February 22 2021
5 mins

What Is Social Security Fraud?

What is Social Security Fraud? In 1935, the Social Security Act was signed by President Franklin D. Roosevelt. Following on from this act, taxes were collected for the first time in January 1937....
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suspense account
February 22 2021
5 mins

What is a Suspense Account (with examples)?

A suspense account is one that temporarily records transactions that have yet to be assigned to their proper accounts. The suspense account is situated on the general ledger and is used to...
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February 20 2021

Cases of Financial Crime Through Correspondent Banking (Infographic)

Correspondent banking is defined as the provision of banking-related services by one bank (correspondent) to an overseas bank (respondent). The cross-boarder nature of correspondent banking and weak...
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Bank Secrecy Act (BSA) Officer
February 19 2021
5 mins

What is a Bank Secrecy Act (BSA) Officer?

What is a BSA Officer? A Bank Secrecy Act or BSA Officer is a person who works for a bank, credit union, or other financial institution to ensure that the Bank Secrecy Act is followed.
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February 12 2021
5 mins

What is the OFAC list?

What is OFAC? OFAC stands for The Office of Foreign Assets Control. It is a department under the US Treasury that works towards administering and enforcing economic and trade sanctions, which is...
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January 31 2021
5 mins

How Does AI Detect Fraud?

What is fraud? Fraud is a criminal offence where a perpetrator intentionally deceives a victim for an illegal gain or for depriving the victim of a legal right. According to the legal dictionary,...
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January 31 2021
6 mins

What is the Specially Designated Nationals and Blocked Persons List (SDN)?

The Office of Foreign Assets Control (OFAC) creates the Specially Designated Nationals and Blocked Persons list – also known as the OFAC SDN list – in order to carry out its responsibilities.
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correspondent banking
January 31 2021
5 mins

What is correspondent banking AML risk?

In order to understand what correspondent banking AML risk is, let’s break it down.
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January 29 2021
1 mins

How does the NDAA Act Impact US AML Regime?

The US Senate passed the National Defense Authorization Act (NDAA) 2021 on January 1, 2021. As part of the NDAA, the Anti-Money Laundering Act of 2020 (AML Act) is poised to amend the Bank Secrecy...
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fincen files
January 29 2021
1 mins

All You Want to Know about the FinCEN Files

Publicised across the globe in September 2020, the FinCEN Files are more than 2,500 leaked documents from the US Treasury's Financial Crimes Enforcement Network (FinCEN) which collects and analyses...
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January 29 2021
1 mins

Is Crypto Emerging as Modern Money Launderers' Choice?

Cryptocurrencies are a very useful technology innovation that helps individuals and institutions access financial products and services in a faster and cost-effective manner. However, their rise as...
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January 29 2021
1 mins

The Global Ranking of Money Laundering Risk

Money laundering and terrorist financing (ML/TF) are financial problems faced across the globe. They are one of the prime reasons why all countries — developed and developing, compromise on their...
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