KYC/KYB Knowledge & training What is know your customer (KYC)? 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… 7 minute read
AML compliance Knowledge & training What is a Money Laundering Reporting Officer (MLRO)? 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… 5 minute read
AML compliance Digital banks Knowledge & training What is a Bank Secrecy Act (BSA) Officer? A Bank Secrecy Act (BSA) Officer is the person responsible for ensuring compliance with the Bank Secrecy Act of 1970, which aims to prevent and detect money laundering and other financial crimes. The Bank Secrecy Act is administered by the… 4 minute read
AML compliance Knowledge & training What is an AML compliance program? An AML compliance program is a set of regulations and procedures that FIs follow to detect and prevent money laundering and associated crimes, including fraud, tax evasion, and terrorist financing. Financial institutions (FIs), such as banks, credit unions, and capital… 10 minute read
AML compliance Knowledge & training What is an AML compliance officer? An anti-money laundering (AML) compliance officer is a professional appointed by an organization to ensure it meets its regulatory obligations. Compliance officers achieve this by developing and implementing effective AML compliance programs to mitigate their firm’s risks relating to money… 8 minute read
Adverse media Knowledge & training What is adverse media? Adverse media, sometimes called negative news, refers to information from news and other media sources that suggest an individual or entity may represent a financial crime risk. Because of the insights adverse media can provide, screening for it forms an… 8 minute read
AML compliance Knowledge & training What is an ultimate beneficial owner (UBO)? An ultimate beneficial owner (UBO) is someone who ultimately owns or controls a company and benefits from its financial transactions. Because UBOs sometimes seek to remain anonymous, often through a complex chain of corporate infrastructure, they may not be immediately… 7 minute read
AML compliance Knowledge & training The importance of financial intelligence In the economic arena, financial intelligence, or FININT, is increasingly pivotal. With international financial crime near its highest level since the 2008 financial crisis, FININT has become ever more necessary as a tactic both for stopping criminals and for enforcing… 3 minute read
AML compliance Knowledge & training What is the Dodd-Frank Act? In the wake of the 2008 financial crisis, the US government looked at ways to better regulate the behavior of banks, and to protect consumers. The subsequent Dodd-Frank Act became one of the most important articles of US financial legislation, introducing new… 6 minute read
AML compliance Knowledge & training What is anti-money laundering? Money laundering and terrorist financing (ML/TF) pose a substantial threat to governments and financial institutions. Over the past few decades, increasing measures have been taken across the globe to counter them. In 2022, the EU moved forward in its bid… 7 minute read
AML compliance Knowledge & training Anti-money laundering guidance Anti-money laundering guidance Various government agencies and interest groups publish information regarding anti-money laundering. Australia: Australian Government – Trade-based money laundering: Risks and regulatory responses UK: HMRC Guidance for Money Service Businesses US Treasury: Office of Foreign Assets Control (OFAC)… 1 minute read
