Whether it's simple conversations, programming, images, music, or even recipes; artificial intelligence (AI), driven by the ability to generate content, is commonly mentioned in a variety of environments. Technology is always evolving, and the current pace of this process can make it hard to keep up with. The multitude of possibilities for the use of artificial intelligence is huge, and the creativity of people enhances it enormously. Check what impact it has on Financial Crime.More
In the intricate realm of finance, where money flows across borders and transactions span the globe, the risk of falling victim to scams and encountering money laundering schemes is a constant concern. As financial technologies advance, so do the methods employed by criminals to exploit vulnerabilities. In this article, we'll delve into some of the latest financial scams and methods of money laundering, shedding light on these illicit activities and offering insights on safeguarding your financial interests.More
Financial crime prevention shows up off often in financial news but can mean a variety of things as it covers several complex issues. In this article you will find several basic concepts of financial crime which will help one familiarise themselves with the broader issues a bit easier.More
In the rapidly evolving world of cryptocurrencies and blockchain technology, Initial Coin Offerings (ICOs) have emerged as a ground-breaking fundraising mechanism, disrupting traditional investment streams. ICOs provide a unique opportunity for projects and start-ups to raise capital by offering digital currencies or tokens to early-stage investors in exchange for established cryptocurrencies or fiat currency. This article aims to provide an in-depth exploration of ICOs, shedding light on their purpose, process, regulatory considerations, risks, and their role in shaping the future of finance.More
Dirty money is a documentary series depicting stories of corporate scandals and corruption within the business world. The episode titled “Cartel Bank” tells the story of a global financial institution who didn’t care who they worked with, ignored financial market regulations and took an active part in money laundering.More
Cryptocurrencies have become an increasingly popular investment option, with many people seeing the potential for high returns on investment. However, with the development of digital currencies, the number of scams associated with them has also increased. There are many types of cryptocurrency scams, such as fake ICOs, Ponzi schemes, phishing scams, malware scams, and market manipulation. Each of these scams is designed to mislead people into sending their money or cryptocurrencies to scammers. This article will focus on Ponzi schemes.More
The evolution of financial services has been a constant and dynamic process, and the introduction of decentralized finance (DeFi) and blockchain technology is the latest chapter in this story. DeFi promises to democratize access to financial services and reduce traditional financial intermediaries, making it possible for anyone to access the same financial services and opportunities as the wealthy and well-connected. This evolution towards DeFi also brings uncertainty and risks in financial crime.More
Fight FinCrime Forum brings together students and professionals interested in financial crime prevention who want to increase their AML/CTF awareness and knowledge. It provides an excellent opportunity to learn about recent market trends, international regulatory and legislative developments, best implementation practices, and share knowledge and solutions with experts from across the regulatory, law enforcement, innovators, and providers in the Financial Crime space.
This event follows on from successful inaugural virtual team competition in November 2020. In 2021 the event brought together almost 1500 delegates from over 40 companies across 10 countries. 25 teams took the challenge and had fun competing in the Fight FinCrime Quiz. We hosted industry leading experts from the private and public sectors who shared their knowledge with Fight FinCrime participants during four webinars and a discussion panel.
To celebrate the 15th anniversary of NatWest in Poland we organised an event increasing AML/CTF awareness and knowledge among staff of financial institutions to help protect both institutions and local communities, was born. The first edition took form of an AML team quiz with 20 questions stretching over four categories covering both recent AML events and regulatory developments. Over 90 minutes of the November Monday evening 200 attendees from Poland and UK divided in 41 teams participated in the competition, being the first such interorganisational AML event ever organised by a bank in Poland.
Anti Money Laundering refers to a programme of processes, systems and controls intended to prevent Money Laundering and comply with legal requirements designed to support that objective.
Beneficial Owners are those who have a shareholding, beneficial interest, voting rights (or otherwise) in an entity, partnership or trust. Beneficial Owner may or may not exercise control over the management of the legal entity.
Correspondent Banking is the provision of banking-related services by one bank (Correspondent) to an overseas bank (Respondent) to enable the Respondent to provide its own customers with cross-border products and services that it cannot provide them with itself, typically due to a lack of an international network.
CDD encompasses knowledge, understanding and information obtained on a Customer throughout the lifecycle of the relationship, including transactions and use of products. Identifying the Customer and verifying this information from the commencement of the relationship is the initial step to understanding and knowing the Customer.
Any person appointed to direct its affairs, including a person who is a member of its governing body and a person in accordance with whose directions or instructions (not being advice given in a professional capacity) the directors of that body are accustomed to act.
An investigation of an external supplier to identify and assess the risks of entering a business relationship, including the risk of becoming involved in bribery, corruption and other illegal and improper activities through the supplier. Note: Due diligence takes place both before signing a contract, during a life of a contract and at exit. Includes on-site and remote security reviews; assurance through an independent certification; how security events will be reported; how and what MI will be provided to the bank. Not to be confused with customer due diligence (CDD).
The result of dishonest activity which is intended to make a financial gain, or cause a financial loss, by false representation, failing to disclose information or abuse of position.
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