Top Anti-Money Laundering Best Practices for Jewelry Dealers

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At a glance All that glitters isn’t gold: The jewelry business is ripe for money laundering. Jewelry dealers can reduce the risk of fraud and comply with regulatory requirements by implementing an anti-money laundering (AML) program. Protect what’s most important: Some jewelry dealers are required to adhere to Section 352 rules under the USA PATRIOT…

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Part I: Are Your Business’s Intellectual Property Rights Protected?

At a glance The main takeaway: Business owners need to be more vigilant about protecting their intellectual property (IP) in today’s digitally driven world, in which infringement can be harder to detect. Impact on your business: In part one of our two-part series on IP infringement, we provide a baseline introduction to some of the most common…

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Catch Them if You Can: Fraud in the Film Industry

At a glance: The main takeaway: The film industry creates an environment that is uniquely vulnerable to fraud – especially tax-related fraud schemes like tax evasion and payroll fraud. Be aware: Know the signs of fraud in the film industry so you can protect yourself. Knowing what to look for means you can implement controls that stop…

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Building a Better AML Program for Money Services Businesses

At a glance: The main takeaway: Businesses that provide any kind of financial services are subject to strict anti-money laundering (AML) regulations, including Money Service Businesses, or MSBs. Impact on your business: If your business qualifies as an MSB, failure to build an effective and compliant AML program could result in steep legal and financial repercussions. Next…

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Before Offering Cryptocurrency as a Payment Option, There Are Pros and Cons to Consider

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At a glance The main takeaway: Given its recent surge in popularity, businesses and banks may be considering accepting cryptocurrency as a form of payment from their customers. Impact on your business: Though there are several benefits to accepting cryptocurrency from a competition and customer satisfaction perspective, the decision also comes with risks you need to plan…

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M&A Dealbreakers: Uncovering Potential Fraud Before It’s Too Late

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At a glance: Understanding the risk: M&A transactions require extensive due diligence, but the customary due diligence process does not always identify the full scale of potential fraud and regulatory compliance risks. Know the stakes: Uncovering potential fraud too late can lead to complicated legal disputes and may be detrimental to your company’s reputation. Be proactive: Don’t close…

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DOJ Announces National Cryptocurrency Enforcement Team

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At a glance The main takeaway: The new National Cryptocurrency Enforcement Team (NCET) is designed to investigate cryptocurrency-related crimes and disrupt illicit transactions. Impact on your business: The NCET is set to tackle cryptocurrency transactions including misuses of exchange, money laundering and recovering assets lost. Next steps: Companies should consider evaluating and strengthening their financial security to avoid…

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Blockchain: The New Fraud Fighting Tool

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At a glance: More than a trend: From banking and currency to supply chain and manufacturing, blockchain technology can support a wide range of industries by delivering immediate, transparent, and secure information. Blockchain as a fraud preventative: Real-world uses for blockchain technology continue to expand as users realize its full potential to combat fraud; however, no system…

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