573 Results from /crime
Ido Nir Head of Financial Crime Solutions, APAC at Oracle Financial Services
How risky are Politically Exposed Persons for your financial institution? Financial institutions are required to consider and appropriately manage Politically Exposed Persons (PEPs) and their close associates as higher risk customers. They are required to impose strict measures when establishing new business relationships with PEPs and to ensure c...
10 February 2021 /regulation /crime Sustainable compliance
Garima Chaudhary Global Head of Solution Eng, FinCrime & Compliance at Oracle
The United Nations Office of Drug Crime estimates that $800 billion to $2 trillion, or 2-5% of global GDP, is laundered globally every year. What is driving this massive amount of money laundering? After drug trafficking, human trafficking is the second top motive for money laundering. Forced labor generates over $150 billion per year by robbing ...
02 February 2021 /regulation /crime Innovation in Financial Services
Serkan Arslan Sales and Business Development Director, CAMS at Fineksus
What does Trade-based Money Laundering (TBML) mean? Trade-based Money Laundering (TBML) is defined as the use of trade activities and transactions to transfer illicit cash of big quantities into legitimized or -in some cases- less suspicious commodities in order to avoid financial transparency regulations. There are different techniques of using T...
01 February 2021 /regulation /crime RegTech
Drug Trafficking Is Widespread Drug trafficking is a global problem—and despite decades of research, regulations, and enforcement, it remains a $400 billion global business. Government ministries and agencies around the world continuously monitor and research illicit drug markets to gain a more comprehensive understanding of this nefarious industr...
26 January 2021 /regulation /crime Innovation in Financial Services
Andreas Hobbelin Head of AML & FCP at ZTL PAYMENT SOLUTION
Over 10 years ago, one statement got international attention, another statement didn’t even get national attention. Still both statements echo’s today, although differently. The then Head of United Nations on Drugs and Crime (UNODC), Antonio Maria Costa said the following based on that UNODC had found evidence that some banks were funded by illicit...
21 January 2021 /regulation /crime Banking Regulations
Jesse Chenard CEO at MonetaGo
Fraud is an age-old problem that has plagued every industry since businesses began trading. It takes many forms and guises and is a constantly evolving threat, as the perpetrators adapt to the ever-changing business environment they seek to disrupt. Perhaps one of the most well-known examples of fraud is money laundering. On one end of the spectr...
21 January 2021 /regulation /crime Blockchain in Banking and Financial Services
Money Laundering and Its Impact on Wildlife Every year, the illegal wildlife trade—which includes the smuggling, poaching, capture, and collection of endangered species and protected wildlife—threatens many animal species with extinction. Demand for rhino horn—which is more expensive than gold—resulted in the extinction of Africa’s western black r...
20 January 2021 /regulation /crime Financial Services Regulation
To answer this, one most likely need to go deep on all financial institutions (FI), however, what if one would ask some simple questions to begin with? Lets start with the following; Are you screening your clients against US sanction lists? Most would answer Yes Are you screening your client’s counterparties against US sanction lists...
15 January 2021 /regulation /crime Trends in Financial Services
Adam Holden Chief Executive Officer at NorthRow
If we thought 2019 ‘was quite a year’ and that 2020 would bring some challenges, then how on earth do we begin to verbalise the last 9 months? Despite epidemiologists warning of a once-in-a-lifetime pandemic, the most advanced nations in the world were ill-prepared for the scale of the fall-out. The effects of which are still being felt, and will ...
12 January 2021 /regulation /crime Big Data
Alistair Catto Managing Director at Beyond
Recent analysis conducted by LexisNexis highlighted that many financial institutions are struggling to complete their implementation plans for the Fifth Anti-Money Laundering Directive (5AMLD). Even more troubling was that many of those surveyed were not even aware of its key purpose. So what activities should banks be focusing on to ensure their ...
11 January 2021 /regulation /crime Banking Regulations
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