Anti Money Laundering (AML) is a worldwide term to prevent money laundering and includes policies, laws, and regulations to prevent financial crime.
Everything you need to know about AML & KYC!
Financial institutions have to comply with various Anti Money Laundering and Know Your Customer (KYC) regulations in their customer onboarding processes.
MONEYVAL is a body of the Council of Europe that evaluates compliance with international standards against money laundering and financing terrorism. It evaluates countries' AML/CTF frameworks and publishes evaluation reports with recommendations for improvement. MONEYVAL's goal is to promote effective AML/CTF measures and protect the financial system from criminal abuse.
The Federal Information Security Modernization Act (FISMA)was enacted to modernize the government's cybersecurity regulations to address contemporary security challenges.
The International Money Laundering Information Network (IMoLIN) is an organization that plays an active role in the fight against money laundering and helps those working in this field.
The International Emergency Economic Powers Act (IEEPA) is an agreement that allows the president to use executive authority over emergencies even at peacetime.
The Middle East and North Africa Financial Action Task Force is a regional institution similar to the FATF for nations in the Middle East and North Africa.
All financial transactions mediates carry the risk of money laundering, terrorist financing, corruption, bribery, and human trafficking.
OFAC places individuals and organizations on a list called Specially Designated Nationals And Blocked Persons (SDN) for national security.
SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a global messaging network that is widely used by financial institutions to send and receive money transfer orders. It is a cooperative society owned by member financial institutions and has offices worldwide.