Crime reversed: AMLD6 challenges compliance teams but leaves no mercy for criminals
September 16, 2020 - Kassai Law

It’s been less than a year since the Member States of the European Union had to cope with transposing the Fifth Anti-Money Laundering Directive (AMLD5) into their national legislation, meaning that many market actors, such as cryptocurrency exchange providers, faced the overwhelming challenge of complying with a complex set of rules. However, there is no time for compliance teams to sit back and rest, no sooner have they solved those tasks than the next puzzle is already writing around the corner: AMLD6.

How AML processes are challenged by the virus and what you need to consider: The Criminal Side of Covid-19
May 07, 2020 - Kassai Law

The coronavirus has caused widespread disruption in financial markets—in which criminals see new opportunities to generate and launder illegal funds. Some of these new patterns are really unique to the coronavirus, and some can be associated with times in history where uncertainty has taken the lead. In fact, the Financial Crimes Enforcement Network (FinCEN) has made a connection between these patterns and those that occur in relation to natural disasters. In either case, financial institutions need to keep their eyes open and keep up with the ways criminals are exploiting the pandemic—and how their compliance processes may need to change to manage these new threats.

The 5 Biggest Money Laundering Scandals in History
March 16, 2020 - Kassai Law

According to the United Nations Office on Drugs and Crime, the estimated amount of money laundered annually is between $800 billion - $2 trillion, that is 2-5% of global GDP. While this margin is huge, even the lower figure is serious and puts the recent global anti-money laundering efforts into perspective. We have dug into some of the biggest and most famous money laundering scandals in history and are here to give you the intriguing details and numbers.

Trusting the Blockchain
March 02, 2020 - Adam Fürtenbach

The blockchain technology, when used privately, can only be used to prove that the data was inserted in sequential order. It cannot prove that something was done at a specific date, or if the ledger was recreated with some minor alterations. Learn how we at Pliance solved this beast of a problem.

The Past, Present and Future of Anti-money Laundering in the EU
January 09, 2020 - KassaiLaw

Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) seem to be all the rage now. Even those not particularly interested will inevitably read these words and abbreviations every now and then. However, not many know what they actually mean. With the implementation deadline for AMLD5 just around the corner, it is important to lay down the basics and introduce their meaning and the most important ground rules and changes within the EU.

The functioning and non-functioning of FIUs
January 08, 2020 - Kasai Law

Financial Intelligence Units (FIUs) are supposed to be hubs of financial intelligence and the main authorities to help coordinate and move forward investigations of financial crimes such as money laundering and terrorist financing. With such an important function and a crucial position in the fight against these criminal activities, one would think they are fully prepared, with the highest level of technology possible available for them to use and staffed with a number of competent employees. While these would be the desirable circumstances, the sad truth is far from the ideal. Problems with the functioning – or rather non-functioning – of FIUs arise on local, EU and global levels and in some cases, they go as far as causing serious danger to public safety.

Potential Consequences of Failure to Comply with Anti-Money Laundering Regulations
January 07, 2020 - Eversheds Sutherland Sweden

In the last article in this series, we cover the consequences of not complying with anti-money laundering regulations. Read to find out what could happen.

Ways of Combating Money Laundering
January 06, 2020 - Eversheds Sutherland Sweden

In the third article in our series, we delve deeper into anti-money laundering and into the ways of combating this type of financial crime, with a focus on Sweden. Read on to find out!

Anti-Money Laundering - Regulations, Penalties, and Reporting
December 18, 2019 - Eversheds Sutherland Sweden

In the second article in our series covering an introduction to AML, we go into anti-money laundering and the regulations surrounding it. What laws apply, and to whom? What is the purpose of the regulations? Have a read and find out!

Money laundering - An Introduction for Fintech Companies
November 19, 2019 - Eversheds Sutherland Sweden

What is money laundering? How does money from financial crime make it into our financial ecosystem? This and other questions around money laundering will be answered in this series of articles that we're presenting together with the law firm Eversheds Sutherland Sweden. Click on to begin reading and understanding what money laundering is, and how to prevent it.

Make Room for Creativity (So You Can Combat Financial Crime)
April 30, 2019 - Siam Choudhury

With great innovation comes great risk. The fintech industry has seen great leaps of innovation in the past few years. That’s definitely not a bad thing. However it is also a reality that as more services, products, and platforms emerge, so do avenues for potential financial crime. It’s unfortunately too easy to forget that bad actors adopt innovative technologies as eagerly as consumers and businesses do; they just do it for more malicious reasons.Increased innovation in fintech will increase risks of financial crime.