Outcomes of the FATF Plenary meeting 21-23 June 2023
The FATF plenary meeting took place in Paris between 21-23 June 2023 with delegates from over 200 jurisdictions from the Global Network...
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Anna Stylianou
Apr 22, 20233 min read
AML Update: An Overview of the EU Transfer of Funds Regulation (TFR)
On April 20, 2023, the new Transfer of Funds Regulation (TFR) was passed in the European Parliament, extending the scope of the Financial...
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Anna Stylianou
Apr 15, 20232 min read
AML update – Amendment of the EBA risk factor guidelines
The European Banking Authority (EBA) on 31st March 2023 issued an amendment of the previous EBA risk factor guidelines (revised) issued...
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Anna Stylianou
Apr 5, 20236 min read
New FATF Guidance on Beneficial Ownership: Safeguarding Legal Persons Against Misuse
How criminals are using corporate vehicles to disguise the beneficial owners and how FATF guidance aims to end this.
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Anna Stylianou
Apr 1, 20232 min read
Are AML penalties simply the "cost of doing business"?
Danske Bank, in 2022 faced fines of $2 billion for defrauding US banks about the anti-money laundering (AML) controls it implemented in...
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Anna Stylianou
Mar 28, 20232 min read
New AML measures approved in the EU in March 2023
The Members of the European Parliament (MEPs) have approved new measures to prevent money laundering and terrorism financing (ML/TF) in...
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Anna Stylianou
Mar 27, 20231 min read
5 Effective Practices for Monitoring Compliance
Maintaining compliance is essential for businesses to avoid legal and reputational risks. To ensure compliance, organizations need to...
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Anna Stylianou
Mar 17, 20231 min read
6 steps to identify high risk ML/TF areas associated with your clients
Regulated entities need to be diligent in identifying and managing money laundering and terrorist financing (ML/TF) risks associated with...
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Anna Stylianou
Mar 7, 20235 min read
Practical Steps to Combat Corruption and Bribery
In this article we discuss what is corruption, bribery, the effects and how to prevent these types of activities.
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Anna Stylianou
Mar 6, 20231 min read
10 common mistakes performed by regulated entities when conducting KYC (Know-Your-Customer)
In today's global business environment, KYC regulations have become increasingly important for companies that engage in financial...
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Anna Stylianou
Feb 13, 20233 min read
Peelchain as a blockchain money laundering technique
A Peelchain can be defined as a spending transaction pattern in a blockchain. It can be considered a pattern because a wallet owner...
370
Anna Stylianou
Jan 23, 20232 min read
Coinbase $100 million settlement - what went wrong
Coinbase, a well-known crypto exchange, will pay a $50 million penalty and will invest an additional $50 million in its compliance...
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Anna Stylianou
Jan 16, 20232 min read
The 6 largest AML penalties of 2022
Money laundering continues to be a pressing concern for financial institutions and regulatory authorities around the world. In 2022,...
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Anna Stylianou
Jan 9, 20235 min read
Once a PEP always a PEP? Learn what other professionals have to say
Whether “once a PEP always a PEP” is a controversial question...
And there is no correct answer!
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Anna Stylianou
Dec 19, 20224 min read
Danske Bank agreed to pay $2 billion to the U.S. Department of Justice (DoJ) for Danske Bank Estonia
The Danske bank Estonian branch case shows how a lack of effective corporate governance, insufficient monitoring of the subsidiaries, and in
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Anna Stylianou
Nov 23, 20222 min read
Money laundering using securities
A security is a financial instrument or financial asset that can be traded. Securities can be traded in: ➡ Primary markets: Where...
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Anna Stylianou
Nov 20, 20223 min read
The collapse of FTX - what went wrong
FTX was considered one of the most stable and responsible companies in the regulated crypto industry. Learn how it collapsed within a few da
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Anna Stylianou
Nov 10, 20222 min read
What is Hawala?
What is hawala? Hawala is an informal funds transfer system which is highly acceptable in many Asian and Arab countries. Hawala operates...
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Anna Stylianou
Nov 4, 20221 min read
Lessons learned from Bittrex crypto exchange $29 million penalty
FinCEN, in October 2022 has announced a penalty of $29 million to crypto exchange Bittrex. Why? Between 2014 - 2018 Bittrex: Failed to...
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Anna Stylianou
Nov 2, 20221 min read
Outcomes of the FATF Plenary - October 2022
The Financial Action Task Force (FATF) Plenary meeting took place last week in Paris and delegates from more than 200 jurisdictions...
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