Cattle laundering poses problems for supply chain due diligence
For finding niches to exploit, financial criminals are experts. Much attention can be drawn to the use of small businesses as fronts, including barber shops or car washes as popularised by television serials, or indeed through larger institutions such
‘Madness’ of US real estate AML regime will trigger new laws
Experts have branded failures in the US real estate anti-money laundering (AML) regime ‘madness’. They predict legislation is inevitable, and that rules and regulations will extend to cover real estate professionals. An unfavourable report on real estate geographical targeting orders
Gambling AML: an industry still flush with fincrime
Financial gain is a gamble that can pay off for opportunistic criminals, and it is evident that the lucrative gambling industry has been a major target for money launderers for a long while, particularly in the UK. It is an
Correspondent Banking: The financial system’s gift and curse
Correspondent Banking has been defined by the FATF (Financial Action Task Force) as “…the provision of banking services by one bank (the “correspondent bank”) to another bank (the “respondent bank”)”. Larger international banks usually act as correspondents for smaller
How gold trading continues to trouble AML investigators
As a commodity synonymous with exuberant sums of money, gold has long been a glittering opportunity for financial criminals. Not only an attractive proposition at face value, digging deeper it’s also noteworthy that the trafficking of gold is, remarkably,
High-Risk Third Countries: an AML challenge for the EU
The EU (European Union) has had its share of recent money laundering challenges and scandals, such as those related to Danske Bank, Swedbank, ABLV and Rabobank and while plans are under way to address shortcomings within the EU, it
The ambiguous picture of money laundering in UK real estate
An ongoing minefield for financial crime in the UK has been the property market. Whether this includes cheaper for-rent businesses and accommodations nationwide (with university digs being a matter of great concern recently), or high-end properties attracting the crime
How technology could help banks beat the 6AMLD deadline
Six months and counting. The European Union’s Sixth Anti-Money Laundering Directive comes into effect across its member states on 3 December 2020; regulated financial institutions will then need to be compliant by 3 June 2021. Getting to grips with 6AMLD
How to achieve a single source of truth for AML & KYC data [podcast]
David Buxton, CEO and Founder of Arachnys joins the Captivated Audience Podcast to discuss the single source of truth approach for data aggregation, the spectrum of data sources relevant for financial crime prevention, desktop bots and the essential role
Why Russia still needs tighter AML procedures
A range of scandals and investigations have highlighted the pressing need for tighter anti-money laundering (AML) procedures in Russian banks, including customer due diligence and adverse media screening. Although Russia has made some progress on AML, various investigations have alleged
Covid-19, illegal wildlife trafficking and money laundering
The illegal wildlife trade may have been perceived as a relatively low-risk avenue of illicit funds by criminal organisations, but never has the detrimental impact of the illegal wildlife trade been more dire than against the backdrop of the
The FinCrime Files – Q&A with András Bácsfalvi, Chief Compliance Officer at MKB Bank
In the latest of our FinCrime Files interviews, we caught up with András Bácsfalvi, Chief Compliance Officer at MKB Bank. He discusses his view on releasing UBO registers in the EU, developments in AML since the cornonavirus outbreak and