September 01 2020
3 mins

Money Laundering: Meaning and Definition

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,...
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August 19 2020
2 mins

MiFID: The Markets in Financial Instruments Directive

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 MiFID has now been replaced by MiFID II, a new law.
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August 19 2020
5 mins

AML Regulators: Financial Conduct Authority (UK)

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...
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Essentials of an Effective AML Compliance Programme
August 19 2020
6 mins

The Essentials of an Effective AML Compliance Programme

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...
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statistics on money laundering
August 18 2020
6 mins

50 Shocking Statistics About Money Laundering and Cryptocurrency

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...
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regtech
May 20 2020
3 mins

What is RegTech?

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...
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data reconciliation
May 20 2020
6 mins

What is data reconciliation and what is it used for in finance?

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...
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money laundering
May 20 2020
4 mins

What is money laundering?

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....
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May 19 2020
5 mins

What is anti-money laundering compliance?

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...
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modern reconciliation
May 19 2020
3 mins

How modern technology can help improve the reconciliation process?

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...
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money laundering techniques
May 19 2020
5 mins

What are some largely used money laundering techniques?

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...
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methods of account reconciliation
May 19 2020
4 mins

What are the methods of account reconciliation?

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...
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