KYB Mastery, Crypto Security, Fraud Alerts & Global AML Trends
Welcome to the Compliance Hero Digest!
?? Edition #58
In the ever-evolving landscape of Anti-Money Laundering (AML) compliance, staying informed is not just beneficial - it’s essential. As your trusted resource, the Compliance Hero Digest is dedicated to bringing you the latest news, cutting-edge trends, and in-depth analysis from the AML compliance sphere.
Navigating the complexities of Know Your Business (KYB) regulations is one of the most critical tasks for C-suite executives in regulated payments firms.
This article provides a comprehensive guide for C-suite members on how to effectively manage KYB challenges, ensuring that their firms remain compliant, competitive, and resilient in the dynamic?payments industry.
In 2022 alone, cybercriminals stole a staggering $3.8 billion in cryptocurrency, underscoring the urgent need for robust security measures and regulatory compliance.
With these worrying and emerging issues, NorthRow's CEO, Andrew Doyle, sat down with TheCryptoVines to assess how fraud and financial crime threaten the stability of crypto businesses.
Fraud scheme alert! How criminals target high-net-worth individuals and businesses:
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Criminals are now targeting accounts teams with a sneaky scam. They tell employees to send them a large sum of money, promising to cash it out and hold it in a "criminal escrow account." Once the bank refunds the money, they propose splitting it 50-50.
Counter-fraud expert and keynote speaker Alex Wood explains we're seeing this a lot more with fraudsters contacting high-net-worth individuals and businesses, striking deals with those with access to card readers and online banking.
The goal? To create scenarios that look like genuine APP fraud.
Are we witnessing the most significant rise in laundered money in the past nine years? A recent eye-opening article by The Economist shines a light on this troubling trend.
Governments around the globe are wielding anti-money laundering laws not just against financial crime, but as tools to suppress dissent and muzzle civil society voices.
These laws, designed to combat illicit finance, are being misused to freeze assets, make unjust arrests, and clamp down on charities and activists. The impact on democracy and human rights is profound, affecting communities worldwide.
Thank you for joining us in this edition of the Compliance Hero Digest. Until next time, keep up the great work, and continue to be a hero in the fight against financial crime. ??