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AML Basics

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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...
October 26 2018 The abundance of cash would, it is said, inexorably correlate with the proliferation of criminal activities. Switzerland formally denies this assertion. At the heart of Europe, a people still resists the assaults of the empire of the cashless society .Aside from the global digitization of means of payment, Switzerland remains fiercely attached...
September 24 2018 Money laundering is a serious crime that can have significant, long-term consequences for you and your business. The unfortunate reality is that small businesses are often victims of organized money laundering schemes, and one reason for this is because small business owners may lack understanding about their...