Red flags are warning signs of a potential money laundering/terrorist financing activity. Read more about red flags classified by industry here.
Know Your Customer (KYC) Blockchain Prototype Tested in Singapore by Major Banks In a joint release on Tuesday, OCBC Bank, HSBC, Mitsubishi UFJ Financial Group (MUFG) and the Infocomm Media Development Authority (IMDA) have developed and tested a KYC blockchain – a first in South-east Asia.The prototype is said to be able to solve current practice of collecting and verifying personal information from customers repeatedly. S...
Shelf Company A shelf company is considered to be an incorporated company with inactive shareholders, directors, and secretary and is left formant fora longer period even if a customer relationship has already been established.See also: Shell Company, Front CompanySource: FATF
Predicate Offence A predicate offence is a crime that is a component of a more serious crime. For example, producing unlawful funds is the primary offence and money laundering is the predicate offence.The term "predicate offence" is usually used in referenced to money laundering or terrrorism financing activities.