Need to launder money? Take control of a Bank that’s what these criminals did

"The term “follow the money” was made famous during Watergate and is paradigm for many AML/CTF laws that require financial institutions and others such as the remittance industry to apply know your customer rules to the onboarding of new customers, establish a...

Demystifying blockchain: what it means for KYC

Hardly a day goes by without a news item concerning the use of cryptocurrencies for money laundering. In June the Financial Action Task Force (FATF) told countries to tighten oversight of cryptocurrency exchanges amid growing...

Instant payments: Enormous Potential versus Financial Crime Risks

    The world of banking continues to evolve at a breathtaking pace and is becoming ever more competitive. Once a new technology has come to market, banks are faced with a dilemma: do we embrace it and run with it, or...

Trade-based Money Laundering – and How to Combat It.

With international trade valued at approximately US$ 16 trillion per annum, it provides ample scope for money laundering. According to the International Narcotics Control Strategy Report (INCSR) hundreds of billions of dollars...

Ten thousand fake credit cards seized from money laundering syndicate

A suspicious matter report (SMR) was the catalyst for a law enforcement operation which resulted in the arrest of three foreign nationals. The operation revealed a multi-million dollar money laundering syndicate which was laundering illicit proceeds derived from...

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