• DE
  • FR
  • EN
Tel. +49 (0) 6171 – 95 598 0
CURENTIS Banking - Consulting und innovative Digitalisierung
  • Start
  • Consulting
    • Übersicht
    • Regulatory Reporting
    • Anti-Financial Crime
    • Sustainable Banking
    • Project Services
    • Information Security
    • AFC Factory
  • Produkte
    • Übersicht
    • Docu-CHECK
    • YourSupplyCHECK
    • YourKYCplus
    • YourBauFiplus
    • YourDORACHECK
  • Regionen
    • Deutschland
    • Luxemburg
    • Schweiz
  • Training
    • Übersicht
    • Anti-Financial Crime
    • Regulatory Reporting
    • Sustainable Banking
    • CURENTIS Seminare
  • Karriere
  • Über uns
    • Management
    • Nachhaltigkeit
    • Partner
    • Standorte
    • Wertekodex
  • News
    • Aktuelles
    • Publikationen
  • Suche
  • Menü Menü

Understanding the Source of Funds of FIFA

Anti-Financial Crime

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 FIFA KYC series, FIFA is a non-profit organization that invests its earnings back into the development of soccer around the world. In addition to ticket selling, FIFA generates most of its income from selling licensing rights, television, and marketing rights. In this article, we look at severe corruption scandals and give another reason why FIFA has to be considered a high-risk client for banks.

Marketing and television rights are the most income-generating units in FIFA’s revenue and the most corrupt areas where hundreds of millions of dollars are involved. Everything started back in the 70s and 80s when FIFA began trading marketing rights through Adidas. According to research papers, $1 million was paid to Mr. Havelange (7th president of FIFA) by the Adidas founder to secure the rights to distribution of television and marketing rights. Later, International Sport and Leisure agency was founded with the purpose of monopolizing television and marketing rights to resell them for more money. To secure the rights, the agency has bribed presidents of FIFA with millions of dollars. In 2001, the ISL (international sport and leisure) collapsed but the story did not end with it. In 2016, an Argentinian-based marketing agency was accused of bribing senior FIFA officials and agreed to pay penalties of $112 million.

Another scandal related to the source of funds unfolded in 2006. The Vice president of the organization has been accused of selling nearly a million-dollar worth of World Cup tickets on the secondary market. Thousands of tickets were ordered at the regular price before the championship and then sold through his family-owned travel agency at a large profit for him. Later in 2013, when the FBI was investigating all the wrongdoings of FIFA, the sons of the vice president admitted selling World Cup tickets for millions of profits. The Vice-President of FIFA was not the only person who took advantage of the reselling of tickets at an inflated price. These cases show that all related parties and individuals are important in understanding the nature and the source of funds to prevent illegal activities.

#AML #KYC #Compliance #Regulatory #Source of Funds #FIFA #Qatar #WorldCup #Luxemburg #Germany #Switzerland
#Curentis AG

25. November 2022
Eintrag teilen
  • Teilen auf Facebook
  • Teilen auf X
  • Teilen auf LinkedIn
  • Per E-Mail teilen
https://curentis.com/wp-content/uploads/2022/11/football_fire.jpg 1286 1920 julian.schlosser@curentis.com /wp-content/uploads/2022/02/logo-2-2-1.png julian.schlosser@curentis.com2022-11-25 09:13:492022-11-25 09:13:49Understanding the Source of Funds of FIFA

Kategorien

  • Allgemein
  • Anti-Financial Crime
  • Project Services
  • Regulatorik
  • Sustainable Banking

Archive

  • Mai 2025
  • April 2025
  • März 2025
  • Februar 2025
  • Januar 2025
  • November 2024
  • Oktober 2024
  • September 2024
  • August 2024
  • Juli 2024
  • Juni 2024
  • Mai 2024
  • April 2024
  • März 2024
  • Februar 2024
  • Januar 2024
  • Dezember 2023
  • November 2023
  • Oktober 2023
  • September 2023
  • August 2023
  • Juli 2023
  • Juni 2023
  • Mai 2023
  • April 2023
  • März 2023
  • Februar 2023
  • Januar 2023
  • Dezember 2022
  • November 2022
  • Oktober 2022
  • September 2022
  • August 2022
  • Juli 2022
  • Juni 2022
  • Mai 2022
  • April 2022
  • März 2022
  • Februar 2022
  • Januar 2022
  • Dezember 2021

Kontaktieren Sie uns

Haben Sie Fragen zu unserer Tätigkeit oder möchten Sie mit uns in Kontakt treten?

Dann schreiben Sie uns oder rufen Sie uns an. Gerne beraten wir Sie umfangreich und finden eine auf Ihre Ansprüche zugeschnittene Lösung.

CURENTIS AG

Experience meets Innovation

Frankfurter Landstraße 62a
61440 Oberursel (Taunus)
T: +49 (0) 6171 – 95 598 0

info@curentis.com

    Bitte geben Sie unten den nachstehenden Code ein: captcha

    © Copyright - CURENTIS Banking - Consulting und innovative Digitalisierung
    • Kontakt
    • Impressum
    • Datenschutz
    Kenne deinen Kunden – das KYC-PrinzipCURENTIS Web-Seminar „Nachhaltiges Risikomanagement für Banken“
    Nach oben scrollen

      Whitepaper anfordern

      Bitte gewünschte Whitepaper wählen:

      Bitte geben Sie unten den nachstehenden Code ein: captcha

        Whitepaper anfordern

        Bitte gewünschte Whitepaper wählen:

        Bitte geben Sie unten den nachstehenden Code ein: captcha