Encyclopedia Archive

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

Sanctions Evasion

The act of avoiding or circumventing sanctions to engage in prohibited activity. Related Articles

Silk Road (Darknet Marketplace)

The Silk Road was the foremost darknet market (DNM) in the world. The Silk Road arguably made bitcoin and cryptocurrencies synonymous with money laundering and drug smuggling at that time as blockchain was a relatively unknown technology with a very small payment ecosystem. Launched in 2011, the Silk Road was shut down by the Federal

Simplified Due Diligence (SDD)

Simplified Due Diligence or ‘SDD’ is a lower level of customer due diligence verification that can be performed where there is no, or a lesser, risk of money laundering. Related Articles Introduction to Risk-Based Approach to Virtual Currencies Risk-Based Approach to Virtual Currencies: 5th AML Directive

Sodinokibi (Sodin)

Sodinokibi, also known as ‘Sodin’, ransomware is a type of REvil ransomware. It spread in September 2019 by using a zero-day vulnerability in the servers of Oracle Weblogic. Later, when the vulnerability was fixed, it continued to spread through software installers that have remote desktop servers and other backdoor vulnerabilities; and also by the tools

Source of Funds

The source of funds is designed to identify addresses that send funds to blockchain addresses related to criminal activity. Related Articles

Specially Designated Nationals (SDNs)

Who are Specially Designated Nationals or ‘SDNs’? The Specially Designated Nationals and Blocked Persons List or ‘SDN List’ is a list of individuals or legal entities that is identified by the United States Office of Foreign Assets Control (OFAC) as being terrorists, international criminals or beneficiaries of authoritarian regimes such as Iran and North Korea

Suspicious Activity Report (SAR)

In financial regulation, a Suspicious Activity Report (SAR) is a report made by a bank or financial institution about suspicious or potentially suspicious activity. The criteria to decide when a report must be made varies from country to country, but generally is any financial transaction that does not make sense to the financial institution; is

Swiss Financial Market Supervisory Authority (FINMA)

The Swiss Financial Market Supervisory Authority or ‘FINMA’ is Switzerland’s financial regulatory authority overseeing Switzerland’s financial markets and service providers. It is an independent institution – based in Bern – with power over banks, insurance companies, stock exchanges, securities dealers and collective investment schemes. It is responsible for combating money laundering and, where necessary, conducts

The FATF (Financial Action Task Force) Global Intra-Governmental AML Watchdog

Origins of the FATF The FATF (Financial Action Task Force on Money Laundering), founded in 1989 by the G7 group of nations, is an intergovernmental organisation that sets standards and promotes the effective implementation of legal, regulatory and operational measures for combating terrorist financing, money laundering, and other illicit activities that pose a threat to

Trading Platforms

Trading platforms function as marketplaces, bringing together buyers and sellers of virtual currencies by providing them with a platform on which they can offer and bid among themselves. In contrast to exchanges, the trading platforms do not engage in buying and selling themselves. Some trading platforms give their customers the option of locating potential customers