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Experts Corner

This category will list down articles which have been contributed by industry experts to be published on AMLabc.com

In recent years, U.S. authorities have increased their scrutiny of financial institutions’ antimoney laundering controls. In light of this development, banks and other institutions have begun to reassess perceived or actual AML risk across their operation. The notion of how institutions address risk is gaining traction again. In January,...
  Any asset that can be bought and sold within a short frame is very lucrative to money launderers. Hence, it is common to see Precious Metals, art, cars and even real estate being used for money laundering. Online electronic online casino payments methods like E-Bay and PayPal too are...
March, the 31st; last day of the accounting/taxation year. Accountants and auditors are having a busy day finalizing accounts, similarly would be “smart” brains using colorable devices to avoid tax or disguise ill-gotten money. An important instrument of such schemes is using income derived from agricultural activities to hide...
Banks and other financial institutions entered 2017 facing an increasingly daunting framework of anti-money-laundering (AML) laws and regulations. During the past several years, regulatory agencies have been aggressively stepping up their enforcement actions, and they’ve levied huge fines for compliance failures. For instance, the New York State Department of Financial Services (NYDFS)1...
Anti-money-laundering (AML) compliance and the related costs of compliance with applicable regulations are sometimes cited as impediments to doing business. Though compliance may come at a cost, those associated with non-compliance may be greater. To better understand and manage AML-compliance costs, financial institutions should look to cost drivers such as...