The “Three Lines of Defense” describes how financial institutions should manage and structure their anti-money laundering and counter-terrorist financing (AML/CTF) risk. Firms can use this framework to mitigate risk management gaps and duplication of unnecessary risk coverage. Part 5 of […]
Risk management activities in financial crime prevention include preventive, detective, and corrective controls. Preventive controls include robust due diligence, recordkeeping, and record retention. Detective controls include reporting suspicious activity to the appropriate authorities. Corrective controls include the eventual dismissal of […]
At the onboarding stage, there may be instances where compliance teams need to go a step beyond identifying and verifying their customers. While not every transaction will be subject to increased scrutiny, it’s important compliance teams have the right risk-based […]
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 (FI’s) first line of defense when tackling financial crime. Before providing access to their services, firms are legally obliged to vet new clients for risks relating to money laundering, terrorist financing, and sanctions evasion. […]
On November 28, 2022, Europol reported that a “super cartel” of drugs traffickers controlling around one third of Europe’s cocaine trade had been busted in a series of coordinated raids. Codenamed Operation Desert Light, 49 suspects were arrested, including six […]
Alviere, an embedded finance platform, helps non-financial institutions provide their customers with integrated financial products. It needed a solution to improve operational efficiency and streamline productivity within its compliance department.
Customer onboarding is where the rubber hits the road for compliance teams. Where the theory of anti-money laundering and counter-terrorist financing meets the commercial reality of the business. In this 5-part explainer, we’ll outline the kinds of issues you’ll face, how to manage them and how to effectively manage your own role in this critical process.
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 […]
The conference featured a packed agenda of sessions designed to help compliance leaders uncover the latest developments from the world of financial crime and money laundering.
Efficient and accurate data analysis is vital for effective AML/CFT programs – yet 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 […]
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 […]
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