Sanctions.io Blog

sanctions.io update

New sanctions.io API version 2.0

After months of long hours for our (amazing!) dev team we are very happy and proud to announce our new API version 2.0 🚀. This new

sanctions evasion

Sanctions Evasion Using Crypto 

After several nations implemented strict sanctions against Russia, following the Ukrainian invasion, there were several concerns raised about the possibility that Russia would use cryptocurrencies

US Anti-Money Laundering Act

The US Anti-Money Laundering Act

The Anti-Money Laundering Act of 2020 (AMLA) forms part of the National Defense Authorization Act (NDAA) and has greatly widened the scope of enforcement and

AML Vehicle Sales

Money Laundering in Vehicle Sales

Criminals will often use expensive assets, including cars, boats and even luxury planes, to disguise illegal funds and later convert them into cash. Automotive companies

AML UK

Anti-Money Laundering Guide for the UK

Anti-Money Laundering broadly refers to the activities that financial institutions perform to ensure they remain compliant with legal requirements to actively monitor and report suspicious

AML Regulations

AML Regulations and the Metaverse

The term Metaverse entered the world’s collective consciousness in October 2021 when Facebook rebranded as Meta and founder Mark Zuckerberg introduced a virtual replica and

The Anti-Money Laundering Guide for Leasing

Leasing companies are not financial or banking institutions but provide resources like factoring and financing in the same way these institutions do. Leasing falls within

environmental crime

Money Laundering and Environmental Crime 

Green crime, including forestry crime, poaching, illegal mining and waste trafficking, is of growing concern around the world. Proceeds from these activities fuel further serious

KYC

What is KYC and why does it matter?

Know Your Customer (or Know Your Client) identification is one of the first and most important components of the ongoing fight against financial crime and

The EU’s new AML/CFT Framework

A series of recent money laundering scandals, including the Russian Laundromat and Danske Bank, have sparked international concern and calls for greater due diligence.  The

anonymous owner

Ultimate Beneficial Ownership (UBO) in AML

The legislation and regulations that pertain to Ultimate Beneficial Ownership (UBO) verification are highly complex and challenging to navigate. The EU’s Fourth Anti-Money Laundering Directive

6 Steps for Completing an AML Risk Assessment

Anti-money laundering risk assessments are crucial for preventing financial crimes and remaining compliant with regulations. This comprehensive guide will review the basics of an AML

Risk Indicators for Trade-Based Money Laundering

Trade-based money laundering (TBML) is estimated to account for $2 trillion of the annual $20 trillion in global trade. This article gives an high level overview of the nature of TBML, common techniques and risk indicators that help to detect TBML.

The Pandora Papers and the Effect on AML Compliance Teams in the Future

The Pandora Papers have given the world an unprecedented look into the financial system used by many of the world’s most powerful and wealthy individuals. This large investigation will most likely affect AML compliance teams, KYC best practices, and even sanctions imposed by regulatory authorities.

Sanctions Compliance for Crypto Businesses

This guide will help to understand the Crypto Industry’s specific challenges, how to identify red flags and implement best practices for a comprehensive compliance process.

Sanctions Screening in the Mining Industry

Sanctions screenings are a vital part of complying with Anti-Money Laundering and Counter-Terrorist Financing regulations. What exactly is a sanctions screening – and how does it impact the Mining Industry?

The EU Looks to Overhaul their AML and CTF Approach

The EU’s AML regulations are often interpreted differently from one nation to the next, and legislative gaps in one country can lead to negative impacts across the EU.
As a result, the EU is looking to overhaul its AML and CTF approach.

Tax Return

AML Guide for Tax Consultants

This guide will review the risks that tax consultants face regarding Money Laundering as well as what procedures they need to have in place to address these.

AML Guide for Law Firms

This guide will provide an overview of how Law Firms are affected by Money Laundering, which regulations need to be taken into consideration, as well as compliance best practices.

sanctions.io Joins API3 Alliance as Founding Member

Why we are proud to announce that we have officially joined the API3 Alliance 2 as founding members — a strategic coalition of 100+ like-minded API providers committed to bringing our data and services currently offered to traditional web applications directly to the Web3 economy, without the reliance on third-party middlemen.

High Risk Jurisdictions

High-Risk Jurisdictions According to the FATF

The Financial Action Task Force, or FATF, publishes a list of high-risk jurisdictions to enhance anti-money laundering policies and procedures. All regulated businesses should be familiar with these jurisdictions, as working with them can affect your AML screening process. Failure to comply can lead to strict sanctions, so keep reading to learn more about what this means for your business.

AML Guide Insurance Industry

AML Guide for the Insurance Industry

This is a complete guide to why the insurance industry is a target for money laundering, and the associated legal framework to prevent and detect it.

AML Guide for the Real Estate Industry

Money laundering is a concern in many industries, and real estate is no exception. This guide will help you understand the AML considerations for the real estate industry and why implementing these practices are so important.

AML Guide for the Cryptocurrency Industry

Financial institutions are subject to AML regulations because they face a direct risk of being abused for money laundering and terrorist financing. This guide will detail all of the regulations that apply to the Crypto industry as well as how they should be reflected in their business operations.

data rows on screen

Why Sanctions Lists and PEP Screenings are Important for any Business

Regulated businesses are required to run sanctions lists and PEP data screenings on a regular basis, and this can become complicated and expensive. Selecting the right vendor and solution for your screening needs is critical as this has substantial impact on your business.

Gaming and Gambling

AML Guide for the Gaming & Gambling Industry

Complying with AML regulations is essential for all regulated businesses – this includes those in the gaming and gambling industry. This guide will review the significance of the gaming and gambling industry, what AML regulations apply, and best practices for implementing an anti-money laundering framework.

The EU’s 6th Anti-Money Laundering Directive (6AMDL)

The European Union’s AML directives aim to protect financial systems from money laundering and terrorist financing. Although each member state can design a unique framework to support these directives, they serve as common goals for each of them. Failing to comply with these legal procedures can also lead to punitive actions like fines and penalties.

Data Privacy

GDPR Data Privacy Considerations for Business Partner Screenings

Regulated entities are required to conduct business partner screenings to remain compliant with Anti-Money Laundering (AML) and Counter Terrorist Financing (CFT) regulations. These screenings, which include PEP and Sanctions Lists screenings, involve personal data and hence GDPR data privacy regulations must be taken into consideration.
Let’s dive into GDPR and how it affects business partner screenings.

Best Practices for your PEP Screening Process (Video)

PEP screening is an important aspect of Anti-Money Laundering and Know Your Customer (KYC) regulation. It involves validating a customer’s identity to determine if they are a PEP – a politically exposed person. While companies are of course not not prohibited from working with somebody on a PEP list, there are additional due diligence measures that are required. See what are the Best Practices in our short video below.

Best Practices For Your PEP Screening Process

PEP screening is an important aspect of Anti-Money Laundering and Know Your Customer (KYC) regulation. It involves validating a customer’s identity to determine if they are a PEP – a politically exposed person. While companies are of course not not prohibited from working with somebody on a PEP list, there are additional due diligence measures that are required.

A Quick Overview of the EU’s 5th Anti Money Laundering Directive (Video)

The EU Directives are legislative acts that establish common goals for all EU member states. Each country has the flexibility to determine its own framework to meet these directives, so long as they are met. Although these are legally non-binding, failure to comply can lead to fines and other punitive actions. Get an overview of what you need to know about the EU’s 5th Anti-Money Laundering Directive in our short video.

The EU’s 5th Anti-Money Laundering Directive

The EU Directives are legislative acts that establish common goals for all EU member states. Each country has the flexibility to determine its own framework to meet these directives, so long as they are met. Although these are legally non-binding, failure to comply can lead to fines and other punitive actions.

Let’s dive into everything you need to know about the EU’s 5th Anti-Money Laundering Directive!

The Cost of Neglecting Sanctions Checks (Video)

Sanctions lists and PEP (Politically Exposed Persons) lists screenings are required as part of Anti-Money Laundering (AML), Counter Terrorist Financing (CTF) and Know Your Customer (KYC) compliance.
Get a quick overview about the risk for non-compliance with AML regulations in our video.

Updated Terms & Conditions

When starting a company the last thing on your mind is the legal side of it as the first priority is mostly product development and customer service. The ‘legal stuff’ will be taken care of later… and later means usually ‘once we find someone who enjoys doing this’ which is some really ‘fuzzy’ point in time in the future.

High-Risk Industries for Money Laundering and Terrorist Financing

Money laundering and terrorist financing are a risk in every industry, but certain industries pose higher risks than others.
Let’s take a look at what money laundering and terrorist financing are, and what types of activities and industries have greater risks.

AML Regulations in the European Union

The European Union has several AML and KYC regulations in place to prevent money laundering and terrorism financing within its financial systems. This is an overview of existing regulations in the EU and in its member states.

AML Regulations in the UK After Brexit

The European Union has an extensive anti-money laundering (AML) framework in place, and there are many questions about the implications of AML regulations in the UK after Brexit.
Let’s dive into what the current AML regulatory landscape looks like in the UK, and what changes may be in store after Brexit.

AML Regulations and Cryptocurrency Businesses

Anti-money laundering (AML) and counter-terrorism financing (CTF) laws apply to regulated businesses around the world, and failure to comply with these rules can lead to costly penalties and sanctions. While these regulations are generally viewed in the scope of traditional financial institutions, they also pose implications for cryptocurrency businesses.

The Cost of Neglecting Sanctions Lists Checks and PEP Screenings

Sanctions lists and PEP screenings are required as part of Anti-Money Laundering (AML) Counter Terrorist Financing (CTF) compliance. The Financial Action Task Force (FATF) requires that PEP and sanctions lists screenings be completed when onboarding customers and establishing a new business relationship. Failure to complete the screenings or following Know Your Customer (KYC) requirements will result in expensive fines and sanctions.

New Server Setup

We were born as a service for SAP customers, and as a SAP service having the default SSL port 443 with a self encrypted certificate

Search Fuzziness

Sanctions.io has supported fuzzy search for quite some time already, but today I’d like to introduce new feature which will allow our customers to tweak

SAP client for sanction list screening

We have published a free ABAP client that implements the sanctions.io API. You can find all details here: https://github.com/REMEDYNE/Sanctions.is The client is free and can