FATF Recommendations 8 & 16: Key Updates You Need to Know Table of content Why was there a Need to update FATF Recommendations 16 & 8 Now? Key Changes to the Rules: Recommendation 16 (Wire Transfers) – Payment Transparency Key Changes to the Rules: Recommendation 8 (Non-Profit Organizations) – Protecting Charities What This Means for …
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The Changing Face of Money Laundering in Asia-Pacific Gone are the days when money acquired illegally was tucked away under mattresses. Today, money has become like water. It can flow into any crevice and travel great distances. It can change shape and form. Laundering gives money mobility. It helps people legitimise illegally acquired money. Needless …
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ML For AML – 8 Reasons To Use It For Transaction Monitoring The digital revolution has brought us closer. It has creatively disrupted our lives and transformed it by bridging the gap between the customer and the seller. For customers, the benefits often outnumber the risks. One can buy a movie ticket, order things online, …
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Why Anti-Money Laundering Digitalization is Necessary for Global Banks Now According to the U.S. Treasury USD 300 Billion of illicit proceeds are laundered in the financial system every year and the United Nations office on Drugs and Crime (UNODC) states that only 1% of these illicit proceeds are taken into account. Money laundering has changed …
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