AML Explained

Integrating Bitcoin into the sports betting industry poses novel anti-money laundering (AML) and counter-terrorism financing (CTF) risks. As Bitcoin transactions can be more complex to trace than traditional payment methods, they provide an attractive avenue for illicit activities within the gambling sector. Gambling operators accepting Bitcoin need to be acutely aware of these risks and […]

Money laundering is the process by which criminals disguise the original ownership and control of the proceeds of criminal conduct by making such proceeds appear derived from a legitimate source. The complexity of the financial systems worldwide means such illicit activities can be perpetuated with relative anonymity and ease. Criminals exploit this by deploying a

The Consolidated Sanctions List is an important mechanism used by the United Nations Security Council to enforce restrictions on individuals and entities linked to terrorism, nuclear proliferation, and other threats to international peace and security. It encompasses individuals and entities identified by UN sanctions committees whose actions or policies have been determined to necessitate some

AML rules are strict in Australia because it is part of FATF and an active global citizen. Australia’s approach to Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) is stringent due to its commitment to deterring financial crimes. The nation adheres to the recommendations set by the Financial Action Task Force (FATF), the international body that sets

Ultimate beneficial ownership refers to the natural person or persons who ultimately own or control a legal entity or arrangement, such as a company, trust, or foundation. It’s a concept used chiefly to identify the individuals who have the final say in the affairs of an entity, particularly where legal titles and management structures can

A company registry is a centralised platform where information about businesses and companies is officially recorded and stored. It is vital for various stakeholders, including governments, investors, and the general public, who might seek details about a company’s structure, ownership, and compliance status. The registry is often managed by a government agency or a statutory

Understanding the ultimate beneficial owner (UBO) is essential in the global effort to enhance transparency within financial systems and combat illicit activities such as money laundering. A UBO is an individual who ultimately owns or controls an entity, such as a company or trust, or the person on whose behalf a transaction is conducted. It

A sanctions list is a tool governments and international organizations use to apply pressure on countries, entities, or individuals that may pose a security threat, are involved in activities like terrorism or are part of regimes that do not adhere to international law or human rights standards. These lists comprise various restrictions, including trade embargoes,

Trusts occupy a unique position in financial regulation, often prompting extensive Anti-Money Laundering (AML) scrutiny. Trusts, as arrangements allowing a trustee to hold assets on behalf of a beneficiary, abstract traditional notions of ownership and control, thus presenting potential avenues for misuse. The Settlor’s role, the individual who creates the trust, is particularly significant in

Anti-money laundering (AML) regulations are critical in the financial sector, ensuring that trusts are not exploited for illicit activities. A key component of AML practices involves identifying and verifying the beneficial owners of a trust, those who ultimately own or control the trust and its assets. Trustees must conduct thorough customer due diligence to mitigate