Italy, which has one of the largest economies in the world, criminalizes money laundering and terrorist financing. While the service sector constitutes a large part of the Italian economy, the industrial sector also has a certain share in the economy. If we examine Gross Domestic Product, GDP in Italy is 2.084 trillion USD. Italy aims […]
UBO is an acronym for “Ultimate Beneficial Ownership.” UBO means the person or organization that is the ultimate beneficiary of the company. FATF defines this right as follows; “Real persons who ultimately own or control a customer or the real person on whose behalf the transaction is made.” FATF focuses on two UBO types focused […]
Definition of Know Your Customer (KYC) Know Your Customer (KYC) is a procedure applied to understand your customers’ risks and recognize them. It’s also called “Know Your Client”. It is a process that all financial institutions must comply with in order to prevent money laundering, fraud and terrorism financing. KYC involves verifying the identity of […]
General Data Protection Regulation (GDPR) is a regulation created across Europe to protect the personal data of EU citizens. GDPR, which has entered into force in European Union member countries since 25 May 2018, is about ensuring the security of personal data existing in large institutions and organizations in the European Union member countries within […]
A politically exposed person is people at risk of engaging in illegal activities such as bribery and money laundering. Having a PEP does not indicate that a person is guilty but indicates that attention should be paid. PEPs are people who hold government agencies or an important public positions. Close family members or relatives of […]
Financial crime is a crime against property. Financial crime is a crime against property. It involves the use of illegal or unethical methods to obtain money or other assets from individuals, organizations, or governments. Financial crimes can range from identity theft and fraud to money laundering, bribery, and embezzlement.It is the illegal transfer of property […]