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Mitigating the Risks in the Payments Industry
Risks in the Payment Industry The payment industry is facing various types of risks, including: Card skimming: This is a type of fraud where
Outcomes from the Financial Action Task Force (FATF) plenary meeting
Here are the key outcomes from the Financial Action Task Force (FATF) plenary meeting held from February 22-24, 2023: 👉 The FATF has suspended the
The risk-based approach in CDD
Regulated entities use the risk-based approach to identify and assess the potential money laundering and terrorist financing risks associated with a financial transaction or customer
KYC Penalties in 2022: Lessons learned from previous failures
Sanctioned Individuals, fraudsters, and terrorists regularly attempt to take advantage of entities with weak KYC measures to freely transact and launder potentially illegally derived funds.
Tsiknopempti Celebrations at iSPIRAL
Tsiknopempti is part of the traditional Cypriot and Greek celebrations and it is the kickstart of the Carnival season. It is translated to “Smokey or
Financial crime trends in 2023
Financial crime is a constantly evolving threat affecting individuals, businesses, and governments worldwide. Each year, new trends emerge as criminals seek new ways to exploit
Third party tools driving new efficiencies
Anti-Money Laundering (AML) compliance is a crucial aspect of financial regulation. It aims to prevent money laundering and terrorist financing (ML/TF) by identifying, monitoring, and
MiCA – A new framework for crypto providers
The Market in Crypto Assets (MiCA) is a regulation that all EU member states must implement. The regulation will serve as a framework of rules
Source of funds and source of wealth – an important element of EDD
In high-risk situations, financial institutions and other “obliged entities” are required to conduct Enhanced Due Diligence (EDD) measures to ensure that the money laundering and
