Why FIFA's Nature of Business has to be qualified as a high-risk from an AML-perspective

As a part of the KYC Due Diligence, banks identify the nature of the business of a client to determine risks involved with money laundering and terrorist financing activities. There is a list of industries that have high exposure to illegal...

CURENTIS publishes AML white paper

Illicit financial flows are becoming an ever greater threat to global security. According to an estimate by the International Monetary Fund, the volume of money laundering worldwide is around four trillion dollars. In Germany,...

FIFA in the KYC Process

Hundreds of millions of people are excited about the start of the World Cup Qatar 2022 championship on Sunday, 20th November in Doha. FIFA (Federation Internationale de Football Association) has been dogged by scandals and allegations of corruption...

Suspicious money laundering reports at record level: reporting volume doubled in 2021

On September 21, the Financial Intelligence Unit (FIU) published its 2021 annual report. With a view to the volume of reports, we have summarized the most important knowledge for you below: The Financial Intelligence Unit...

What's behind Luxembourg's "sleep account law"?

In Luxembourg, on March 30, 2022, the amendment to Bill of Law No. 7348 (The bill) on dormant accounts, inactive safe deposit boxes and unclaimed insurance contracts, the so-called dormant accounts law, was passed. The...

The exchange rate of the ruble is stably high. Are sanctions ineffective?

After the Russian invasion of Ukraine, Western countries imposed several packages of sanctions on Russia aimed at weakening the Russian economy. The sanctions have prevented the import of numerous technological goods to...

Environmental and climate risks: The glass is not (yet) half-full

The ECB yesterday published a thematic audit report regarding environmental and climate risks and gave banks a tight timeline for dealing with climate risks. The result of the audit report shows that at many...

Difficult weeks for SV Rot-Weiss Merl

After a very successful start to the season and the interim takeover of the table leadership of the Verbandsliga, the Merlerinnen had to settle for a point in the past two games. After the victory in the district cup...

Revision of the Swiss MLA - What lies ahead for Swiss banks?

After the FATF identified weaknesses in the 2016 country report on Switzerland, Switzerland felt compelled to undertake an intensive revision of its Anti-Money Laundering Act. The result of this revision is now entering...

Adoption of the Sanctions Enforcement Act II ensures greater transparency in real estate

On October 26, 2022, the German Cabinet approved the draft of the second Sanctions Enforcement Act, SDG II for short. This is expected to come into force on January 1, 2023. It follows the introduction of the first Sanctions Enforcement Act,...

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