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Compliance professionals play a vital role in safeguarding the integrity of the financial system by identifying and preventing money laundering. Money laundering involves disguising illegal funds as legitimate, often through complex schemes and transactions. To combat this crime, it is essential to recognize the red flags that may indicate money laundering activity. These red flags include unusual transaction patterns, large cash transactions, involvement of politically exposed persons (PEPs), and suspicious use of financial instruments. By understanding these warning signs and remaining vigilant, professionals can contribute to the fight against money laundering and protect the financial system from exploitation.

Virtual IBANs (vIBANs) offer payment streamlining but pose AML/CFT risks due to opacity, potentially obscuring the flow of funds. The upcoming 6th Anti-Money Laundering Directive (6AMLD), taking effect in 2027, will introduce KYC requirements for vIBAN users and linked accounts, necessitating enhanced due diligence and transaction monitoring for financial institutions. This will require firms to invest in robust compliance systems. Regulators are already addressing vIBAN transparency through ongoing dialogue and guidance development to ensure responsible use.

The European Union (EU) has imposed an extensive array of 290 restrictive measures, also known as sanctions, addressing various global issues. While the asset freeze measure stands out as the most well-known, given its frequent mentions and the need to screen against a lengthy list of thousands of sanctioned individuals and entities on EU sanctions lists, this article turns the spotlight onto the less recognized, but equally significant, restrictive measures. EU sanctions impact a wide range of sectors, including insurance, which we will explore in the context of lesser-known measures. Additionally, we will delve into investment-related sanctions and strategies for the insurance industry to comply and mitigate the risk of sanctions violations.

Ever since the tragic events that occurred on the 11th of September 2001, counterterrorism has become a more cohesive subject matter. Almost overnight, counterterrorism was thrust into the spotlight and was no longer considered to be a fringe issue. Prior to the events that occurred, domestic terrorism was the primary area of focus. The attacks that occurred on that day led experts in that field to reconsider their approach to counterterrorism and view terrorism with a more international dimension. As counterterrorism is still in its infancy, experts are still learning about its intricacies.