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 is legal tender that is backed by the sole faith of the central government or bank that issued it, rather than a commodity such as gold. Examples are the US Dollar (USD), Japanese Yen (JPY) and UK Sterling (GBP). Whilst central, public bodies in charge of the issuance of money has been in
FATF or the ‘Financial Action Task Force’ was chartered by the Group of Seven industrial nations to foster the establishment of national and global measures to combat money laundering. It is an international policy-making body that sets anti-money laundering standards and counter-terrorist financing measures worldwide. Its recommendations, whilst widely implemented into nations’ legislation, do not
The Financial Conduct Authority or ‘FCA’ – formed in 2013 – is the United Kingdom’s financial regulatory authority overseeing U.K. financial markets and “58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom”. An independent agency, the FCA has the power to
The Financial Crimes Enforcement Network or ‘FinCEN’ is a U.S. agency – bureau of the Treasury Department – that fights financial crime. Its motto is “follow the money”. This Financial Intelligence Unit (FIU) supports local, state, federal and international law enforcement investigations to safeguard the financial system from illicit use and to fight against money
The FinCEN Files are a trove of information and analysis released in 2020 by the International Consortium of Investigative Journalists that sought to uncover vast gaps in money laundering actions by the traditional financial sector and institutions. Amongst some of the accusations leveled at the big banks was over-arching complacency in fighting back against malicious
Fingerprints of Activity is a financial investigatory method to identify accounts of known blockchain services and methods used by the perpetrators. By identifying the ‘modus operandi’ of a single suspect or of a group of threat actors, financial investigatory units (FIUs) can faster apprehend suspects and seize their assets. Related Articles Battles of Dirty Money and Blockchain: How
Refers to new applications, processes, products or business models that are being applied to improve the efficiency and security of financial services. Related Articles
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