Weaknesses of FIFA's Organization Structure

One of the most challenging things during the due diligence of a client is identifying beneficial owners of an entity and understanding potential weak points in the ownership chain of a company. This article aims to consolidate and show weaknesses...

CURENTIS Web Seminar "Sustainable Risk Management for Banks

on Friday, December 09, 2022, 2:00 to 3:00 p.m. What does sustainability mean in concrete terms for banking processes? How can sustainability risks be identified, assessed and managed? CURENTIS sees a central starting point in a...

Understanding the Source of Funds of FIFA

Identifying and understanding the client's source of funds & source of wealth are the fundamental components of KYC requirements. It allows the prevention of money laundering and terrorist financing activities. As mentioned part 1 of our...

Know your customer - the KYC principle

Thursday, December 1, 2022, 2:00 p.m. to 3:00 p.m. The fight against financial crime and money laundering continues to be an ongoing burden on the day-to-day operations of many banks. The stricter requirements of the EU Directive as well as the Money Laundering Act...

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...

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