High-risk businesses like banks, law firms, insurance companies, and other regulated entities must perform screenings of both new and current customers as part of the risk assessment process. These checks help make sure the business’s capital, reputation, revenue, and future are protected from illegal activities like money laundering or the…

The Louvre The art market is gaining as a hub for money laundering, and it’s a growing. AML and KYC compliance measures are gaining strength in this market, but it still doesn't face the same scrutiny as the banking sector. Therefore, oligarchs, corrupt politicians and bad actors still have an…

New Sanctions Lead to New Punishments Following the global sanctions imposed on Russia in response to their invasion of Ukraine, the United States declared it will “identify, hunt down, and seize the assets of Russian oligarchs. That makes their yachts, mansions, and any other ill-gotten assets now completely up for…

Recent sanction on Russia sparks new efforts to identify private investors in the recent months. This topic has come about from round after round of sanctions have been imposed on Russian. However the idea of imposing anti-money laundering (AML) requirements on private firms isn’t a new one, in fact, it…

Sharp Increase in Money Laundering in Cyberspace  Law enforcement agencies have served as big watch dogs that have surveilled the rise of crypto and cyber crimes for quite some time. Money laundering in crypto-currency has grown by over 30% in the last year, totaling $8.6 billion in 2021, says a…

Lack of Compliance From the National Bank of Pakistan The National Bank of Pakistan (NBP) and it’s New York Branch have been subject to a total of $55 million dollars in fines for gaps in its compliance methods.  The Federal Reserve imposed $35 million of those fines and the superintendent…

High End Art, A Haven for Money Laundering High-end art is quickly making the scene for an increase in financial crime. Banksy is a popular artist whose themes consist of anti-establishment sentiments and rebukes consumer culture and capitalism. His art has ironically become the latest target for money laundering activity.…

FinCEN Setting More Priorities for AML Programs to be Present at Every Financial Institution The List Continues to Grow On January 28th, the United States Treasury Department released formal requirements for businesses to rigorously enhance their monitoring efforts against exposure to money launderers who increase their vulnerability to financial crime.…

A New Approach to Fighting Corruption With the New Year, the Biden Administration announced a new approach to combatting financial corruption. Identifying corruption as a “cancer within the body of societies—a disease that eats at the public trust and the ability of governments to deliver for their citizens.” The plan,…