AML Basics

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

May 3, 2016  Money laundering converts illicit money into assets which appear legitimate. These assets may appear as insurance policies, bank deposits and even real estate. Money-laundering activities are not limited to financial institutions, as nonfinancial institutions, such as travel agencies, real-estate industries, casinos and gambling, are now used for...
March 11, 2016 This guidance reiterates the anti-money laundering (AML) program obligations on the principals of money services businesses (MSBs) to understand and appropriately account for the risks associated with their agents,as broadly set forth by FinCEN in 2004 guidance primarily focused on foreign agents and counterparties. FinCEN is reiterating...
March 2, 2016 Requests to the UK from overseas for help in fighting financial crime rose 62 per cent last year, highlighting the advance of cybercrime and the vulnerability of London-based banks to money-laundering attempts. The Serious Fraud Office , which investigates cross-border fraud, mostly bribery and corruption, received 55 requests...
February 17 2016 On February 14, the Financial Action Task Force (FATF) and the Coalition Counter ISIL Finance Group (CIFG) held a joint session to further mutually reinforcing work to combat the financing of ISIL (Da’esh) and to protect the international financial system from abuse by the terrorist organisation. This...
From howmuch.net: We decided to find the lowest places in the world for havens from personal top income taxes. We analyzed personal top income tax rates along with gross domestic product per capita (GDP) to come up with the following map. Countries that appear larger on the map have a lower...
February 5 2016 THE Reserve Bank of Zimbabwe (RBZ) has put in place stringent prudential measures to plug illicit financial flows, as it emerged that close to $2 billion was spirited out of the country last year by individuals and companies, worsening the liquidity situation. The new measures include, among others,...