As the Deadline Nears…Seven things to watch out for in 5 AMLD
The European Union’s Fifth Anti Money Laundering Directive (5 AMLD) must be implemented in national law by 10 January 2020. The Anti Money Laundering Directive has been continually updated and tightened ever since its introduction in 1990 with a view to making it...
Money Laundering in Russia Case Study: Space Industry
The Office of the Investigative Committee of Russia (IC) in Moscow has completed an investigation of the theft of more than a billion rubles (>$14 Million) by the supply of an electronic component for a module, which should be installed on the International Space...
How vulnerable are western banks to state-sponsored cybercrime?
The world breathed a sigh of relieve when Donald Trump de-escalated the tensions between the United States and Iran, which started when an American drone killed General Qasem Soleimani early in January and continued a few days later when Iran fired 15 missiles at...
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...
Panel Discussion – Blockchain & KYC Hype to Real Applications
It was a pleasure for me discussing - Blockchain & KYC Hype to Real Applications - with the other panel experts: Roman Stammes, Yana Afanasieva, Robert Engmann and moderator Anne Bailey at the Blockchain Enterprise Days 2019 in Frankfurt Millions of dollars and...
Money Laundering in a Digital Age – The Perfect Storm
The new Black With the rapid advancement of mobile technologies, the internet is now accessible from any- and everywhere. Open banking (PSD2) in the European Union, together with mobile wallets, instance payment initiatives and cryptocurrencies offer...
Sanction Screening the Intensive Care Patient…Innovation the Cure!
However, minor the task of sanction screening or name filtering sounds it contributes to a significant amount of false positives and is a time consuming task that leaves less time for other AML patients. And in today’s environment of tighter AML regulations,...
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 concern among international law...
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 are laundered annually by means of...
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 do we let our competitors gain a...
Combating Money Laundering with Artificial Intelligence: Game changer or Hype
The cost of money laundering and other forms of financial crime are critical to a bank’s future. Germany’s troubled Deutsche Bank faces fines, legal action and the possible prosecution of senior management because of its alleged role in a $20bn Russian...
As Cryptocurrencies become Mainstream, they must embrace KYC Compliance
Maybe I am just getting old, but it came as a shock that Bitcoin has now been around for a decade. Yes, it was launched in January 2009. Early in its existence, financial authorities became concerned that, due to its semi-anonymous and decentralized nature, Bitcoin...
Brexit Countdown: The impact on AML!
The European Commission’s fifth Anti-Money Laundering Directive entered into force on 9 July 2018 and Member States have until 10 January 2020 to transpose the majority of its provisions. Its main aim is to establish a centralised public register of companies and...
The Global Laundromat
Transparency campaigners dismayed at clean bill of health for UK government On Friday, 7 December the Financial Action Task Force (FATF), a G7 initiative to combat money laundering and terrorist financing awarded the UK the highest rating it has ever given. The move...
Utility and Security Tokens: A Growing Case for Crypto Self-Regulation
The early 21st century might very well go down in the annals of history as the gold rush of the modern age. Utility and security tokens are emerging from all corners of the globe and project teams are licking their lips as a new wave of investor funding is born....
Broadening the scope of AML
Preparing for the European Union Sixth Money Laundering Directive Anti-money laundering (AML) law is constantly evolving. And necessarily so, given the increasingly sophisticated methods and technologies that criminals and terrorists use to move illegally earned funds...
Bitcoin vs. Fiat, Time for the New Wine
Bitcoin vs. fiat is more than an academic argument. It’s a fierce battle between a manipulated monetary regime and one of honest weights and measures. It’s time for you to envision the benefits of a decentralized, non-manipulated monetary system. Out of...
The Impact of Upcoming Cryptocurrencies on the Financial Industry
Upcoming Cryptocurrencies are Causing a Financial Evolution In 2009, Satoshi Nakamoto created Bitcoin partly in response to the 2008 financial collapse. He envisioned a purely peer-to-peer financial system in which you don’t have to trust third-party...
How Blockchain Financial Services Will Transform the Global Economy
Blockchain technology is transforming what it means to banks in major ways. People from all over the world are learning about the advantages this technology offers, and every day new and more advantageous blockchain startups are entering the marketplace. ...
Cryptojacking, Hacks, and Scams: N.Korea Is Ramping up Cyber Attacks
The North Korean government is currently facing a flurry of accusations related to cryptocurrency hacks, cryptojacking attacks, and money laundering. Its regime, which is currently reeling from sanctions imposed by the United States government, is believed to be...