Know Your Customer (KYC) is the process financial institutions (FIs) use to verify their customers’ identities and inform compliance risk assessments. KYC is a foundation of anti-money laundering and countering the financing of terrorism (AML/CFT) compliance in jurisdictions worldwide. Given […]
A Money Laundering Reporting Officer (MLRO) is a person responsible for implementing and overseeing a company’s anti-money laundering (AML) compliance program. The duties of the MLRO may involve serious legal consequences that result in civil and criminal action. Money Laundering […]
What is a Bank Secrecy Act Officer? The Bank Secrecy Act (BSA) Officer is the person responsible for ensuring compliance with the Bank Secrecy Act of 1970, that aims to prevent and detect money laundering and other financial crimes. The […]
What is an AML compliance program? In order to combat financial crime, banks, credit unions, and a variety of other financial institutions across the world are required to develop and put in place Anti-Money Laundering (AML) Compliance Programs. An anti-money […]
What is an AML Officer? In order to oversee internal anti-money laundering policies and remain compliant with important regulations, banks, credit unions, and similar financial institutions are required to appoint an Anti-Money Laundering Compliance Officer. As part of the fight […]
In order to carry out its duties, the Office of Foreign Assets Control (OFAC) produces the Specially Designated Nationals and Blocked Persons list – also known as the OFAC SDN list. The OFAC SDN list represents an essential tool in […]
When people talk about conducting KYC checks, they’re probably referring to the process that takes place at onboarding, i.e. identifying your customer and verifying that identity. But the problem for most businesses, is that a quick identity check isn’t going […]
Adverse media or negative news is defined as any kind of unfavorable information found across a wide variety of news sources – both ‘traditional’ news outlets and those from unstructured sources. The risks associated with conducting business with persons or […]
ComplyAdvantage is proud to announce that it has won the award for Most Innovative Compliance Service at the inaugural RemTech awards. The awards were held at the Global Forum on Remittances, Investment and Development, GFRID2017 they were organized by the […]
ComplyAdvantage is proud to announce today that it has partnered with Encompass Corporation to combine AI-driven data with next generation aggregation and automation technology. Encompass Corporation’s unique KYC automation software is used by a wide range of clients in the […]
On January 1st 2017 New York State’s Department of Financial Services (DFS) Part 504 went live. This rule provides a clarification on how OFAC and other lists are screened and how transactions are monitored. The impacts of this rule may […]
The FATF sets out its guidance for the regulation and supervision of DNFBPs in its 40 Recommendations (specifically Recommendation 24). The guidance requires jurisdictional authorities to take various supervisory steps, including: Implementing licensing requirements and ownership criteria for casinos. Introducing […]
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