Moldova – Know Your Customer (KYC) Rules

  Moldova is not considered a regional financial center. The Government of Moldova (GOM) monitors money flows throughout the country, but does not exercise control over its breakaway region of Transnistria. Transnistrian authorities do not adhere to GOM financial controls and accepted anti-money laundering norms, and maintain a banking system […] Continue Reading »

Bulgaria – Know Your Customer (KYC) Rules

  Bulgaria‘s developing financial sector, large underground economy, prevalent use of cash transactions and lack of effective enforcement combine to make Bulgaria vulnerable to money laundering. The main sources of laundered money in 2011 were derived from domestic and foreign criminals engaging in drug trafficking, smuggling, human trafficking, tax fraud, […] Continue Reading »

Serbia – Know Your Customer (KYC) Rules

  Serbia is not considered a regional financial center. However, Serbia is situated on a major trade corridor known as the “Balkan route,” and commonly confronts narcotics trafficking; smuggling of persons, weapons and pirated goods; money laundering; and other criminal activities. Corruption and organized crime also continue to be significant […] Continue Reading »

Bosnia and Herzegovina – Know Your Customer (KYC) Rules

  Bosnia and Herzegovina (BIH) is primarily a cash-based economy and is not an international or regional financial center. Most money laundering activities in BIH are for the purpose of evading taxes. A lesser amount involves concealing the proceeds of illegal activities, including trafficking, illicit drugs and corruption. BIH authorities […] Continue Reading »

Croatia – Know Your Customer (KYC) Rules

  Croatia is not an offshore financial center. Croatian authorities consider most money laundering in the country to be of domestic origin, involving the proceeds of illegal domestic narcotics sales and economic crimes, such as fraud and tax evasion. Although Croatia is part of a major transit route for drugs […] Continue Reading »

US Definition of a PEP – Politically Exposed Persons

US Definition of a PEP – Politically Exposed Persons   According to the US Bank Secrecy Act, Anti-Money Laundering Examination Manual, Banks should take all reasonable steps to ensure that they do not knowingly or unwittingly assist in hiding or moving the proceeds of corruption by senior foreign political figures, their […] Continue Reading »

ACAMS 3rd Annual AML & Financial Crime Conference – MENA – Dubai 20-21 Jan 2013

ACAMS 3rd Annual AML & Financial Crime Conference – MENA – Dubai 20-21 Jan 2013 The Association of Certified Anti-Money Laundering Specialists (ACAMS) is the premier organization for anti-money laundering (AML) professionals and its mission is  to advance the professional knowledge, skills and experience of those dedicated to the detection […] Continue Reading »

Romania – Know Your Customer (KYC) Rules

  Romania is not a regional financial center but the country‘s geographical location makes it a natural transit country for trafficking in narcotics, stolen vehicles, persons and arms by transnational organized criminal elements. As a result, Romania is vulnerable to financial activities associated with such crimes, including money laundering. Tax […] Continue Reading »

Slovenia – Know Your Customer (KYC) Rules

  Slovenia is not a major narcotics producer, but is a transit country for drugs moving via the Balkans to Western Europe. The Government of Slovenia (GOS), aware of Slovenia‘s geographic attractiveness as a potential transit country for drug smugglers, continues to pursue active counter-narcotics policies. Other predicate offenses of […] Continue Reading »

Hungary – Know Your Customer (KYC) Rules

  Hungary is not considered a major financial center; however, its European Union (EU) membership and its pivotal location in Central Europe – as a link between the former Soviet Union and Western Europe – as well as its cash-based economy and well-developed financial services industry make it attractive to […] Continue Reading »