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May 4, 2017

Fighting Money Laundering at the Layering Stage

One key to fighting money laundering is understanding its process and the vulnerabilities in each stage of it. In the first stage, the Placement stage, money launderers deposit their criminal revenues in financial institutions. In that stage, detection teams proficient in Know Your Customer (KYC)/Customer Due Diligence (CDD) practices for combatting money laundering do extensive […]

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May 8, 2016

What are Financial Crimes?

“Financial Crimes” is a term used to describe a variety of criminal acts including money laundering; terrorism financing; bribery; corruption; sanctions violations; proliferation financing; cyber financial crime; various types of fraud (securities fraud, insider trading, market manipulation, bank fraud, insurance fraud, payments fraud, health care fraud, medical fraud, credit card fraud, cheque fraud, corporate fraud, […]

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May 8, 2016

Societal Costs of Money Laundering

Money laundering is a crime that many people consider irrelevant to them. If a problem at all, they consider it a problem only for banks. That is far from true. Money laundering has massive effects not only on financial institutions, but also on governments, industries, economies and all individuals. What are the effects of these […]

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May 8, 2016

Money Laundering and Terrorism Financing Processes

Money laundering and terrorism funding both have devastating effects. While acts of terrorism are more noticed because of their highly public nature, Money laundering is no less of a threat. In fact, concentrated efforts to combat money laundering were pursued long before terrorist activities grew to the point where Counter Terrorism Funding (CTF) was added […]

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May 8, 2016

Fighting Money Laundering at the Placement Stage

One key to fighting money laundering is understanding its process and the vulnerabilities in each stage of it. The first stage is Placement. Placement entails depositing illicit funds into financial institutions. Several vulnerabilities lie in this stage. So, we look at it to see what questions money launderers must answer in this stage to overcome […]

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