Tag: money laundering

Swiss authorities recently took action against the daughter of Uzbekistan's former president, accusing her of crimes such as money laundering and bribery. This resulted in an asset freeze to the tune of $483m.

Financial institutions play a pivotal role in preventing money laundering. Over the past 18 months, government bodies have frequently highlighted shell companies as significant red flags in anti-money laundering (AML) activities. Consequently, one must ask, is your institution actively identifying shell companies in its transactions? More importantly, can it detect shell companies with tangible sanctions and watchlist links?

In a shocking revelation, a recent survey has highlighted that 36% of firms in the emerging financial sectors of the UK have fallen prey to either money laundering or financial crime in the last half year. The banking sector has been particularly hard-hit, emerging as the most affected sector.

In a recent post, Moody's Analytics took the opportunity to provide a 'money laundering 101' case into how criminals launder money. 

Financial institutions often fall prey to money launderers who exploit these platforms to funnel, mask, transfer, and cleanse ill-gotten gains. This doesn’t just endanger the specific institution but imperils the credibility of the entire financial system.

RegTech firm Flagright recently described in detail the UK's regulations on terrorism financing and money laundering. 

The MAS has initiated a consultation on a framework to bolster the surveillance and defence against ML risks in Singapore's SFO sector.

RegTech firm Flagright recently used to opportunity to detail what they believe is the changing landscape of AML. 

RegTech firm Arctic Intelligence recently took the opportunity to provide a guide into assessing the impact of ML and TF on your firm. 

In the ongoing global efforts against money laundering, the task of comprehending customer identities has proven to be a crucial element in Know Your Customer (KYC) compliance for financial establishments over the years. However, the perpetual shift in regulations has augmented the expense and intricacy involved in acquiring and maintaining clients.