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AML Basics

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January 23 2019 For many years, the federal government has required banks, brokerages and even casinos to take steps to stop customers from using them to clean dirty money. Yet one major part of the financial system has remained stubbornly exempt, despite experts’ repeated warnings that it is vulnerable to criminal...
January 2 2019 Anti-money laundering (AML) compliance failures amassed $1.7 billion in fines in the first half of 2018 with over $1 billion of that resulting from actions taken by US prosecutors and regulators, according to the 2018 Mid-Year Anti-Money Laundering Review and Outlook by Debevoise...
December 4 2018 Fraud, in its many guises, is a scourge of the industry at the moment, with consumers being seen as particularly vulnerable in falling victim to fraudsters when transferring large sums during the property purchasing process. However, businesses involved in property are also at risk of becoming a target...
November 26 2018 Since 2009, estimates suggest criminals have used the hyper-connected cryptocurrency ecosystem to launder well over $2.5 billion worth of dirty Bitcoin. Contrary to popular opinion, it’s actually quite easy to link Bitcoin transactions together in order to identify you. This should be obvious, considering public blockchains are totally transparent and browsable by anyone. Still, dumb...
November 19, 2018 Danske Bank has been caught up in one of the largest-ever money laundering scandals. Howard Wilkinson, the whistleblower who first alerted Denmark’s biggest bank to the problem, testified before the Danish parliament on Monday. HOW BIG A SCANDAL IS THIS? Some 200 billion euros ($227 billion) in payments flowed through...
November 13 2018 The historical background of money laundering legislation began with the drug trade. Initial AML efforts were introduced primarily to curb the ability of drug cartels to use the proceeds of their crimes to process money from illegal drug activity and build larger drug businesses. The key historical...