Phoenix Compliance Essentials #18 Today’s focus: KYC and Artificial Intelligence AI is reshaping operational practices across many sectors.AML/CFT-P-C frameworks are no exception.This transformation is two-sided: AI enhances KYC processes but also makes them easier to circumvent.Deepfakes and forged documents are becoming tools for gaining access to business relationships. ➡️ How do deepfakes threaten KYC frameworks? … Read more
Phoenix Compliance Essentials #17 Today’s focus: the STRIX questionnaire ➡️ A key annual regulatory requirement The STRIX questionnaire is a mandatory requirement for entities subject to Articles 1 and 2 of amended Law No. 1.362. It takes the form of a detailed online questionnaire to be completed as part of the sectoral campaigns organised by … Read more
Phoenix Compliance Essentials #16 Today’s focus: cash payments, when complying with thresholds is no longer enough in AML/CFT-P-C. In Monaco, cash payments are permitted but represent a high-risk factor from an AML/CFT-P-C perspective. 1️⃣ Applicable regulatory framework 👉 Any cash transaction of EUR 10,000 or more, including where it is structured into multiple transactions, requires … Read more
Phoenix Compliance Essentials #15 Today’s focus: “smurfing”, a money laundering method still widely used today. ➡️ What is it? Smurfing is one of the money laundering methods described in international ML/FT-P-C typologies. It consists of breaking down illicit funds into multiple transactions carried out by several coordinated accomplices, known as “smurfs”, in order to remain … Read more
Phoenix Compliance Essentials #14 Today’s focus: ML/FT-P-C risks in the yachting sector An attractive industry, high-value transactions and international stakeholders: the yachting sector is particularly exposed to ML/FT-P-C risks. ➡️ A structurally exposed sector: In Monaco, the yachting sector is subject to AML/CFT-P-C obligations. Several factors explain its increased exposure to ML/FT-P-C risks: – The … Read more
Phoenix Compliance Essentials #13 Today’s focus: gatekeepers – key players or the weak link in AML/CFT-P-C? What if intermediary professionals found themselves at the heart of money laundering schemes? Depending on their practices, these professionals may knowingly or unknowingly contribute to the introduction of illicit funds into the financial system. Their role is therefore central. … Read more
Phoenix Compliance Essentials #12 Today’s focus: AMLA, the new European AML/CFT authority In June 2024, the European Union officially adopted the AML Package, including the creation of the Anti-Money Laundering Authority (AMLA), headquartered in Frankfurt. Since mid-2025, AMLA has been in its deployment phase, with a gradual build-up of its responsibilities until 2028, when it … Read more
Phoenix Compliance Essentials #11 Today’s focus: the Egmont Group ➡️ Established in 1995, the Egmont Group is now one of the world’s largest operational cooperation networks in the field of AML/CFT. Originally composed of 24 Financial Intelligence Units (FIUs), it now brings together 182 FIUs worldwide. ➡️ Its mission is to facilitate the secure exchange … Read more
Phoenix Compliance Essentials #10 Today’s focus: virtual currencies and money laundering – the BTC-e case ➡️ Cryptocurrencies have created new opportunities by enabling fast, decentralised and globally accessible payments. However, these advantages also come with vulnerabilities in terms of compliance and AML/CFT-P-C. ➡️ In their early days, many cryptocurrency exchanges operated without a proper regulatory … Read more
Phoenix Compliance Essentials #9 Today’s focus: money laundering risks in the art sector ➡️ In Monaco, the art market plays an active role in the economy. Due to certain characteristics, this sector is particularly exposed to money laundering and terrorist financing risks. Several factors explain this heightened exposure: – The prevalence … Read more
