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European Banking Authority Publishes Document Addressing Crowdfunding and Money Laundering, Terrorist Financing Risk
The
European Banking Authority has published a document that addresses anti-money laundering (AML) and counter-terrorist financing (CFT) when it comes to crowdfunding. The guidelines for crowdfunding platforms are incorporated into the Final Report “on customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions.” The report was part of a consultation regarding KYC requirements.
The first section of the report is described as generic and applying to all firms. The second section, Title II, is sector-specific and designed to “complement” the first section. Specifically:
How to protect against tomorrow’s fraudsters, today
Published 1 month ago
Jay Floyd, Senior Principal Financial Crime Consultant at ACI Worldwide
Criminals will always find new ways to make money. Whether they defraud their victims through authorised push payment (APP) fraud and phishing attacks, or target vulnerable people job hunting during the pandemic, they are, sadly, the original opportunists.
Instances of fraud typically skyrocket in times of crisis. And having learned this the hard way during the financial crash of ‘08, the banks and financial institutions were ready for the uptick in attacks against merchants and APP fraud. And had proactively put a number of robust measures in action to protect businesses and consumers.