Transaction screening is a critical extension of an effective transaction monitoring program. Sanctions breaches constitute serious offenses and can result in heavy penalty fines. Accordingly, banks and financial institutions must check customers against relevant sanctions lists as efficiently and accurately […]
What is SWIFT? The Swift system, or the Society for Worldwide Interbank Financial Telecommunication, facilitates financial transactions and money transfers for banks located around the world. The system is overseen by the National Bank of Belgium and enables transactions between […]
We take a step back to explore the bigger picture around the Russia-Ukraine crisis, and how the situation may develop in the coming weeks and months. Following Russia’s recognition of the breakaway republics of Luhansk and Donetsk on February 22nd, […]
This article explores the latest sanctions on Russia imposed by the US, EU, UK and others, alongside our best practice recommendations for firms on how to ensure they’re compliant.
In 2021 ComplyAdvantage surveyed compliance leaders globally to build an assessment of the state of financial crime in the year ahead. One of the key questions we asked in the survey was: How has the number of suspicious activity reports […]
If there’s one pain point that stands out in the ComplyAdvantage State of Financial Crime 2022 report, it’s cybercrime. Our annual survey of 800 compliance professionals globally asked firms about their biggest compliance-related pain points (Figure 1) – 45% said […]
Despite recent volatility in the cryptocurrency market, 420 million people globally still access their services. As a result, governments worldwide are exploring how to regulate and integrate crypto exchanges into the financial system. This is creating new customer verification and […]
In order to meet the demands of AML/CFT regulations, banks must implement suitable Know Your Customer (KYC) measures in order to understand who their customers are, and the nature of the business in which they are involved. With that requirement […]
Switzerland is one of the wealthiest countries in the world, with a highly developed economy and a GDP of over $800 billion. Switzerland’s financial profile is built on its banking industry which has had a reputation for secrecy and confidentiality […]
In an evolving financial landscape, new criminal methodologies and regulatory obligations change firms’ compliance obligations regularly. In order to detect and prevent money laundering in that regulatory environment, banks must work to understand their customers’ financial activity by implementing a […]
Defense think tank RUSI is warning that a lack of guidance around proliferation finance (PF) and designated non-financial businesses and professions (DNFBPs) is increasing the risk of North Korea evading targeted sanctions. In a new report, it recommends organizations and […]
As part of Estonia’s mission to become ‘the world’s most advanced digital society’, the government established the e-Estonia program. e-Estonia was put into action in 1996 through the Tiger Leap Initiative, a roadmap to develop the country’s IT infrastructure. This […]
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