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4 A B C D E F G H I J K L M N O P R S T U W

4th Anti Money Laundering Directive (4AMLD)

What is the 4th Anti Money Laundering Directive? The 4th Anti Money Laundering Directive or ‘4AMLD’ is the EU response to the FATF 40 recommendations dated February 2012 and was required to be incorporated by EU member states by 26th June 2017. It follows the 3AMLD and is proceeded by the 5AMLD. Below is a

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AML compliance in cryptocurrency

Cryptocurrencies are a popular way to conduct financial transactions, with its potential for fast and secure transfers. However, cryptocurrency also poses a risk of money laundering and terrorist financing. As a result, organizations must adhere to Anti-Money Laundering (AML) compliance regulations to protect users from these risks. This article will explain AML compliance in detail,

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Anti Money Laundering (AML)

What is money laundering (ML)? Money laundering is the process of ‘cleaning’ illicit financial gain from criminal activity to make the funds appear legal. Typically, this involves three parts; the placement, layering and integration of tainted funds. Placement of illicit funds entails criminals inserting funds into the financial system (i.e. opening a bank account). The

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Anti Money Laundering (AML) checks – what it is?

By implementing check procedures, banks, and financial organizations can effectively detect money laundering and prevent participation in the crime. AML checks are increasingly important due to the increase in the use of cryptocurrencies in the financial sector. What is AML check? What does it look like, and what purpose does it serve? About it in

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Asset Confiscation

Defining asset confiscation Asset confiscation, inclusive of forfeiture where applicable, is the outcome of a judicial or administrative procedure permanently transferring ownership of specific funds or assets derived from criminal activity to the State. This legal action represents an outcome as a result of a court order, or administrative procedure decided by a competent national

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Bank for International Settlements

What is Bank for International Settlements The Bank for International Settlements (BIS) is an international financial institution that acts as a bank for central banks and provides them and other financial supervisory authorities with a platform to exchange information and improve cooperation.  What are BIS Responsibilities BIS Publications BIS Virtual asset related reports:  BIS Updates

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Bank Secrecy Act

What is the Bank Secrecy Act? The Bank Secrecy Act or ‘BSA‘ is the primary U.S. anti-money laundering regulatory statute (Title 31, U.S. Code Sections 5311- 5355) enacted in 1970 and most notably amended by the USA PATRIOT Act in 2001 in response to the terrorism threat of 9/11. Money laundering (ML) is a big

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Basel Institute

What is Basel Institute The Basel Institute is an independent non-profit, registered Swiss foundation and an Associated Institute of the University of Basel, dedicated to countering corruption, money laundering and terrorist financing and to improving standards of governance.  What Are Basel Institute Responsibilities  Basel Institute Publications It provides an annual index on 128 jurisdictions (the

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Beneficiary (beneficial owner)

The term beneficial owner has two different definitions depending on the context:· The natural person who ultimately owns or controls an account through which a transaction is being conducted.or· The natural persons who have significant ownership of, as well as those who exercise ultimate effective control over, a legal person or arrangement. By identifying the

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Blacklisted Addresses

Address blacklisting vs. AML The blacklisted addresses anti-money laundering (AML). In practice, it means a list of individuals, companies, or institutions that are considered suspicious or risky for money laundering or terrorist financing.  To maintain the integrity and security of the financial system, entities on the so-called blacklist may be subject to intense scrutiny and

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