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When individuals commit criminal activities, such as theft, extortion, drug smuggling, or human trafficking, they generate an income. These financial proceeds are deemed as “black” or “dirty” money,...

The Markets in Financial Instruments Directive (MiFID) was enacted in 2007 to replace the Investment Services Directive. MiFID has now been replaced by MiFID II, a new law.

Who is the Financial Conduct Authority (FCA)? The Financial Conduct Authority (FCA) is an independent, non-governmental organisation that governs the United Kingdom’s financial services industry. The...

Money laundering, a centuries-old crime, continues to be a major threat to governments, financial institutions, and businesses alike. As a result, credit unions, financial institutions, banks, and...

Money laundering is a financial crime that relies on stealth and flying under the radar. Understandably, detection poses a significant challenge in this field.  Historians think that the term money...

RegTech Definition Regulatory technology, in short RegTech, is a new industry that uses modern information technology to enhance regulatory processes. RegTech applies modern technologies including...

Data reconciliation (DR) is a term that describes the phase of a data migration during which the destination data is compared to the original source data to confirm that the migration architecture...

Various crimes such as corruption, human trafficking, illegal arms sales, embezzlement, insider trading, cyber fraud schemes and illegal drug deals generate large amounts of money for wrongdoers....

Money laundering is one of the oldest financial crimes in the book. Anti-money laundering (AML) refers to the laws required to regulate financial institutions and other financial bodies, in order to...

Modern technologies such as artificial intelligence and machine learning have proven to improve the efficiency and effectiveness of business processes across companies of all sizes. These...

Money laundering – the criminal activity of disguising the source of illegally obtained money to make it usable in the legitimate financial system– involves three steps. In the first phase, called...

Account reconciliation is defined as the process of comparing two related sets of financial records to find out if they are in agreement. It is an important internal control measure aiding entities...