Sayari Encyclopedia

1970 Bank Secrecy Act

The 1970 Bank Secrecy Act was the first major piece of AML legislation enacted in the United States. It aimed to thwart organized crime by requiring banks to report cash deposits of more than $10,000, identify those individuals conducting large transactions, and maintain thorough records.

6th Money Laundering Directive (6AMLD)

The 6th Money Laundering Directive came into effect in the European Union in late 2020 and aims to ​​empower financial institutions and governments to do more in the fight against money laundering and terrorism financing by toughening criminal penalties across the region.

Anti-Money Laundering (AML)

Anti-money laundering refers to any effort that seeks to make it harder for criminal networks to disguise illicit funds as legitimate profits.

Countering America’s Adversaries Through Sanctions Act (CAATSA)

The “Countering America’s Adversaries Through Sanctions Act” (CAATSA) became law on August 2, 2017. It created a rebuttable presumption that significant goods, wares, merchandise, and articles mined, produced, or manufactured wholly or in part by North Korean nationals or North Korean citizens anywhere in the world are made with forced labor and prohibited from importation under the Tariff Act of 1930.

Corporate Transparency Act

Aimed at deterring the flow of illicit funds into the American financial system and preventing the proliferation of shell corporations, the Corporate Transparency Act, passed in 2021, called for the creation of a beneficial ownership registry within the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

FATF Grey List

The Grey List is a list of jurisdictions under increased monitoring by the Financial Action Task Force. These jurisdictions have also committed to addressing the deficiencies in their anti-money laundering processes.

Financial Action Task Force

The Financial Action Task Force is an intergovernmental organization founded in 1989 with the mission to standardize AML efforts internationally.

Forced Labor

Forced labor occurs when individuals are compelled against their will to provide work or service through the use of force, fraud, or coercion. Forced labor has become an area of focus with the enactment of the UFLPA in June 2022.

Human Rights Violations

The United Nations created a Universal Declaration of Human Rights that outlines the 30 fundamental human rights that should be universally protected. Any person or country that does not respect the rights in the declaration is committing a human rights violation.

Know Your Customer (KYC)

Know Your Customer, or KYC, is the critical first step in the fight against financial crime and money laundering. KYC is part of the onboarding process for financial institutions and comprises customer identification and collecting information on a client’s financial dealings.

Money Laundering

Money laundering is the process of concealing the origin of money, obtained from illicit activities by disguising it as funds coming from a legitimate source.

Terrorist Financing

Terrorist financing refers to the concealment, or laundering, of money designated to known terrorist groups or to fund terrorist actions of any kind.

Trade Compliance

Trade compliance is an aspect of corporate compliance which requires that organizations ensure that any import or export is in compliance with the laws of all countries involved.

Uyghur Forced Labor Prevention Act (UFLPA)

The Uyghur Forced Labor Prevention Act (UFLPA) aims to ensure that no product made wholly or in part in China’s Xinjiang Uyghur Autonomous Region gets imported into the U.S., due to the widespread use of forced labor and human rights violations against the Uyghurs and other ethnic minorities in the region.

Ultimate Beneficial Owner (UBO)

Ultimate beneficial ownership (UBO) refers to the natural person who ultimately owns or controls a company, or the ultimate beneficiary when an institution initiates a transaction.

ABOUT SAYARI

Sayari empowers regulators and investigators to mitigate risk exposure and fight financial crime by providing instant visibility into commercial networks worldwide.

Its flagship solution, Sayari Graph, harvests billions of public records from over 200 jurisdictions to deliver a global database of ownership hierarchies, commercial relationships, and risk analyses—available via web application, API, or data subscription.

Since its founding in 2015, Sayari has earned the trust of top financial institutions, Fortune 100 corporations, and government agencies, securing a $40M Series C in 2021. Sayari is headquartered in Washington, D.C., and its solutions are used by more than 3,000 frontline analysts in 35 countries.

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Everything You Need to Know About the FATF Grey List

Everything You Need to Know About the FATF Grey List

The Financial Action Task Force (FATF) is an intergovernmental organization founded in 1989 with the mission to standardize AML efforts internationally. One of those standards they issue is known externally as the “Grey List,” or the Jurisdictions under Increased...

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3 AML Trends to Look Out for in 2023

3 AML Trends to Look Out for in 2023

As an eventful year in the anti-money laundering (AML) industry approaches an end, a few trends have the potential to shape the coming years. As major global events and new regulations continue to pose new challenges for compliance teams, there will be an increased...

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