AML compliance Knowledge & training AML compliance checklist for banks (10 steps) Banks and other financial institutions (FIs) must implement an anti-money laundering (AML) compliance program to detect and prevent money laundering and terrorism financing activities and satisfy their associated regulatory obligations. Given the administrative burden and the need to manage their […] 8 minute read
Financial crime Remittance Knowledge & training Money laundering through foreign exchange providers Advances in technology have made moving funds to different parts of the world easier than ever and contributed to the growth in money remittance and foreign exchange service providers. The World Bank reports that, between 2008 and 2018, the amount […] 6 minute read
AML compliance Knowledge & training Anti-Money Laundering Act in the Philippines (5 Tips to Comply) The Philippines is one of the Asia Pacific (APAC) region’s most prominent business destinations and a global hotspot for FinTech and financial services. Ranked as one of Southeast Asia’s favored investment destinations, the Philippines attracted over USD2.44 billion of foreign […] 8 minute read
PEPs Knowledge & training PEP screening compliance around the world When elected to prominent political positions or assigned high-profile public roles, individuals should be categorized as politically exposed persons (PEPs) to reflect their increased risk of involvement in money laundering or terrorism financing. Global regulators require financial institutions (FIs) to […] 15 minute read
PEPs Knowledge & training Domestic PEP vs foreign PEP – are they equal? Domestic PEPs vs foreign PEPs: should they be treated the same? Politicians and other high-profile public officials are especially vulnerable to criminal behavior since they wield significant power and have access to a wealth of resources. Therefore, screening for politically […] 5 minute read
Sanctions Knowledge & training Regulations for sanctions on North Korea In order to pursue the United States’ foreign policy objectives, the US Treasury has imposed regulations and sanctions on North Korea in some form since 1950. The sanctions have the broad goal of pressuring North Korea to denuclearize but have […] 5 minute read
AML compliance Knowledge & training What is AML customer onboarding? When compliance teams are designing a customer onboarding journey, firms have to balance their regulatory requirements against budgets, resources, and customer service needs. To do this, businesses should understand their responsibilities during onboarding and the technology tools available to enhance […] 7 minute read
AML compliance Knowledge & training 9 best practices for an efficient transaction monitoring system Transaction monitoring can be a challenging compliance obligation: firms must collect and analyze large amounts of customer data to spot potential money laundering activities promptly and accurately. In practice, transaction monitoring involves scrutinizing customer accounts for a range of indicators, […] 10 minute read
Transaction monitoring Knowledge & training What is AML transaction monitoring software? Anti-money laundering (AML) transaction monitoring, is an ongoing process used by financial institutions (FIs) to detect and stop money laundering operations. As firms face increasingly sophisticated methods of illicit activity, effective AML transaction monitoring systems are crucial for detecting and […] 8 minute read
Financial crime Knowledge & training Anti-Financial Crime in a Time of Crisis Executive Summary We live in an age of crises; ensuring business continuity is no longer a ‘nice to have’ for any firm. It is essential. Financial Institutions in particular are always highly sensitive to the economic disruptions brought by crisis. […] 14 minute read
Financial crime Knowledge & training Digital financial crime in a cashless society There has been an expectation that with a cashless society imposed by the global pandemic, the financial crime rate would fall. There was a general belief that at least crime may falter on the physical front as criminals shifted to […] 5 minute read
Adverse media Knowledge & training Why data collection relies on speed Data is made up of qualitative and quantitative information updated every second of every day worldwide. But as data streams increase in size and complexity, the speed at which financial institutions utilize these insights, and the need to ensure that […] 7 minute read
