Money mules are individuals who transfer or otherwise move illegally acquired money on someone else's behalf, usually as part of a money laundering scheme. Money mules are often recruited to "clean" the proceeds of online scams or even crimes like human and drug trafficking. The post What Is a Money Mule? first appeared on sanctions.io ..read more

Stringent international steps against money laundering require organizations to take robust steps in detecting and reporting suspicious activities that may indicate that financial crimes are taking place through their business. Transaction monitoring refers to the process of observing customer transactions in real-time, or even retroactively, to spot red flags and identify risks in senders and beneficiaries. While this may seem straightforward, it requires screening large volumes of transactions against encoded rules and available sanctions lists. Most companies use software to ensure that the ..read more

It may seem as though there is an ever-growing list of sanctions against Russia, Belarus and other territories. As a business, it’s challenging to stay on top of these sanctions, putting you in danger of non-compliance. All businesses in all sectors need to comply with sanctions, including charities and non-governmental entities. Fines are not only issued to those who are in violation of sanctions but for failing to implement adequate controls to prevent those violations.  The post What Sanctions Regulations Are Relevant For Your Business?  first appeared on sanctions.io ..read more

Financial criminals generate profits from their acts and often disguise these proceeds through money laundering, enabling criminal parties to use their funds without jeopardizing their activities. According to the United Nations Office on Drugs and Crime, between EUR 715 billion and 1.87 trillion is laundered every year (2-5% of the global GDP). The changing global risk landscape, including the advent of innovative fintech start-ups, virtual payments and cryptocurrencies, requires a fresh approach and stricter controls than ever before.  The post What Is Money Laundering and How Does It W ..read more