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AML & Compliance
What is Customer Risk Rating for Anti-Financial Crime?
Customer Risk Rating (CRR), a crucial tool for organizations in the financial sector, enables the evaluation and management of risks associated with their client base. Customer risk assessment helps institutions determine the likelihood of a customer engaging in financial crimes,…
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Unveiling the Dark Side of Remittances: How Cartels Exploit These Channels to Launder Illicit Funds
Every year, more than $50 billion flows from the United States to Mexico through remittance payments, and 94% of all remittances received in Mexico come from the United States, according to the latest research by the Wilson Center. These money…
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Corporate Transparency Act Coming into Effect: Preparing for 2024
The Corporate Transparency Act (CTA) significantly impacts Anti-Money Laundering (AML) efforts in the United States. Its primary goal is to enhance transparency in business ownership and entity structures to combat money laundering, tax fraud, and other financial crimes. The CTA…
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Unraveling the Complex World of Trade-Based Money Laundering
The global drug trafficking trade is now worth an eye watering annual global total of $400 billion. Let’s put that into perspective. If we compared this to the gross domestic product of the world’s countries, it would rank at number…
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Expanding Use of AI in Regulatory Oversight Increases the Need for Businesses to Embrace AI in their FRAML Practices
AI is currently a hot topic for compliance professionals, and its features are proving to be advantageous in combatting fraud. But did you know AI is also becoming a useful tool for regulatory agencies? Increasingly, regulators are using AI-powered tools…
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Banking as a Service (BaaS): Navigating the AML Landscape
In recent years, Banking as a Service (BaaS) has revolutionized the financial industry, enabling non-banking entities to offer banking services. However, this innovation also introduces significant Anti-Money Laundering (AML) and fraud prevention challenges. As BaaS continues to grow, regulatory scrutiny…
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