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Crypto Scams
The DeFi revolution presents new risks and challenges for innovators, regulators, cybersecurity experts and early adopters of the powerful technology. These are the top 5. “Where money goes, crime is never far behind.“ In our new digital world this age-old saying still rings true, especially in regard to the emergent cryptocurrency and NFT landscapes. According...
FInancial Crime Cybersecurity
The worlds of financial crime and cybercrime are colliding, converging into one. The biggest threat to businesses globally is the new cyber-enabled financial crime. Yet businesses and even financial institutions tasked with protecting our money continue to fight this combined threat with multiple separate defense systems and multiple separate defense teams. The situation is like...
Weapons of Mass Destruction Sanctions
How would you picture those who work to prevent weapons of mass destruction (WMD) from falling into the wrong hands? Would you picture them heavily armed and with a military bearing? Then you might be surprised. Although such individuals sometimes fight the spread of WMD, the front lines feature a different type. The bulk of...
Money Laundering Terrorist Financing
Terrorist funding detection has been practiced the same way as money laundering detection ever since Counter Terrorism Funding (CTF) initiatives were added to Anti–Money Laundering (AML) efforts after 9/11. Although the two have similarities on the surface, a deeper look reveals more differences than similarities. In fact, some have rightly called terrorist funding “money laundering...
Financial Crime
In what ways has financial crime hurt you? Most people would respond with a yawn. We might think it is limited to a few fraudulent schemes that deprive a small number of people of a few hundred or a few thousand dollars. While we might sympathize with victims of such schemes, we often fail to...
Societal Cost Money Laundering
Money laundering is a crime that many people consider irrelevant to them. If a problem at all, they consider it a problem only for banks. That is far from true. Money laundering has massive effects not only on financial institutions, but also on governments, industries, economies and all individuals. What are the effects of these...
Anti-Money Laundering
(Updated 2016) Anti-Money Laundering (AML) and Counter Terrorism Funding (CTF) are not the most popular subjects in banking circles. Bankers often find Know Your Customer (KYC) and Customer Due Diligence (CDD) regulations confining and cumbersome. Those regulations are elaborate and strenuous, to the point where even some KYC/CDD team members consider them tedious. The value...
Money Laundering Layering
One key to fighting money laundering is understanding its process and the vulnerabilities in each stage of it. In the first stage, the Placement stage, money launderers deposit their criminal revenues in financial institutions. In that stage, detection teams proficient in Know Your Customer (KYC)/Customer Due Diligence (CDD) practices for combatting money laundering do extensive...
Money Laundering Placement
Table of ContentsHow can we deposit large amounts of money?Response: KYC/CDD teams screen applicantsHow can we get past initial screening?Response: KYC/CDD teams dig deeperHow can we get names that won’t show up on watch lists?Response: KYC/CDD teams verify identitiesRecognizing the ongoing struggle One key to fighting money laundering is understanding its process and the vulnerabilities...
AML KYC CDD
Table of ContentsReasons to fight money laundering and terrorist fundingKYC/CDD and investigationKYC/CDD and monitoringConclusion Anti–Money Laundering (AML) and Counter Terrorist Funding (CTF) efforts involve the little-known world of Know Your Customer (KYC) and Customer Due Diligence (CDD) regulations. These involve an intensive review of account applications, resolute investigation to verify new customers’ information and ongoing...
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