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Encyclopedia

Sanctions Evasion

The act of avoiding or circumventing sanctions to engage in prohibited activity. Related Articles The Key To Compliance with Travel Rule Regulations How can crypto companies be compliant and avoid regulatory penalties through AML frameworks? 5 steps into the 5 Anti-Money Laundering Directive Risk-Based Approach to Virtual Currencies: 5th AML Directive How Can Blockchain Help

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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

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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

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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

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Source of Funds

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

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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

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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

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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

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