Author name: Tasneem Abdulrahman

A Financial Crime Compliance (FCC) program, also called the anti-money laundering (AML) program, ensures alignment with applicable laws, regulations, policies, and standards and mitigates financial crime risks by checking unethical activities. FCC programs play a critical role in safeguarding the integrity of financial systems globally. Enhancing the efficiency of a financial crime compliance program is …

How to Enhance the Efficiency of Financial Crime Compliance Program Read More »

The world transcended from national or regional markets to a global marketplace in the 21st century, placing the impetus on transactions among organizations of all sizes across continents. A small souk owner in the Middle East can source products from Europe, and an e-commerce shop in the U.S. can source products from Asia. This voluminous …

The Rise of Cryptocurrency: Benefits, Risks, and Mitigation Strategies Read More »

Technological developments, especially in the financial services sector, have provided criminals with new avenues of money laundering. For instance, criminals exploit potential vulnerabilities in online platforms such as e-commerce websites and digital payment systems to layer and integrate illicit funds into legitimate transactions. Cryptocurrency further obfuscates money laundering gambits as it provides a high degree …

How Money Laundering Schemes Changed in the Digital Age Read More »

Understanding predicate offenses is critical for banks and financial institutions to prevent, detect, and report money laundering activities and strengthen their Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) compliance strategies. This blog overviews predicate offenses and explains how banks and financial institutions can prevent money laundering and strengthen their AML/CFT capabilities. Predicate Offenses, …

Identifying Predicate Offenses to Strengthen AML/CFT Compliance Strategy Read More »

‍Money laundering is one of the most critical challenges faced by banks and financial institutions in the United States and other countries. Money Laundering refers to the process of disguising the illicit money generated through criminal activities such as terrorist funding, drug trafficking, human trafficking, etc., as legitimate by hiding the origin, source, and ownership …

6 Types of Money Laundering Typologies Banks Must Know Read More »

Pig butchering scams involve scammers contacting potential victims and gaining their trust by befriending or flirting with them. Gaining a victim’s trust can often take several months, depending on the perpetrator’s commitment. A pig butchering scammer usually creates a fake social media account on the platforms to contact potential victims. Their goal is to find …

Pig Butchering Scams: Red Flags and Mitigation Read More »

Watchlist screening refers to the process of identifying and checking the customers, such as individuals and entities, against global watchlists. The purpose is to detect and prevent financial crimes and risks, such as fraud, money laundering, terrorism financing, and other illegal activities. These watchlist databases are created and maintained by regulatory bodies, inter-governmental or international …

How to Improve Watchlist Screening Process Effectiveness Read More »