aml-knowledge-centre.org | Anti Money Laundering Blog

Tighter U.S. CDD requirements and what they mean for foreign banks…Deadline to Comply is MAY 2018

Tighter U.S. CDD requirements and what they mean for foreign banks…Deadline to Comply is MAY 2018 In the aftermath of the Panama Papers controversy, governments have been discussing ways to promote more financial transparency. Financial Crimes Enforcement Network...

Judge rules Bitcoin is not money…Does this ruling open Pandora’s Box for Money Launders?

A recently-issued ruling by a South Florida judge that Bitcoin is not money, but equates more to property, has law enforcement puzzled, they feel the legal ramifications of this ruling could make it much more difficult to bring charges against future money laundering...

Follow the Money – Has Cryptocurrency Rendered this Adage Useless?

Cybercriminals predate the use of cryptocurrency Indeed, editorial stories like this one “Bitcoin Gains Value Due to Criminal Use [Only], writes a Forbes Columnist” has influenced many into believing that cryptocurrency is only...

Money laundering in Russia and what we know!

Money laundering in Russia has its own characteristics. In the normal world money laundering is the transformation of "illicit money" into "clean money": criminals selling drugs to invest in real estate, in Russia it is different. There money laundering mostly means...

Artificial intelligence: Reducing the AML Compliance Burden

How did we get here? Since 9/11 financial institutions have made enormous investments in their anti-money laundering compliance programmes, but they are still faced with manual processes and complexities in complying with financial crime regulations. “One would be...

As the Deadline Nears…Seven things to watch out for in 5 AMLD

As the Deadline Nears…Seven things to watch out for in 5 AMLD

by Paul Hamilton

The European Union’s Fifth Anti Money Laundering Directive (5 AMLD) must be implemented in...

Artificial intelligence: Reducing the AML Compliance Burden

Artificial intelligence: Reducing the AML Compliance Burden

by Paul Hamilton

How did we get here? Since 9/11 financial institutions have made enormous investments in their...

Panel Discussion – Blockchain & KYC Hype to Real Applications

Panel Discussion – Blockchain & KYC Hype to Real Applications

by Paul Hamilton

It was a pleasure for me discussing – Blockchain & KYC Hype to Real Applications –...

Money Laundering in a Digital Age – The Perfect Storm

Money Laundering in a Digital Age – The Perfect Storm

by Paul Hamilton

The new normal With the rapid advancement of mobile technologies, the internet is now accessible...

Sanction Screening the Intensive Care Patient…Innovation the Cure!

Sanction Screening the Intensive Care Patient…Innovation the Cure!

by Paul Hamilton

However, minor the task of sanction screening or name filtering sounds it contributes to a...

Demystifying blockchain: what it means for KYC

Demystifying blockchain: what it means for KYC

by Paul Hamilton

Hardly a day goes by without a news item concerning the use of cryptocurrencies for money...

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

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

by Paul Hamilton

With international trade valued at approximately US$ 16 trillion per annum, it provides ample...

Instant payments: Enormous Potential versus Financial Crime Risks

Instant payments: Enormous Potential versus Financial Crime Risks

by Paul Hamilton

The world of banking continues to evolve at a breathtaking pace and is becoming ever...

Combating Money Laundering with Artificial Intelligence: Game changer or Hype

Combating Money Laundering with Artificial Intelligence: Game changer or Hype

by Paul Hamilton

The cost of money laundering and other forms of financial crime are critical to a bank’s future....

As Cryptocurrencies become Mainstream, they must embrace KYC Compliance

As Cryptocurrencies become Mainstream, they must embrace KYC Compliance

by Paul Hamilton

Maybe I am just getting old, but it came as a shock that Bitcoin has now been around for a decade....

Brexit Countdown: The impact on AML!

Brexit Countdown: The impact on AML!

by Paul Hamilton

The European Commission’s fifth Anti-Money Laundering Directive entered into force on 9 July 2018...

The Global Laundromat

The Global Laundromat

Transparency campaigners dismayed at clean bill of health for UK government On Friday, 7 December...

Broadening the scope of AML

Broadening the scope of AML

by Paul Hamilton

Preparing for the European Union Sixth Money Laundering Directive Anti-money laundering (AML) law...

Are we taking Anti-Money Laundering for granted?

Are we taking Anti-Money Laundering for granted?

Basel Institute reveals slow progress in AML Earlier this month the Basel Institute on Governance...

Money laundering in Russia and what we know!

Money laundering in Russia and what we know!

Money laundering in Russia has its own characteristics. In the normal world money laundering is...

Cryptocurrency – Enabler of Crime or Fake News?

Cryptocurrency – Enabler of Crime or Fake News?

by Paul Hamilton

Cryptocurrencies are in their embryonic stage and individuals will exploit this period to profit...

CRYPTOCURRENCIES IN AFRICA: THE GHANAIAN SITUATION

CRYPTOCURRENCIES IN AFRICA: THE GHANAIAN SITUATION

Cryptocurrency use is still in its infancy. Cryptocurrencies have been in use around the world,...

Cryptocurrency: Currency of Choice for Money Laundering and Terrorist Financing?

Cryptocurrency: Currency of Choice for Money Laundering and Terrorist Financing?

by Paul Hamilton

Cryptocurrency is only used in on Darknet and by Criminals! I don’t know a topic that is more...

Follow the Money – Has Cryptocurrency Rendered this Adage Useless?

Follow the Money – Has Cryptocurrency Rendered this Adage Useless?

by Paul Hamilton

Cybercriminals predate the use of cryptocurrency Indeed, editorial stories like this one “Bitcoin...

Customer-Centric Risk and Compliance

Customer-Centric Risk and Compliance

by Paul Hamilton

Disruption in the Financial Industry Technology has always had the ability to generate hype and...

Should cyber and anti-money laundering units remain distinct entities?

Should cyber and anti-money laundering units remain distinct entities?

by Paul Hamilton

Why the Carbanak Campaign and the Bangladesh Bank attacks are a wake-up call for every AML...

Women are being traded as slaves on WhatsApp – here’s how the UN can act

Women are being traded as slaves on WhatsApp – here’s how the UN can act

The members of the United Nations Security Council hear terrible stories from conflict zones with...

Tighter U.S. CDD requirements and what they mean for foreign banks…Deadline to Comply is MAY 2018

Tighter U.S. CDD requirements and what they mean for foreign banks…Deadline to Comply is MAY 2018

by Paul Hamilton

Tighter U.S. CDD requirements and what they mean for foreign banks…Deadline to Comply is MAY 2018...

The Sandbox where Innovation and Regulation can Play without Anyone Getting Hurt.

The Sandbox where Innovation and Regulation can Play without Anyone Getting Hurt.

by Paul Hamilton

The internet has opened the door to purchase anything, I do mean anything, from any part of the...

Judge rules Bitcoin is not money…Does this ruling open Pandora’s Box for Money Launders?

Judge rules Bitcoin is not money…Does this ruling open Pandora’s Box for Money Launders?

by Paul Hamilton

A recently-issued ruling by a South Florida judge that Bitcoin is not money, but equates more to...

Ten thousand fake credit cards seized from money laundering syndicate

Ten thousand fake credit cards seized from money laundering syndicate

by Paul Hamilton

A suspicious matter report (SMR) was the catalyst for a law enforcement operation which resulted...

European Commission strengthens rules to tackle terrorism financing, tax avoidance and money laundering

European Commission strengthens rules to tackle terrorism financing, tax avoidance and money laundering

by Paul Hamilton

On 5 July 2016, the European Commission (the “Commission”), adopted proposals to further reinforce...

“FinCEN Finalizes Customer Due Diligence Rule Amid Other Actions to Enhance Financial Transparency”

“FinCEN Finalizes Customer Due Diligence Rule Amid Other Actions to Enhance Financial Transparency”

by Paul Hamilton

“In the wake of the Panama Papers controversy, the U.S. government has taken major steps...

What does Brexit mean for Britain’s AML Legislation?

What does Brexit mean for Britain’s AML Legislation?

by Paul Hamilton

The UK has voted to leave the EU. It may be that the UK – with other non EU countries, such as...

Money laundering: Trade patents, a new tool for bringing back unaccounted wealth

Money laundering: Trade patents, a new tool for bringing back unaccounted wealth

by Paul Hamilton

“People who own patents in India are suddenly in demand – in many cases not because of...

New AML Challenges from Cash Intensive Activities

New AML Challenges from Cash Intensive Activities

by Paul Hamilton

“Cash intensive businesses are the primary target of money launderers from all over the...

Enhanced due diligence for the financial industry operating in developing economies

Enhanced due diligence for the financial industry operating in developing economies

by Paul Hamilton

“Anti-money laundering and anti-bribery are two sides of the same coin. This general rule is...

How to Use Daily Fantasy Sports to Launder Money…Let the games begin!

How to Use Daily Fantasy Sports to Launder Money…Let the games begin!

by Paul Hamilton

Users can now compete against other players to win real money and prove to friends that they know...

How an Asian PEP launders money

How an Asian PEP launders money

by Paul Hamilton

“Great article, worth a read just to realise the methods used by these PEP to launder money....

Effective staff training is vital to ensuring a successful AML framework but regional inconsistencies exisit.

Effective staff training is vital to ensuring a successful AML framework but regional inconsistencies exisit.

by Paul Hamilton

The financial services industry worldwide is challenged to respond to increased and a changing...

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

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

by Paul Hamilton

“The term “follow the money” was made famous during Watergate and is paradigm for many...

The treaty of non-nuclear proliferation with Iran: $100 billion in frozen assets, is your financial Institutions prepared for the opportunities and challenges?

The treaty of non-nuclear proliferation with Iran: $100 billion in frozen assets, is your financial Institutions prepared for the opportunities and challenges?

by Paul Hamilton

Iran a country of 80 million people generates a $400 billion economy, boasts the world’s...

Canadian Banks’ Money-Laundering Controls Failed

Canadian Banks’ Money-Laundering Controls Failed

by Paul Hamilton

“Canada’s top banking regulator has found money-laundering controls at the country’s...

FATF published its ‘Guidance for a risk-based approach to virtual currencies

FATF published its ‘Guidance for a risk-based approach to virtual currencies

by Paul Hamilton

“The Financial Action Task Force (FATF) has recommended closer monitoring of digital...

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