Real estate is often used to aid money launderers in the Integration stage of a money laundering scheme. Criminals are able to invest their illicit gains into property, which provides stability in prices that usually appreciate over time and functionality… 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 >
In March 2017, the Department of Justice (DOJ) began investigating the Bank of the Internet (BofI) for possible money laundering violations. However, the company provided a written statement claiming that the company is in good regulatory standing and does not… Read more >
The European Union’s (EU) Fifth Anti-Money Laundering (AMLD5) became binding recently on Monday, July 9 and even after two years of reforming the anti-money laundering (AML) provisions and regulations, the new directive still faces weaknesses and limitations in preventing illicit… Read more >
A bribery scheme beginning in 2005 and operating up until 2016 was finally shut down by a Federal Judge in Miami, Florida. An official of Aruba’s state-owned telecomms company was sentenced to prison for three years for moving bribe money… 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 >
On June 19, 2018, the Official Journal of the European Union (EU) published the Fifth Anti-Money Laundering Directive (5MLD) that includes amendments to resolve issues within the existing Fourth Anti-Money Laundering Directive (4MLD), including terrorist financing, tax leaks and the… 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 >
A leader and innovator in anti-money laundering (AML), sanctions and anti-bribery compliance, Navigant Consulting Inc., has announced that they will be collaborating with a leader in machine intelligence, Ayasdi to produce an artificial intelligence (AI) and machine learning technology geared… Read more >
With technology and especially social media playing a large role in today’s society, there are many opinions on whether or not it is beneficial for young minds or a hindrance on face to face human interactions. However, regardless of one’s… Read more >