Hidden value: how to uncover the dark origins behind unusual wealth types

07 Aug 2023

Unusual wealth types provide criminals with an avenue for money laundering. Cryptocurrencies, artwork and luxury goods all have properties which make them the perfect vehicle for hiding the true origins of criminal profits. With these assets hard to value, trace and verify, how can compliance officers spot illegal activity? And what should they ...

What does the EU UBO register access removal mean for compliance?

09 May 2023

The EU UBO (Ultimate Beneficial Owner) register is a central database that contains information about the beneficial owners of companies and other legal entities within the European Union. It is designed to increase transparency and combat money laundering, terrorist financing, and other financial crimes. Recently, there have been some changes to...

Banking Regulations

The ECJ’s new ruling on the beneficial ownership register is bad news for AML

11 Jan 2023

In 2015, the European Parliament passed a directive “on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing”. Under this article, member states were obliged to ensure access to beneficial ownership to those with a legitimate interest. In 2018, this was extended to any member of the genera...

1

Business

Why casinos are still failing to crack down on money laundering and how they can tackle it

24 Nov 2022

Many of us have seen Ozark - where dirty money is directly cleaned through a casino - but just how much of this is based on truth? Historically casinos have been a target for money launderers. They are exposed to significant money laundering risks, including quick or high turnover of cash with minimal betting. Gaming accounts can also be used to s...