In 2017, the New York Department of Financial Services (NYDFS) released newly updated Anti-Money Laundering (AML) requirements. These AML regulations aim to decrease the consequences of money laundering in criminal areas such as drug trafficking, human trafficking, terrorism, and other illicit undertakings. Notably, New York AML regulations have a significant global impact.
In recent times, anti-money laundering legislations have prolonged reach to non-financial corporations, including developing to prevent money laundering through casinos, including those in the infamous Macau. However, the Congressional-Executive Commission on China reports that $202 billion illegal sourced funds are moved through Macau each year, including casino laundering.
Compliance is a defensive wall against financial crime and money laundering, but it places quite a toll on banks and financial institutions. A failure to comply with applicable laws and regulations might result in hefty fines. Most of last year’s fines relate to non-compliance with AML or KYC legislation. However, there are lessons learned that can be taken away!
As online transactions become more widespread, vendors have to watch out for increasing threats every day – especially money laundering red flags arising from the use of cryptocurrencies like Bitcoin and others!
Money launderers are acquiring more and more ways to exploit systems anonymously – especially with cryptocurrencies.
The Covid-19 pandemic has affected lives in a multitude of ways. Since March 2020, the rate of cyber-crimes has been estimated to increase by 42%, making substantial use of money mules.
With the continuing rise of technology, it comes as no surprise that video games are an expanding source of profit. Video game fanatics are finding even more ways to enjoy their favourite games – buying characters online for billions of dollars every year.
With the issue of “dirty money” seemingly being worldwide, it comes as no surprise that even the least corrupt countries come face-to-face with the problem. Money laundering spares no countries and seems to find its way into less corrupt nations, even more so than others.
With this blockchain technology guide you’ll become a compliance professionals that understands blockchain technology from a compliance perspective.
There are several common money laundering examples that criminals still use in 2021, including cash business schemes, casino schemes, and smurfing schemes.
Prepaid cards have made the lives of consumers and the general masses very easy. However, this technology has facilitated prepaid card money laundering and fraud.
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