What is Egmont Group Egmont Group is an international organisation which facilitates and prompts a secure medium of exchange of information, expertise, financial intelligence and cooperation amongst member FIUs to combat money laundering, terrorist financing, and associated predicate crimes. Egmont Group Responsibilities Egmont Group Publications Egmont Group core documents Full archive of published reports can
Is an electronic store of monetary value, based on a technological mechanism for holding and accessing fiat currency. The ease of use of e-money has led to the increasing prevalence of this form of fiat currency and the decreasing use of cash in everyday transactions. Whilst e-money is backed by fiat and thus backed by
Enhanced Due Diligence or ‘EDD’ is a KYC process of carrying out further due diligence on customers that may be seen to be more high risk to mitigate regulatory issues. This may be with PEPs or ‘Politically Exposed Persons’, sanctioned entities or individuals or other profiles that fit a higher level of risk category. Additional
ERC-20 is a token standard based on the Ethereum protocol. It is used for all smart contracts on the Ethereum blockchain for token implementation and provides a list of rules that all Ethereum-based tokens must follow. Due to the standards’s prevalence it has emerged as the most used token standard. There are 6 foremost functions
Europol or the ‘European Police Office’ is the EU’s inter-governmental law enforcement agency that allows numerous nation-states to pool resources to combat cross-border crime. Its main goal is to help achieve a safer Europe for the benefit of all EU citizens. In the area of anti-money laundering, Europol provides member states’ law enforcement authorities with operational
False Negative in the matter of financial crime and money laundering is either (1) a ‘hit’ identified during the screening process as a potential alert, but is dismissed, when in fact there is a match to a target named on a sanctions list; or (2) screened activity that would have generated a hit if the
False positive in the financial crime and Anti-Money Laundering contexts is a ‘hit’ identified during the screening process as a possible red flag alert, but when reviewed by a Money Laundering Reporting Officer (MLRO) or compliance personnel of an obliged financial entity, is found not to be a match to a target named on a
Federal Financial Supervisory Authority or ‘BaFin‘ is Germany’s financial regulatory authority overseeing Germany’s financial markets and service providers. Formed in 2002 after the passing of the Financial Services and Integration Act, BaFin falls under the supervision of the Federal Ministry of Finance and is responsible for regulating 2,700 banks, 800 financial services institutions, and over
Fiat currency serves as the lifeblood of contemporary economies, pivotal in facilitating transactions, fostering economic growth, and responding to crises. In this article, we delve into the concept of fiat currency, exploring its definition, historical context, examples, and the advantages it offers in times of financial turbulence. So, if you want to know the answer
The Financial Action Task Force (FATF), established by the Group of Seven industrial nations, is a global force in the fight against money laundering, terrorist financing and proliferation financing. This text delves into the role and significance of FATF, examining its functions, international influence, and recent initiatives to address emerging challenges, particularly in cryptocurrency and