Crypto exchanges quickly became important in financial systems by increasing risks and regulations
Knowledge Base
Everything you need to know about AML & KYC!
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.
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.
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.
ACH fraud is the unauthorized manipulation of electronic financial transactions within the Automated Clearing House network, leading to the illicit redirection of funds.
AML checks are essential for financial institutions to detect and prevent fraudulent activities, ensuring compliance with regulations and maintaining the integrity of the financial system.
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.
Benefit fraud, also known as welfare fraud, is the illicit act of making false claims or providing misleading information to obtain government assistance programs.
The Bank Secrecy Act (BSA) is the United States of America's most crucial anti-money laundering regulation. It is the main source of regulation for both the American and global financial systems.
Financial institutions have to comply with various AML and Know Your Customer (KYC) regulations in their customer onboarding processes.
Cloud computing technology is the provision of computing services such as servers, storage, databases, network, and software over the internet.
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.
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.
Effective strategies to prevent and combat chargeback fraud, protect your business from financial losses, and maintain secure online transactions.
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
Deepfake technology, its creation process, real-world examples, potential dangers, and the ethical and legal challenges it presents.
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.
ESG stands for Environmental, Social, and Governance and refers to responsible investment strategies focusing on these factors.
Discover how eKYC technologies enhance digital identity verification with advanced methods to prevent identity fraud and ensure secure transactions.
Understand eIDAS regulation—key to secure electronic identification, authentication, and trust services across the EU. Learn how eIDAS supports compliance and KYC processes.
Discover effective strategies to detect and prevent employee fraud, minimizing risks and protecting your business from internal fraud schemes.
Financial Crimes Enforcement Network (FinCEN) collects and examines monetary transactions to prevent money laundering and terrorist financing.
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.
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.
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.
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.
Front companies in money laundering pose challenges for financial institutions.
Financial Crimes are criminal activities carried out by individuals or criminal organizations to provide economic benefits through illegal methods.
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 exploits millions globally for forced labor and sexual exploitation, demanding urgent action to combat this severe human rights violation.
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.
Identity theft is when someone steals and uses your personal information for financial gain without your permission.
Companies need to know whether their income is being misused by corrupt business owners, shareholders, or money launderers by conducting KYB
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.
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 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.
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.
Mortgage fraud encompasses a spectrum of deceptive activities related to housing and mortgages.
Various forms of market manipulation, their economic impacts, and how advanced tools can help detect and prevent fraudulent activities to ensure market integrity.
Identify and prevent mail fraud, including common schemes, warning signs, legal consequences, and essential protection tips.
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.
Continuous monitoring is to take ensure that their business relationships are consistent in order to keep their information about their customers up-to-date.
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.
Discover how OSINT enhances fraud detection and prevention with advanced tools and techniques to improve data analysis and cybersecurity strategies.
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.
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.
Discover the importance of payment screening and how advanced solutions can enhance compliance, accuracy, and efficiency in your financial transactions.
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.
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.
Explore reverse money laundering, its challenges for financial institutions, and how advanced technologies and vigilant monitoring can help combat this financial crime.
A sanction screening service is a tool that helps companies comply with regulations related to AML and KYC by detecting financial crimes.
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
There are a number of sanctions imposed on Iran by many countries. You can find information about fundamental sanctions and their effects on Iran.
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.
Serious Fraud Office is a specialist prosecuting authority dealing with the highest level of severe or sophisticated fraud, bribery, and corruption.
Discover the importance of Swift and BIC codes in international banking, how to find them, and their role in ensuring secure and efficient cross-border transactions.
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 skimming fraud, its definition, and effective prevention methods to protect yourself and your business from this common financial scam.
Discover the importance of sanctions lists for compliance and learn how to stay compliant and mitigate risks effectively.
The recent art of manipulation which dissuade people from their important information and increase concerns of businesses: Social Engineering.
Sanction checks are performed to prevent transactions with entities that have been prohibited from engaging in specific activities or transactions.
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.
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.
Different types of tax fraud, their severe consequences, and effective strategies for prevention and reporting to ensure compliance and avoid penalties.
Terrorist Financing provides individual terrorists or non-state actors with training, accommodation, funds to buy weapons, or financial support.
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.
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.
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.