Anti-money laundering (AML) regulations are mandated by both national and international authorities around the world and place a wide variety of screening and monitoring obligations on financial institutions. Given the proximity of the terms Know Your Customer (KYC) and AML, […]
As financial crime evolves, so do the methods financial institutions use to detect and prevent it. Many implement anti-money laundering (AML) solutions that employ cloud computing technology — and for good reason. Handling AML in the cloud offers companies a […]
In recent years, government bodies have become quick to impose, lift or modify sanctions — sometimes within a few days’ or weeks’ time — to pursue their own interests. At the same time, the global economy requires a nuanced approach and, […]
While politically exposed person (PEP) status does not predict criminal behavior, the risk exposure that it brings means that financial institutions must apply additional AML/CFT measures when establishing a business relationship and conduct ongoing monitoring to ensure that they capture […]
6 Things You Should Know About AML France Regulations As one of the world’s largest economies, France plays a prominent role in the fight against financial crime and imposes strict money laundering and counter financing of terrorism regulations on its […]
As one of the world’s busiest and most innovative commercial hubs, Singapore is a natural destination for banks and financial services businesses. The country is home to more than 1300 financial technology (FinTech) firms, which attracted over US$4.1 billion in […]
As anti-money laundering (AML) controls evolve, criminals find new ways to transform the financial proceeds of crime into legitimate funds. One of the most prevalent global money laundering strategies is to exploit the vulnerabilities of cross-border trade via trade based […]
Congress passed the USA Patriot Act on 26 October 2001 as a response to the September 11 terror attacks. The Patriot Act gave law enforcement agencies across the United States a range of new investigative powers. In addition to more […]
A suspicious activity report (SAR) is a document filed by a financial institution (FI) or other obligated entity to report illegal or suspicious activities to regulatory authorities. This is done to aid the global effort to detect and prevent financial […]
Canada’s AML regulations require banks and financial institutions to check whether their clients are a Politically Exposed Person in Canada (or elsewhere) in order to build accurate risk profiles and comply with legislation. PEP screening is required by regulatory authorities […]
As part of their customer due diligence obligations, banks and financial institutions must establish whether their clients are politically exposed persons (PEP) and at risk of being involved in financial crimes, like money laundering. Politically exposed persons fall into several […]
Adverse media: Regulations and recommendations Running adverse media screening isn’t just a question of protecting your company from reputational damage, or building a helpful image of a client’s risk profile: it’s also a regulatory requirement of financial authorities around the world. […]
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