KYC and AML Compliance Crucial Against Environmental Crimes

An Overview of Environmental Crimes Environmental crimes are estimated at over 110 billion USD annually(FATF report,2021 ). They are considered the most profitable crimes in the world. Roughly two thirds of these crimes consist of forestry, illegal mining, and waste trafficking.  The impact of these financial crimes soars beyond the…

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AML and CFT Priorities for AML Systems

Recently, the Financial Industry Regulatory Authority (FINRA) issued a notice to firms to incorporate AML and CFT priorities for AML systems in advance of new regulations and standards coming in 2022. New Priorities Set for Companies to Incorporate New Compliance Regulations The Financial Crimes Enforcement Network (FinCEN) issued a list on…

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Anti-Money Laundering Compliance and Environmental Crimes

The Financial Action Task Force (FATF) has released a report detailing the role of shell companies and trade-based fraud to launder gains from environmental crimes. The report shows the need for anti-money laundering compliance authorities to build working relationships with environmental protection agencies, environmental crime investigators, and other professionals that…

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What is an AML Compliance Program?

During the past few decades, financial crimes have only become more common. Because there are more ways than ever to process payments, there are also more apps that have to be sealed. As a result, both government institutions and financial organizations are looking for ways to prevent money laundering from…

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