4 Views The financial industry faced a torrent of AML/CTF penalties in 2023 for Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) violations. These penalties, ranging from crypto providers to casinos and financial institutions, underscore the commitment of regulators to enforcing strict AML compliance measures. This article addresses the top five outstanding penalties that regulated institutions have faced in 2023.  aml-ctf-penalties Binance: The Largest Crypto Exchange Draws a Record $4 Billion Fine  In a landmark decision, the U.S. Department of Justice (DOJ) announ ..read more

9 Views The Financial Action Task Force (FATF) is a global body that sets standards and provides guidance for combating money laundering, terrorism financing, and proliferation financing. FATF Plenary, held three times a year, brings together representatives from FATF member jurisdictions, observer countries, and international organisations.  The most recent FATF plenary, held from February 21st to 23rd, 2024, brought together delegates from the FATF’s Global Network of over 200 jurisdictions as well as observers from international organisations. Main outcomes of the FATF plenary Increasi ..read more

11 Views Money laundering is a critical issue in today’s financial landscape and involves the concealment of illicit funds’ origins by criminals. This article aims to demystify the complex process of money laundering, explaining its mechanisms, the reasons behind its prevalence, and the steps taken to detect and prevent it. By delving into the intricacies of money laundering, we provide insights into how it impacts the economy and outline the essential role of regulated entities in combating this financial crime. Understanding these aspects is crucial for maintaining the integrity of financial ..read more

16 Views Money laundering remains a significant challenge in the complex world of financial transactions. Criminals cleverly disguise the origins of their illicit gains to integrate them seamlessly into the legitimate financial system. A key method employed in this deceptive practice involves the use of loans. This article delves into the intricacies of money laundering through loans, offering insights into how this process works and outlining effective strategies to prevent and detect such illicit activities. Understanding the Use of Loans for Money Laundering The method of laundering money t ..read more

29 Views Suspicious Matter Reports (SMRs) assist the Australian Transaction Reports and Analysis Centre (AUSTRAC) in identifying and combating illegal financial activities such as terrorism financing, money laundering, and other financial crimes. Regulated entities operating in Australia, including financial institutions, money transfer businesses and casinos, must report any suspicious activity or transactions to the AUSTRAC. In this article, we will take you through how to submit a Suspicious Matter Report to AUSTRAC.    Step 1: Identify Suspicious Activity  As a regulated ent ..read more

6 Views The Financial Action Task Force (FATF) is an intergovernmental organisation responsible for setting global standards to combat money laundering, terrorism financing and other financial crimes. The FATF Plenary is held three times per year and brings together representatives from FATF member jurisdictions, as well as from observer countries and organisations. In this article you can learn the outcomes of FATF plenary that took place on 21st – 23rd of June 2023.  Updates on FATF Standards for Virtual Assets (VASPs)  One of the critical outcomes of the plenary was the adoption o ..read more

10 Views Ransomware attacks have been on the rise in recent years, with industry estimates reporting a fourfold increase in payments made to cybercriminals in 2020 and 2021 compared to 2019.   These attacks have had a significant impact on society, causing major disruption and damage to governments, public institutions, businesses, and citizens. In some cases, ransomware attacks have even impacted healthcare systems and threatened national security by stopping critical infrastructure and services or compromising sensitive data.   As the frequency and severity of ransomware ..read more

4 Views What is a Beneficial Owner?  Beneficial owner refers to the natural person(s) who ultimately owns or controls an entity and/or the natural person on whose behalf a transaction is being conducted. It also includes those natural persons who exercise ultimate effective control over a legal person or arrangement.  The definition goes on to state that “only a natural person can be an ultimate beneficial owner, and more than one natural person can be the ultimate beneficial owner of a given legal person or arrangement,” emphasising that the ultimate beneficial owner is always a nat ..read more

4 Views INTERPOL’s Warning: Human Trafficking-Fuelled Fraud on the Rise Human trafficking is a widespread crime that ruthlessly exploits vulnerable individuals across the globe. In a recent development, INTERPOL, the international police organisation, has sounded the alarm on the escalating threat of human trafficking-fuelled fraud. This illicit activity not only perpetuates the cycle of exploitation but also poses significant risks to victims, businesses, and society at large. In this blog post, we will delve into the key aspects of INTERPOL’s warning, shedding light on the gravity of the iss ..read more

15 Views Smurfing vs. Structuring In the realm of financial transactions, two terms often come up: smurfing and structuring. While they may sound similar, they refer to distinct practices with separate implications. This blog post will delve into the differences between smurfing and structuring, shedding light on their definitions, purposes, legal considerations and AML regulations. Smurfing Definition Smurfing, also known as structuring, is a money laundering technique that involves breaking down large financial transactions into smaller, less suspicious amounts. Purpose The primary objective ..read more