AML compliance

U.S. Treasury Releases 2023 Illicit Finance Risk Assessment of DeFi

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The U.S. Department of the Treasury on April 06, 2023, released a report, titled Illicit Finance Risk Assessment of Decentralized Finance (DeFi). The report indicates significant potential risks associated with decentralized finance and its adverse impact on the efforts to counter terrorist financing and money laundering activities. The report outlines the key finding and recommendations …

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Evolution of the Basel Accords: An Overview

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The development of the Basel Accords continues to evolve. As a result, from 2012-2017, the commission dealt with questions about the obligations of banks to central counterparties, collateral requirements, measurement of counterparty credit risk, and calculation of securities capital requirements. They did this by introducing the Fundamental Review of the Trading Book (FRTB) capital requirements …

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FATF Plenary February 2023: Key Outcomes

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The second Plenary of the Financial Action Task Force (FATF) led by Singapore president T. Raja Kumar recently concluded its discussions. The discussion – attended by representatives from 200+ jurisdictions of the Global Network at the FATF headquarters in Paris – addressed vast issues and challenges related to the global financial system. This blog shares …

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FinCEN Alert (FIN-2023-Alert003) on Mail Theft-Related Check Fraud Schemes

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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 schemes targeting the U.S. Mail. Check fraud is the largest source of illicit proceeds in the United States. Frauds in general, including check fraud, are one of the largest sources of money laundering in the …

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Cryptocurrency and Money Laundering: An Overview

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Summary: Cryptocurrency or Convertible Virtual Currencies (CVCs) are increasingly used as a part of financial crimes like money laundering and terrorism financing as they provide greater anonymity, unrivaled privacy, and security unmatched by traditional banking systems. In this blog, you will learn how criminals leverage cryptocurrency for money laundering activities and the FinCEN recommendations to …

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What is Financial Crime Compliance (FCC)?

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Financial Crime Compliance (FCC) is a process to ensure your bank or financial institution is meeting the policies, standards, and regulations laid by the Financial Crimes Enforcement Network (FinCEN) of the United States Treasury Department. Meeting financial crime compliance is a legal requirement for banks and financial institutions to combat the various financial crime risks …

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FinCEN Strengthens the AML Whistleblower Program

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The Financial Crimes Enforcement Network anti-money laundering whistleblower program was enacted on Jan 1, 2021. The program was created to receive information and tips related to the violations of the anti-money laundering laws, including, Inadequate or weak Know Your Customer (KYC) verification and Customer Due Diligence (CDD) processes Failure to report or file suspicious transactions …

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5 Key Takeaways From Recent FinCEN Alert on Human Smuggling on the Southwest Border

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The Financial Crimes Enforcement Network (FinCEN) released a new alert focused on human smuggling and trafficking across the United States’ southwestern border. This alert comprised guidance on relevant red flags, typologies, and SAR filing tips for financial institutions to help them detect and report suspicious transactions suggestive of human smuggling. This blog shares key takeaways …

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Guide to Anti-Money Laundering in Banking and Finance

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Anti-money laundering or AML in banking and finance refers to the legal obligations, set of rules, procedures, and regulations to prevent and counter money laundering. Financial institutions need to implement dedicated frameworks and systems to monitor and report fraudulent activities to safeguard themselves from compliance risks and fulfill regulatory obligations. For instance, banks need to …

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Anti-Money Laundering Compliance – Checklist and Best Practices

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Money Laundering is a persistent problem globally. As per UNODC, 2-5% of global GDP ($800 billion – $2 trillion) is the estimated amount of money laundered in a year. The vast umbrella of Anti-Money Laundering (AML) Compliance obligates financial institutions to deter any potential money laundering activity, primarily through proactive tracking and reporting of suspicious …

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