Understanding Blockchain technology and the encrypted information within it could potentially help regulators find the powerhouses behind money laundering, trafficking, and terrorism. Illicit activities can be pursued through cryptocurrency transactions involving Bitcoin, Ether, and other digital currencies, and blockchain technology… Read more >
With the implementation of the European Union’s (EU) Fourth Anti-Money Laundering Directive (AMLD4), which included an emphasis on enhanced customer due diligence (CDD), an inclusion of the gambling sector, and enhanced risk-based approach technology, all member states were required to… Read more >
Technology has advanced in recent years allowing for due diligence systems to become more precise in detecting terrorism financing and money laundering with the help of data analysis. The use of cognitive search and analytics technologies enables financial institutions and… Read more >
There is no doubt that the latest technologies for regulatory compliance remain a complex issue for banks because with the ever-growing and changing regulations aimed at anti-money laundering (AML) and Know Your Customer (KYC) compliance, large banks may just find… Read more >
Recently, a study was conducted by the US Government Accountability Office (GAO) regarding residents and businesses along the Southwest border of the United States that were experiencing difficulties accessing banking services in the area. The GAO was asked to investigate… Read more >
Smartphone usage is on the rise with an estimated 2.5 billion users around the world and 230 million in the United States alone. This high statistic unfortunately poses a great threat to compliance because it leaves financial institutions and individuals… Read more >
Money laundering is a major problem rising within the United States and the current laws are just not enough to be effective in preventing this issue. Recently, Senator Elizabeth Warren put her support on the Senate floor for stricter anti-money… Read more >
The Department of Justice (DOJ) recently closed the investigation on UK-based financial institution, HSBC Holdings Plc., and held them accountable for their participation in a multi-million dollar fraud scheme known as “front-running” involving a client named Cairn Energy in 2011… Read more >
From 2008 to 2016, Foreign Corrupt Practices Act (FCPA) fines have increased tremendously from $890 million to $2.48 billion in 2016. Although 2017 showed a slight decrease with the total in fines only reaching $1.92 billion to resolve FCPA cases,… Read more >
With hopes to combat recent corruption scandals and its current state of disruption, Peru has enacted a new criminal liability law, Law 30424, to kick off the new year. This new law introduces corporate criminal liability and recognizes the liability… Read more >