Adverse Media Screening in Financial Crime Compliance.
Adverse media is any kind of negative or disadvantageous information found in news sources which could be traditional news outlets or those from unreliable sources. There are risks involved with conducting business with persons or companies having an adverse media profile.
Virtual gaming and Money laundering
The gaming industry is a very lucrative business, and gamers are predicted to spend $180 Billion on games in 2020. Gaming takes place over several different platforms, including consoles, computers and mobile phones, and this includes games that are both free to play or purchased. Increasingly, games are taking on a business model that uses in-game transactions where items, or
ESG Compliance; All you need to know
Environmental, Social, and Governance (ESG) deals with the primary factors that help measure the sustainability and social influence of investments in a company or business. This analysis helps estimate the risks involved and the subsequent performance of a company. Every organisation, is entwined with environmental, social, and governance (ESG) concerns. A strong ESG proposition can add value to every company
Human Trafficking and Money Laundering.
Human trafficking takes place in different forms and for different purposes such as sexual exploitation, forceful marriage, illegally procuring and trading organs, free or forced labour, slavery etc. as stated in FATF's report of HT. The victims are usually taken by coercion, force or fraud and then exploited on an ongoing basis for profit. In order to escape from regulatory
FATF report on Trade Based Money Laundering ; A Summary
Criminals are very creative with the different methods they adopt for laundering money. FAFT recently launched a report, which was published on December 9, on Trade based money laundering (TBML). What is TBML?
Understanding Ultimate beneficiary Ownership and more!
What is a beneficial owner?
What is MiFID II?
The Markets in Financial Instruments Directive (MiFID) is the EU legislation which was originally adopted in 2007. It governs the buying, selling and trading by investment mediators that provide services to clients linked to ‘financial instruments’. ‘Financial instruments’, in this scenario is the collective description for shares, bonds, units in collective investment schemes, derivatives and places where such instruments are
FATF Virtual Assets red flag indicators ; A summary
The FATF released a report on how we can identify and deal with red flags with respect to virtual assets or cryptocurrency. This report highlights a number of red flags such as irregular transactions, anonymous transactions, from senders and receivers and sources of funds of the crypto users.
Everything you need to know about 6AMLD!
We talked about 5AMLD last year and the changes that were brought forward by this directive. Now after a few months, there have been more reforms to take place with respect to the AML sector from June 2021, when the 6AMLD comes into effect. Some of the changes that 6 AMLD brings about are significant in nature. Let’s take a
Suspicious Activity Reports: When and How to report?
A Suspicious Activity Report (SAR) is an important piece of information for regulators and legal authorities. It is the report used to warn the authorities about any kind of money laundering or financial crime suspicion caused by a customer or client. The SAR is to be submitted when you ‘know’ and ‘suspect’ that there is a crime.