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👉 Trade sanctions are regulations imposed by countries or organisations to restrict or prohibit commercial activity with another country or individual. 💡 They can include a variety of measures such as prohibitions on financial transactions and goods or service trade. Regulated businesses must be aware of the applicable sanctions programs and ensure that their policies, procedures and controls are in compliance with the most recent sanctions legislation. How to Manage Sanctions Compliance? 🧐 👉 Identify sanctioned entities, individuals or groups. 👉 Screen clients and counterparties against various sanction lists. Screening should include beneficial owners, other associated parties and transactions to ensure that they do not violate sanctions regimes. Automated screening solutions can assist eliminate errors while increasing the efficiency and accuracy of screening operations. 👉 Evaluate customer onboarding processes, transaction monitoring practices, and suspicious activity reporting (SAR). Understand the risks associated with your customer base and monitor transactions for any red flags that point to sanctioned businesses or related parties. Trade sanctions are complex and constantly changing regulations pose significant challenges to regulated entities. To ensure AML compliance, regulated entities must proactively maintain a robust risk assessment and sanctions compliance program. #sanctions #AML #customerverification #riskmonitoring #SAR

We're LIVE at the FinCrime Leaders Summit Southeast Asia. 🕵🏼♀️ 📍 Location: Voco Orchard Singapore 🇸🇬 Swing by our booth! Let's connect and explore the exciting future of #RegTech. #event #FinCrimeLeadersSummit

1 day to go! 🚀 We're thrilled to announce our participation in the upcoming event in #Singapore, and we invite you to join us for an enriching experience filled with insights and networking. Attending this event will provide invaluable opportunities to stay informed about the latest advancements and best practices in the FinTech industry. Save your seats now. ⬇️ https://buff.ly/4duAhIL #event #FinTech #FinancialCrime #FinCrimeLeadersSummit #RegTech

Politically Exposed Persons (PEPs) pose a significant risk ❌ to financial institutions due to their potential involvement in financial crimes like bribery, corruption and money laundering.💸 However, classifying PEP risk isn't always a straightforward process. What is tiered PEP approach? 🤔 There isn't a universally agreed-upon standard for PEP risk levels. However, a common approach categorizes PEPs into three main tiers: 🟢 Low Risk: This category includes individuals with minimal influence and exposure. Examples might be regional government officials like mayors, with limited international connections and authority. 🟠 Medium Risk: Here, we find PEPs with more significant influence. This could include senior officials in government agencies, state-owned enterprises or high-ranking civil servants. 🔴 High Risk: This category encompasses PEPs holding the most power and influence. This includes individuals like heads of state, government ministers, parliamentarians and senior figures in political parties. How do you manage your compliance program when engaging with PEPs? #PEP #tieredapproach #highrisk #AML #compliance

One week to go! 🚀 We're thrilled to announce our participation in the upcoming event in #Singapore, and we invite you to join us for an enriching experience filled with insights and networking. Attending this event will provide invaluable opportunities to stay informed about the latest advancements and best practices in the FinTech industry. Save your seats now. ⬇️ https://buff.ly/4duAhIL #event #FinTech #FinancialCrime #FinCrimeLeadersSummit #RegTech

Australia is taking a huge step ahead in the battle against financial crime with the implementation of the new AML/CTF legislation, known as "Tranche 2". The amendments will dramatically widen the scope of Australia's AML/CTF regime, bringing it in line with international best practices. 🌎 🏆 Entities (known as "Tranche 2 Entities") that will be affected by Tranche 2: 💸 Accountants 🏡 Real estate agents 🏢 Trust and Company Service Providers (TCSPs) 💎 Precious metals dealers ⚖️ Lawyers What "Tranche 2 Entities" must do? 1️⃣ Enrol with AUSTRAC 2️⃣ Develop a risk-based AML/CTF program 3️⃣ Conduct Customer Due Diligence (CDD) and ongoing Due Diligence 4️⃣ Report certain transactions and suspicious activity 5️⃣ Keep record Stay tuned for the updates. 👉🏻

Artificial Intelligence (AI) is revolutionising digital banking by boosting efficiency, improving customer satisfaction, enhancing security and offering a more personalised banking experience. AI’s disruptive impact on digital banking brings significant benefits across a wide range of operations. Here are some key ways AI can help: 👉 Transaction Monitoring  👉 Customer Due Diligence  👉 Risk Assessment  👉 Risk Monitoring Swipe to learn more. 👁 #AI #digitalbank #transactionmonitoring #riskmonitoring #AML #fraudprevention

The fight against Money Laundering is a constant battle, with criminals constantly innovating their techniques.  💡But a powerful weapon is emerging: Artificial Intelligence (AI). 👁 AI is transforming AML compliance by automating tasks in the following areas:  👉🏻 Customer Onboarding  👉🏻 Risk Assessment  👉🏻 ID Verification  👉🏻 Due Diligence  👉🏻 Transaction Monitoring  👉🏻 Alert Management  👉🏻 Suspicious Activity Reporting (SAR) Although AI is a powerful weapon in AML compliance, it is only a tool. Human expertise and oversight still remain crucial! Swipe to learn more.👉🏻 #AI #AML #ArtificialIntelligence #TransactionMonitoring #KYC #PEP

#MemberCheck is getting ready for a remarkable event in #Singapore🇸🇬, and we want you to be a part of it! Join us for a day of ideas, connections and cutting-edge solutions. Don't miss the opportunity to learn how our new services can help your organisation stay ahead of the regulatory curve. 🚀 Secure your seat now by registering using the link below. See you soon! https://buff.ly/4duAhIL #event #FinTech #FinancialCrime #FinCrimeLeadersSummit

🐌 How slow can it get? Ever feel like manual verification is as slow as it gets? Wasting precious time and resources? That's why many businesses have turned to automated verification. Which one do you prefer? Manual verification or automated? Or a combination? 🤔 #automatedverification #AntiMoneyLaundering #PEP #Sanctions #fraud