Knowledge & Training

To understand the money laundering and terrorist financing risks financial institutions face, firms must verify their customers’ identities and the account relationship’s intended purpose. Compliance officers the world over know this as the customer due diligence (CDD) process. As a […]

Customer onboarding is any financial institution’s first line of defense when tackling money laundering and financial crime. Before providing access to their services, firms must legally vet new clients for money laundering, terrorist financing, and sanctions evasion. As a result, […]

Adverse media, also known as negative news, is a vital component of any risk-based anti-money control system and one of the most effective safeguards for banks. Financial authorities around the world have made screening for negative media a legal requirement […]

An enterprise-wide risk assessment (EWRA) brings a harmonized approach to the types of risk an organization faces. For banks, in particular, an EWRA involves the financial institution identifying threats, critical risks, and impacts that should be considered to manage risks […]

As the regulatory and enforcement focus on money laundering and related financial crimes intensifies, adverse media screening can add immense value for banks. Effective adverse media screening demonstrates a bank’s strong commitment to responsible compliance and can result in substantial […]

Banking professionals understand the importance of their companies’ reputations. Research by media communications specialists Weber Shandwick found that global executives attribute 63 percent of their company’s market value to its reputation. Yet, unexpected events and resulting bad news can quickly […]

At the heart of all anti-money laundering and terrorist financing (AML/TF) regulation is the risk-based approach (RBA). The RBA recognizes that the risk profile of a bank’s customers varies widely and thus risk mitigation measures need to be proportionate. While […]

The first Financial Action Task Force (FATF) plenary under the two-year Singapore Presidency of T. Raja Kumar took place in Paris on October 20-21, 2022.  Discussions centered around: Additions to the blacklist Changes to the grey list Further restrictions placed […]

AML teams using legacy transaction monitoring programs frequently deal with backlogged systems. Their analysts often experience burnout from processing high volumes of alerts with too many false positives. Without a way to triage incoming alerts, highly-qualified investigators can spend most […]

AML Challenge: The Curious Case of Mr. Y As a compliance officer operating in a highly complex financial crime environment, sometimes what ‘suspicious’ looks like isn’t always obvious. In this challenge, you’ll be presented with a set of information about […]

Australia has one of the largest economies in the Asia Pacific, and hosts thousands of international businesses, including a diverse community of FinTech service providers. From 2017 to 2021, the number of Australian FinTechs doubled to around 800, contributing to […]

The Know Your Customer (KYC) process is an integral part of anti-money laundering (AML) regulation around the world, helping banks and financial service providers understand their customers’ financial behaviors and report criminal activity quickly. Accordingly, firms must ‘know their customer’ […]