Saturday, September 18, 2021

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Money-Laundering Task Force Wants Binding Rules for Crypto Exchanges

The Financial Action Task Force (FATF), an intergovernmental organization that develops policies to tackle money laundering, is planning to develop binding rules for the world’s cryptocurrency exchanges, a report indicates. According to a Reuters report on Tuesday, an unnamed Japanese government official said...

What is Business Email Compromise (BEC) Fraud

Business email compromise (BEC) is a type of internet insecurity aimed at impersonating top-level executives, redirecting funds, and stealing invaluable data from organizations. At the very low end of the scale, BEC scams do not require a sophisticated technical skill...

What is Sanction?

Sanctions are tools used to protect national or international security and help to stop financing crimes like terrorism, narcotics trafficking, illegal arms dealing and proliferation of weapons of mass destruction.  They are restrictions imposed by countries and international organizations...

What is AML Transaction Monitoring

Transaction Monitoring defines the essence of having the right processes, procedures, systems, and governance to monitor customer transactions. To enable effective transaction monitoring, customer historical information and interactions provide the basis for building customer transactional profile. Transaction monitoring is a complex...

Book Review – Black Edge by Sheelah Kolhatkar

Black Edge, the story of a nobody that conquer the mighty wall street. If it sounds like your typical rag to riches story, you are not far away. The rise of Stevie A Cohen through the noise of wall street...

Artificial Intelligence in Fraud Management

Financial Fraud Action UK estimated fraud losses in the UK totaled £768.8 million in 2016, an increase of 2% compared to 2015. Fraud is a billion-dollar enterprise, with impacts on individuals, business and governmental organizations.  Frauds is an evolving crime,...

Who was Charles Ponzi [Financial Crimes Profile]

Who Was Charles Ponzi Born in Parma, Italy, in 1883, Charles Ponzi’s early days are somewhat unknown. He claimed to have attended the University of Rome La Sapienza but never graduated. Ponzi arrived in Boston in November 1903 aboard the S.S....

What is Corruption

The broad definition of corruption is the abuse or misuse of power by a person in power for private gains. Corruption is usually associated with people in public positions, for example; politicians, civil servants, government officials, police officers etc....

What is Bribery

Bribery is the practice of offering or receiving something such as money or goods with the intention of influencing an outcome or behaviour of the receiving party.  Bribery includes any form of favour in exchange for the desired outcome...

How to Launder Money

Over the last few decades, the funds involved in money laundering has continued to increase with the United Nations Office on Drugs and Crime (UNODC) estimating illegal funds from criminal proceeds amount to 3.6% of global GDP, with 2.7%...

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