Explore AML & Sanctions Compliance Resources

Banks, money transfer and fintech companies, credit and insurance organizations and gambling operators must ensure AML compliance and take every step to avoid money laundering. Playing a part in facilitating money laundering, however unintentionally, is a risk for every financial institution and professional. Most anti-money laundering compliance programs adopt a risk-based approach. They make a risk assessment and create a control program tailored directly to customers' risk levels during the onboarding process. Understanding the red flags associated with transactions and following a concise but thorough Know-Your-Customer Process can help professionals combat and avoid implications in economic crime.

Every business is required to have a sanctions screening strategy in place that is documented and reviewed regularly. The accuracy and depth of internal data is the key to an effective sanctions screening process, while technology remains an important part of identifying financial crime risks accurately and timeously.

Anti-money laundering risk assessments are crucial for preventing financial crimes and remaining compliant with regulations. This comprehensive guide will review the basics of an AML risk assessment by answering the following questions: What is an AML risk assessment? Why should you complete one? What steps are involved?

The role of the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) is to implement and manage US economic and trade sanctions against specific foreign governments and regimes, terrorists, drug traffickers, and dubious organizations. OFAC aims to encourage and check that people or organizations who trade in US goods and services develop and implement a routinely updated sanctions compliance program (SCP).

Money laundering has been around for thousands of years. The reasons for laundering money are largely unchanged – people want to disguise the true source of their income. However, the methods used to launder money change with business trends and technology. Technology has exploded in recent decades, and with it opportunities to launder money. In many ways, technology benefits anti-money laundering (AML) efforts because we have the tools to stay ahead of criminals. However, those money launderers are using the same technology to benefit their money laundering operations. Preventing money laundering may seem like “someone else’s” job. The truth is, we can all make a difference in AML efforts by knowing what to look for and how to prevent money laundering. It is especially important for business owners to understand how money laundering may impact their businesses. Each year new trends emerge in AML. This outline serves to help you stay ahead of money launderers by understanding key AML risk trends for 2022. Learn about the top four AML trends, signs to look for, and how to prevent money laundering schemes.

After more than a decade, cryptocurrencies have risen to prominence in global finance, promising more security, value, and convenience through the blockchain. In response, governments stepped in to provide consumers with further protections. We’ve previously discussed AML frameworks, which help increase the level of transparency in transactions and lower the risk that crypto will be used for money laundering and terrorist financing.