blog describes Swift and its relationship with financial crime.
Discover the importance of Source of Funds (SOF) and Source of Wealth (SOW) in finance. Learn how they impact transactions and ensure financial security.
Simplified Due Diligence (SDD) simplifies and enhances risk assessment in business transactions, streamlining decision-making and minimizing potential risks.
Learn about smurfing definition, consequences, and how to prevent it.
The Sixth AML Directive (6AMLD) and its crucial role in preventing money laundering, ensuring AML compliance, and implementing stringent measures for financial crime prevention in the European Union.
Trade-Based Money Laundering is one of the most commonly used methods to launder money. It takes advantage of trade systems complexity, mostly international contexts.
Transaction Monitoring is the most effective way to help the financial institution to combat financial crimes by detecting suspicious activities mediating by their services.
Transaction Laundering is a form of electronic money laundering that allows illegal merchants to obscure their transactions by processing sales through an approved vendor's payment credentials.
SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a global messaging network that is widely used by financial institutions to send and receive money transfer orders. It is a cooperative society owned by member financial institutions and has offices worldwide.
The Department of Justice provides crime prevention by federal leadership in home control, seeking fair penalty for those guilty of illegal behavior.
The UK’s Serious and Organized Crime Strategy aims to significantly reduce the number of serious and organized crime that undermines Britain's interests.
The Bureau of Industry and Security (BIS) is a US Department of Commerce agency dealing with national security and high technology issues.
UN sanctions are imposed to maintain peacekeeping between nations. There are four different UN sanction types that are diplomatic, economic, sport and environmental sanctions.
The Ultimate Beneficial Owner, shortly known as UBO, means the legal entity that is the company's beneficiary.
The USA adopted the Securities Law SEC in 1933 when depression was the most intense after the stock market crash of 1929.
UWOs were brought into the UK legal system in January 2018 to complement the UK's criminal regime as a government response to individuals whose source of wealth is unclear
In 1997, the United Nations Office on Drugs and Crime (UNODC) was established by uniting the UN Drug Control Programme with the Centre for International Crime Prevention.
The Consolidated Scan List (CSL) lists parties the United States Government has imposed restrictions on certain exports.
When a company goes on sale, potential buyers should be shown an in-depth report on the company's financial status, called vendor due diligence.
The purpose of vessel screening is to detect and avoid establishing a business relationship with sanctioned vessels.
Watchlists are databases including checks against suspected terrorists, money launderers, fraudsters or PEPs, global watchlists.
The Wolfsberg Group aims to develop guidance for the management of financial crime risks related to AML, CTF, and KYC policies.
Wire fraud poses significant risks, demanding robust cybersecurity and regulatory compliance.
The Financial Intelligence Centre is the Financial Intelligence Unit (FIU) of the Republic of Zambia, aiming to protect countries' financial ındustry.