Home AML AML Basics

AML Basics

If you are new to the AML area, you should start here…

September 13 2017 The global proliferation of internet access has transformed societies, enabling online and financial inclusion in the developing world. But it has also empowered organized crime in Latin America and the Caribbean, international officials warn. With 43 percent of the world's online community, Latin America and the Caribbean --...
August 8 2016 Two related enforcement actions by the U.S. Department of Treasury’s Office of Foreign Assets Compliance (OFAC) are stark reminders that health insurance providers (and other insurers) must maintain adequate U.S. trade sanctions compliance programs, including conducting screening of customers and others. While the insurance company and its...
May 26 2018 Everyone has heard of money laundering. It features prominently in TV shows like “Breaking Bad” and “Narcos” and just about every Mafia movie since the 1980’s. Despite this, few people know how money laundering works. A perfect example comes from the cinematic classic “Office Space”, where after executing a...
Meyer Lansky... one of the most successful money launderers in modern history. He schemed, siphoned and skimmed money from illegal gains in the casino business and filtered $1 billion through Swiss banks, Hong Kong businesses and shell companies in the Caribbean. He even bought an offshore Swiss bank to launder...
March 16 2018 Crypto-currencies and Digitalism's cash systems have become a key way for cyber-thieves to launder stolen funds, suggests research. Alongside its use in ransomware, virtual cash was also helping clean up other sources of stolen cash, said criminologist Dr Mike Maguire. Bitcoin's anonymity made it attractive to tech-savvy thieves, he...
July 25, 2016 If you are offered a handsome income for easy work or a commission to facilitate a banking transaction, don't fall for the offer. You could become an unwitting accomplice in a financial crime. Criminal syndicates are forever searching for people whose bank accounts can be used to...