AML Compliance
What is Customer Due Diligence and How Does It Work?
Customer Due Diligence (CDD) is a Know Your Customer (KYC) and Anti-Money Laundering (AML)/Countering Terrorism Financing (CTF) regulatory requirement for...
Financial Crime
Fraud Risk Management: Key Challenges in Banking
Fraudulent activities are becoming more sophisticated in banking and financial services with the advent of new technologies and digital banking....
AML Compliance
What is Enhance Due Diligence (EDD) in Banking and Financial Services
At its core, Enhanced Due Diligence is a comprehensive set of KYC/AML procedures that banks and financial institutions follow to...
AML Compliance
Real-Time Payment Fraud Detection & AML Compliance: Expert Strategies for Banks
In the constantly changing world of banking, spot payment scams as they happen (frauds) and money laundering are issues that...
Compliance
The Challenges of Cryptocurrency Compliance – How Banks Can Overcome Them
Cryptocurrency is a digital or virtual currency that has revolutionized the financial services industry. Cryptocurrency offers both opportunities and poses...
Financial Crime
How to Enhance the Efficiency of Financial Crime Compliance Program
A Financial Crime Compliance (FCC) program, also called the anti-money laundering (AML) program, ensures alignment with applicable laws, regulations, policies,...
Financial Crime
The Rise of Cryptocurrency: Benefits, Risks, and Mitigation Strategies
The world transcended from national or regional markets to a global marketplace in the 21st century, placing the impetus on...
Financial Crime
How Money Laundering Schemes Changed in the Digital Age
Technological developments, especially in the financial services sector, have provided criminals with new avenues of money laundering. For instance, criminals...
Financial Crime
Identifying Predicate Offenses to Strengthen AML/CFT Compliance Strategy
Understanding predicate offenses is critical for banks and financial institutions to prevent, detect, and report money laundering activities and strengthen...
Financial Crime
6 Types of Money Laundering Typologies Banks Must Know
Money laundering is one of the most critical challenges faced by banks and financial institutions in the United States and...
Financial Crime
Pig Butchering Scams: Red Flags and Mitigation
Pig butchering scams involve scammers contacting potential victims and gaining their trust by befriending or flirting with them. Gaining a...
Financial Crime
How to Improve Watchlist Screening Process Effectiveness
Watchlist screening refers to the process of identifying and checking the customers, such as individuals and entities, against global watchlists....
Financial Crime
U.S. Treasury Releases 2023 Illicit Finance Risk Assessment of DeFi
The U.S. Department of the Treasury on April 06, 2023, released a report, titled Illicit Finance Risk Assessment of Decentralized...
Financial Crime
The Evolution of FATF Recommendations for AML/CTF Compliance
Financial Action Task Force (FATF) is an intergovernmental policy & standard-setting body of the U.S. Department of the Treasury dedicated...
Compliance
Evolution of the Basel Accords: An Overview
The development of the Basel Accords continues to evolve. As a result, from 2012-2017, the commission dealt with questions about...
Compliance
FATF Plenary February 2023: Key Outcomes
The second Plenary of the Financial Action Task Force (FATF) led by Singapore president T. Raja Kumar recently concluded its...
Compliance
FinCEN Alert (FIN-2023-Alert003) on Mail Theft-Related Check Fraud Schemes
The Financial Crimes Enforcement Network (FinCEN) has issued a new nationwide alert—FIN-2023-Alert003—to banks and financial institutions on theft-related check fraud...
Financial Crime
Cryptocurrency and Money Laundering: An Overview
Summary: Cryptocurrency or Convertible Virtual Currencies (CVCs) are increasingly used as a part of financial crimes like money laundering and...
Financial Crime
Financial Action Task Force (FATF): History, Functions, Lists, and Recommendations
The Financial Action Task Force (FATF) is an intergovernmental organization that sets international standards and rules to prevent financial crimes...
Compliance
Basel Norms: Purpose and History
Basel Norms or Basel Accords are the international banking regulations issued by the Basel Committee on Banking Supervision - BCBS....
Financial Crime
5 Key Takeaways From Recent FinCEN Alert on Human Smuggling on the Southwest Border
The Financial Crimes Enforcement Network (FinCEN) released a new alert focused on human smuggling and trafficking across the United States’...
Compliance
An Overview of the OFAC Sanctions and Program Types
Economic and trade sanctions are one of the ways the United States uses to deter and penalize human rights violations,...
Compliance
BSA/AML and Sanctions Program Framework: Key Imperatives for Banks
A robust BSA/AML and Sanctions Program framework is crucial for banks to attain compliance with heightened regulatory requirements. The rapidly...
Financial Crime
What is Financial Crime Risk Management (FCRM)?
Financial crime risk management or FCRM refers to the process of protecting an organization’s finances from criminal or fraudulent activity....