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 >
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 >
On April 17, 2018, a money laundering and terrorist financing (ML&TF) national risk assessment (NRA) workshop was held at the Central Bank of Liberia. Coordinated by Liberia’s Financial Intelligence Unit (FIU), the purpose of the NRA is to identify any… 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 >
The Office of the Comptroller of the Currency (OCC) recently released its semi-annual risk report that highlights the credit, operational and compliance risks that can pose a threat to the federal banking system. This report is intended to be used… Read more >
In order to fight money laundering within the British property market, Britain’s Department for Business, Energy and Industrial Strategy introduced the world’s first public register that requires overseas companies which own or have the ability to buy property within the… Read more >
Over the span of a decade Western Union failed to accommodate compliance and anti-money laundering (AML) regulations leading to a fine of $60 million by the New York Department of Financial Services (DFS). This settlement follows an agreement that the… Read more >
A new discovery of documents coined “The Paradise Papers” reveals the secrets of two offshore firms, 19 secrecy jurisdictions, and 13.4 million files. These files were obtained by the German newspaper, Süddeutsche Zeitung, and were released by the International Consortium… Read more >
In an effort to reduce money laundering and criminal and terrorism funding, the Anti-Money Laundering Council (AMLC) of the Philippines has made amendments to the AMLC Registration and Reporting Guidelines (ARRG). The amendments were approved by the government on December… Read more >