Leading UK anti-money-laundering (AML) firm SmartSearch recorded its best ever month in September, with record revenues, record profits and a record number of new clients.
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Illegal arms sales, smuggling, and organised crime such as drug trafficking, people trafficking and prostitution rings, can generate huge amounts of money, as can ‘white collar crimes’ including, insider trading, bribery and computer fraud schemes.
An Anti-Money Laundering check or AML check is something all businesses at risk of money laundering must complete on all customers before they enter into a business relationship with them.
After the September 11 terrorist attacks, numerous initiatives were introduced to increase national security and combat terrorist activities, the most significant being the introduction of the USA PATRIOT Act (commonly known as the Patriot Act), which was signed into law on October 26, 2001.
According to research by ACI Worldwide1 in July 2020, eCommerce transactions around the globe rose 19% compared to the same period in 2019. Their research indicates that the value of fraudulent transactions also increased from 3.7% to 4.4%.