Tag: Financial Action Task Force

The Financial Action Task Force (FATF) has updated its grey list, reshaping the compliance landscape for several jurisdictions as it continues to enforce global standards in anti-money laundering (AML) and counter-terrorist financing (CFT).

As financial institutions double down on efforts to detect money laundering and fraud, automated systems have become indispensable to AML operations. Yet these tools...

When criminal organisations generate illegal profits, they must clean or ‘launder’ the money before it can be safely used in the legitimate economy. This is typically done through a carefully structured three-stage process. Understanding these stages is vital for businesses implementing anti-money laundering (AML) strategies, as it can help identify potential criminal activity.

Money laundering remains a significant threat to financial systems worldwide, not only as a crime in itself but also as a key enabler of serious criminal activities such as drug trafficking, human smuggling, and terrorism. Consequently, it is critical for all businesses handling substantial sums of money to implement robust AML procedures.

The RegTech sector has gained significant traction in the financial industry over the past few years, with global adoption accelerating. According to market projections,...

The battle against financial crime is ongoing and complex, with Know Your Customer (KYC) protocols at the forefront of safeguarding compliance and securing business...

Financial institutions and regulated entities across Malaysia are gearing up for the nation’s fifth mutual evaluation by the FATF, scheduled for 2025.

Customer Due Diligence (CDD) stands as a cornerstone in the ongoing battle against money laundering and terrorist financing. It compels regulated entities to collect and verify personal details—name, address, date of birth, and government-issued identification—from customers to authenticate their identities and assess potential financial crime risks.

Politically Exposed Persons (PEPs) represent a significant risk for money laundering and corruption within the financial sector. Alessa, a leading provider of Anti-Money Laundering...

In a significant development reported in October 2023, the United Arab Emirates (UAE) is on the cusp of being removed from the Financial Action Task Force's (FATF) "grey list."