Financial crime is a significant social threat and a constant concern for financial institutions and money service businesses. Two of the most prominent financial crimes are 'Money Laundering' and 'Terrorist Financing.' Banks face millions of Pounds in penalties due to any lapse in implementing Anti-Money...
The ways to launder money are revolutionizing as the criminals have come up with creative ways to launder their illicit funds. But unfortunately, their creativity comes at a cost to your business if you are unable to detect and prevent this money from entering your...
toFor starters, money laundering 'cleans' the dirty origins of illegally-obtained cash. So, Money launderers are frauds who use illegal means to earn money. Illegal arms sales under a big name, drug trafficking, smuggling, and the activities of organized crime for example drug trafficking and prostitution...
What is Terrorist Financing By definition Terrorist Financing is the collection or provision of funds for terrorist purposes. Terrorist activities or attacks can occur in many forms from isolated individual acts such as the 2017 Westminster Bridge attack in London to carefully planned attacks which take months...
While some of the financial institutions are struggling to meet the stringent requirements of 4th Anti-Money Laundering (AML) Directive, the European Commission proposed a fifth revision of the Anti-Money Laundering Directive as part of its Action Plan for strengthening the fight against terrorist financing.In scenarios...
Legal Entity Identifier or LEI was introduced after the global financial crisis in 2008. It came into effect on 3rd January 2018 under the MiFID II directive. The aim was that all participants in the financial system would be identifiable to facilitate monitoring of worldwide...
What is VAT Number A Value Added a Tax-registered number is a unique number issued to businesses that are registered to pay VAT.Value Added Tax (VAT) is a percentage(20%) added to goods and services charged to consumers and businesses that other businesses registered for VAT can...
Have you ever wondered the credibility of a person? When he or she claims to be a company's so and so.The Companies House Service (CHS) in the UK helps you to check all this information.They help you with authentic search free of cost. You can...
On June 19th, 2018, the fifth EU Anti-Money Laundering Directive (AMLD 5) was published in the official journal of the European Union. The AMLD5 provides additional inputs to the Fourth Anti-Money Laundering Directive (AMLD4) released only in 2015. The AMLD 5 entered into force on July...
A stock is a type of security that signifies proportionate ownership in the issuing corporation. This entitles the stockholder to that proportion of the corporation's assets and earnings.Shares, provide one with ownership of a company partly. Companies issue shares to raise money. Investors buy shares...
