Regulatory Compliance Journal
As funds flow into the hands of charities, an unsettling question arises: is your donation inadvertently fueling money l...
- 9 min read
Politically exposed persons (PEPs) are individuals who have been entrusted with prominent public functions, such as gove...
- 15 min read
On the 6th of August 2019, the National Bank of Belgium ("NBB") published a press release announcing that in 20...
- 4 min read
Businesses are increasingly worried about regulatory costs that arise every time a new legal framework is introduced. Th...
- 5 min read
The popularity of cryptocurrencies has risen significantly in recent years, with more individuals and businesses using t...
- 11 min read
In an era where technology evolves at a rapid pace, criminals are quick to adapt, developing increasingly sophisticated ...
- 9 min read
Lately the 5th Anti-Money Laundering EU Directive (AMLD5) retained a particular interest on innovative instruments of pa...
- 6 min read
VAT Carousels - The look back in the transactions For several years there have been occasional stories of VAT carousels ...
- 4 min read
In 2016, Panama Papers exposed a vast database of 214.000 offshore shell companies used by a variety of individuals and ...
- 11 min read
Facebook made a splash in October 2021 when it rebranded itself to Meta and announced an investment of $10 billion to c...
- 11 min read
How to conduct KYC on Russian Counterparties ?Doing business with Russian entities in non-sanctioned sectors of the econ...
- 6 min read
In February 2019, another criminal group was arrested in Europe for laundering money through hawala transactions. Based ...
- 7 min read
How to find the VAT number of a counterparty or customer ?How can you, as a company or obliged entity, search for the VA...
- 1 min read
With the convenience of online shopping and the ability to purchase goods and services from anywhere in the world, e-com...
- 10 min read
Despite the consistent efforts adopted by banks to fight money laundering and financial crime, fines for AML breaches ha...
- 10 min read
An audit trail (also called audit log) is a relevant chronological recording of actions, a set of files, or the destinat...
- 3 min read
Efficiently fine-tuning AML Transaction Monitoring can help financial firm's compliance teams to increase productivit...
- 19 min read
In the world of finance, gatekeepers such as accountants, and lawyers are meant to safeguard against financial crime. Ye...
- 9 min read
20 articles matching kyc tag
How are gatekeepers used for money laundering?
In the world of finance, gatekeepers such as accountants, and lawyers are meant to safeguard against financial crime. Yet, these very players can sometimes become unwitting—or even complicit—partners in money laundering schemes. The expertise that makes these professionals indispensable to ...
- 9 min read
How to improve compliance culture?
A strong compliance culture helps to establish the foundation for a lasting positive impact for a company, its employees, and its clients by achieving ethical practices, clear values, and the respect of local and international legislation. Despite its benefits and legal necessity, most companie...
- 7 min read
How to set up a conflict of interest program
Imagine a situation in which the integrity of your organisation is corrupted by personal gain – how would you respond? In the field of business ethics, a strong conflict of interest program is the cornerstone that keeps an organization's reputation intact. With it, transparency isn't ju...
- 10 min read
How will the EU AI Act impact financial services?
In 2017, the European Council emphasized the need to address artificial intelligence (AI) trends while maintaining high standards for data protection and ethics. By 2023, concerns about ChatGPT's misuse led to Italy's temporary ban. The European Union (EU) is now working on the AI Act to ...
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- 8 min read
How to conduct KYC on companies
Corporate entities, with their complex networks and multifaceted operations, can become havens for criminal activity. Illicit money and unlawful actions can be hidden within layers of transactions across subsidiaries and partnerships, obscure beneficial owners, and dubious front businesses. How...
- 10 min read
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European Data Protection Authorities Websites [Compiled list]
Data Protection Authority, GDPR, National Personal Data Authority, Europe, Data Protection Watchdog, DPA, EDPB, Privacy,The protection of privacy has grown to be of utmost importance in a society where our every action is digitally recorded and where personal information is exchanged like an untraceable currency. European Data Protection Authorities (DPAs) have launc...
How effective are AML fines?
Anti Money Laundering, Audit Findings, Compliance, Due Diligence, Financial Institutions, Financial firms, Money Laundering, Risk Based Approach,Considered a strong deterrent against financial crime, AML fines seem to be little more than symbolic slaps on the wrist for financial institutions with vast pockets. With trillions of dollars being freely laundered every year and ambiguous structura...
How do criminals launder their money using video games?
Compliance, Know your Customer, Money Laundering, Anti Money Laundering, AML, Cryptocurrencies, Blockchain, Darkweb, Prepaid Cards,In the past decade, the video game industry has managed to dwarf the film, music, and television sectors. It’s estimated that there are currently 3 billion active gamers across the globe who have roughly spent $198,6 billion on games in 2022 alon...