According to a recent public statement by the UK Gambling Commission - Betfred, a UK-based bookmaker, has been fined £3.25m by the Gambling Commission for Anti-Money laundering(AML), Know-Your-Customer(KYC), and social responsibility failures. Some of the AML and KYC Gambling failures include: Failing to consistently obtain needed KYC identification Failing to…
What is FATF? The Financial Action Task Force (FATF) “promotes and develops policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction” (FATF). FATF suggestions are accepted globally as counter-terrorist financing (CFT) and anti-money laundering (AML) regulations. These…
A look into Danske bank Danske Bank is a Danish multinational banking and financial services corporation. It was founded in 1971 and is the largest bank in Denmark. They have banks in Finland, Norway, Sweden, Lithuania, Poland, the United Kingdom, Northern Ireland, Ireland, India, and New York. Danske Bank is…
What is FATF? FATF is the Financial Action Task Force and is an intergovernmental organization of 37 jurisdictions founded in 1989. The FATF plans to hold annual checks to confirm countries are enforcing AML and terrorist rules concerning digital assets. What's their plan of action? The FATF task force used…
Money laundering is a growing problem around the world, and as technology advances, the issue will only get worse. Every regulated business and financial institution needs to have processes in place to identify areas of risk, detect suspicious transactions, and report financial crime to make sure the organization is not…
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…