Regulatory Compliance Journal
The destruction of the ancient city of Palmyra and the beheading of its Antiquities Chief, Khaled al-Asaad, in 2015 by t...
- 10 min read
In February 2019, another criminal group was arrested in Europe, for laundering money through hawala transactions. Based...
- 6 min read
2 articles matching hawala tag
GDPR: inspiring data protection worldwide
Since its inception, the EU’s General Data Protection Regulation (GDPR) has been deemed by experts as the world’s strongest collection of data protection rules. As our online presence increases through social media, digital banking, and other means, nations around the globe have come to re...
- 10 min read
Dawn of disruption: predicting AML in the next decade
The exponential growth of technology is leading to the disruption of numerous sectors including telecommunications, robotics, science, and finance. As banks are slowly adapting to high-tech innovations, the world of compliance and AML will face unprecedented changes and challenges in the near ...
- 12 min read
How to write the perfect SAR?
Suspicious Activity Reports (SAR) drafted by financial institutions contain some of the most valuable information available to law enforcement agencies in the fight against financial crime. Yet, the FinCEN Files scandal of 2020 has shown that major banks have consistently failed to write and s...
- 11 min read
Why do most AML programs fail?
Despite the consistent efforts adopted by banks to fight money laundering and financial crime, fines for AML breaches have hit an all-time high. In 2020, financial institutions were fined a grand total of $15.13 billion (€12.79 billion) worldwide, a 51.3% increase compared to 2019, with U...
- 10 min read
What are the impacts of Financial Data Leaks?
In the past decade, a series of leaks from insider sources have shed light on the complex systems of money laundering, tax evasion, and fraud perpetrated by certain countries and wealthy individuals. The profound work carried out by international journalists in publishing the wrongdoings have ...
- 10 min read
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6th AML Directive (AMLD6) : The European Harmonization
AML, Financial Sanctions, European Commission, Financial firms, 6AMLD, Compliance, Money Laundering, Europe, EU, Environmental, Anti Money Laundering, Green Crime,On November 12, 2018, the European Parliament issued new rules to strengthen the fight against money laundering through the 6th EU Money Laundering Directive (2018/1673). Member States have until 3 December 2020 to transpose the Sixth AML Directive a...
AML - KYC : Impacts of the 4th AML Directive (AMLD4)
Compliance, Financial firms, KYC, AML, Financial Sanctions, Politically Exposed Persons, Europe, EU, European Commission, Anti Money Laundering,What will be the impacts of implementation of the Fourth AML EU Directive (2015/849) ?Since 1991, the European Union has regularly implemented new anti-money laundering directives. On the 20th of May 2015, the European Parliament and the Council issu...
How to implement efficient corporate governance standards ?
Conduct Risk, Governance, Compliance expert, Compliance, Financial firms, Financial Institutions,Corporate governance standards are a framework within which operational and behavioural standards for the board, the executive management and the wider staff are set. Hierarchy in harmony. It comes largely with an accountability movement, better mana...