Tag: FinCEN

Gatekeeper professions, including lawyers, accountants, real estate agents and trust and company service providers, occupy a pivotal position in the fight against illicit finance....

Trade-based money laundering (TBML) has become one of the most challenging threats facing the financial system, as illicit funds can be hidden behind legitimate...

Financial institutions continue to invest heavily in compliance technology, spending billions each year to strengthen their ability to detect and prevent financial crime. Yet...

Identifying ultimate beneficial owners (UBOs) remains one of the toughest challenges for compliance teams conducting customer due diligence (CDD). According to KYC360, these individuals, who...

Many financial institutions across the US are rethinking how they tackle financial crime, driven by the rising cost of compliance, new regulatory demands, and...

The Bank Secrecy Act (BSA), passed by the US Congress in 1970, established the foundation for anti-money laundering (AML) compliance in the financial sector....

Fentanyl has become one of the deadliest threats in the global drug trade, killing thousands each year. The flow of money that supports it...

Financial criminals are often reported in the press long before their names appear on sanctions or politically exposed persons (PEP) lists. This is why...

Tax evasion is more than just tax avoidance gone too far. It is a serious offence that drains economies of an estimated half a...

The concept of risk-based approaches (RBAs) has become central to financial crime compliance worldwide. According to Arctic Intelligence, unlike rigid, rule-based systems, RBAs allocate...