A Money Laundering Reporting Officer (MLRO) is a person responsible for implementing and overseeing a company’s anti-money laundering (AML) compliance program. The duties of the MLRO may involve serious legal consequences that result in civil and criminal action. Money Laundering […]
What is a Bank Secrecy Act Officer? The Bank Secrecy Act (BSA) Officer is the person responsible for ensuring compliance with the Bank Secrecy Act of 1970, that aims to prevent and detect money laundering and other financial crimes. The […]
An AML compliance program is a set of regulations and procedures that FIs follow to detect and prevent money laundering and associated crimes, including fraud, tax evasion, and terrorist financing. Financial institutions (FIs), such as banks, credit unions, and capital […]
What is an AML Officer? In order to oversee internal anti-money laundering policies and remain compliant with important regulations, banks, credit unions, and similar financial institutions are required to appoint an Anti-Money Laundering Compliance Officer. As part of the fight […]
Adverse media or negative news is defined as any kind of unfavorable information found across a wide variety of news sources – both ‘traditional’ news outlets and those from unstructured sources. The risks associated with conducting business with persons or […]
What are ultimate beneficial owners (UBO)? In a constantly changing regulatory landscape, firms must ensure they know who they are doing business with by establishing the identities of their customers. With that in mind, financial regulators require firms to establish […]
In the economic arena, financial intelligence, or FININT, is increasingly pivotal. With international financial crime near its highest level since the 2008 financial crisis, FININT has become ever more necessary as a tactic both for stopping criminals and for enforcing […]
In the wake of the 2008 financial crisis, the US government looked at ways to better regulate the behavior of banks, and to protect consumers. The subsequent Dodd-Frank Act became one of the most important articles of US financial legislation, introducing new […]
Money laundering and terrorist financing (ML/TF) pose a substantial threat to governments and financial institutions. Over the past few decades, increasing measures have been taken across the globe to counter them. In 2022, the EU moved forward in its bid […]
Anti-money laundering guidance Various government agencies and interest groups publish information regarding anti-money laundering. Australia: Australian Government – Trade-based money laundering: Risks and regulatory responses UK: HMRC Guidance for Money Service Businesses US Treasury: Office of Foreign Assets Control (OFAC) […]
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