Capitex ’s Post

🚨 Hiring AML Talent? Let’s Connect! 🚨 As an AML Specialist with 4+ years of experience in risk rating, CDD, EDD, transaction monitoring, and screening, I understand the importance of proactive risk management to keep institutions compliant and secure. From low-risk to high-risk entities, I’ve got you covered with insights and expertise across industries like banking, NBFIs, Crypto, gambling, TPPPs, Fund, Hedge Fund, Fund Manager and more. Ready to bring this experience to your team and help you stay ahead of evolving financial crime risks? Let’s discuss how I can add value to your organization! 🚩 Risk Rating in AML is a process used to assess the potential risk that a client or entity may pose in terms of money laundering or terrorist financing activities. It involves categorizing entities into low, medium, or high risk based on various factors, including the nature of their business, geographic location, and transaction behavior. **Types of Entities by Risk Rating:** 1. **Low Risk:** - Established, regulated entities (e.g., banks, publicly listed companies). - Countries with robust AML regulations. - Government bodies or agencies. 2. **Medium Risk:** - Private companies with complex ownership structures. - Entities from moderately regulated sectors (e.g., retail, real estate). - Countries with a moderate level of AML regulation. 3. **High Risk:** - Non-profits, NGOs, charities (depending on their location and activity). - Companies in high-risk industries (e.g., cryptocurrency exchanges, gaming, or arms trading). - Countries with weak AML regulations or known for corruption. **Why Risk Rating is Important:** Risk rating ensures that financial institutions allocate appropriate resources to monitor clients effectively. High-risk clients receive enhanced due diligence (EDD), while low-risk clients undergo standard due diligence (SDD). This system helps in focusing efforts on clients more likely to engage in illicit activities, ultimately protecting the institution and its reputation. #AML #KYC #RiskManagement #TransactionMonitoring #Jobseeker #AntiMoneyLaundering #Compliance

📊 The company is only as good as it’s data, It’s digital gold. I once worked with psycho admin manager, troubleshooter, she wasn’t at work to make friends, she was only invited to Halloween parties. I’m sure you’ve met the type, however, once I understood her responsibility and the importance of correct data, I could see that she was a huge asset to the company. Here I’ve listed 8 Data quality and integration challenges in an Anti-Money Laundering (AML) department. 🚨Inaccurate Analysis: Poor data quality may lead to inaccurate risk assessments and detection of suspicious activities. ✅ ❌ False Positives/Negatives: Integration issues might result in false positives (incorrectly identifying legal transactions as suspicious) or false negatives (missing actual suspicious activities). 📰 Regulatory Compliance Concerns: Incomplete or inconsistent data integration may lead to non-compliance with AML regulations. 🖥️ Operational Inefficiencies: Integration challenges can slow down processes, impacting the efficiency of monitoring and investigations. 📀 Inadequate Customer Due Diligence: Poorly integrated or incomplete data may hinder the ability to perform thorough customer due diligence. 🦹♂️ Incomplete Transaction Monitoring: Integration issues may result in gaps in transaction monitoring, allowing illicit activities to go undetected. 🦹♂️ Increased Fraud Risk: Inaccurate or incomplete data can increase the risk of fraudulent transactions slipping through the system. 🦹♂️ Reputational Damage: Missteps in data quality and integration can harm the AML department's reputation, especially if it fails to prevent financial crimes. To mitigate these risks, AML departments need robust data management practices, ensuring data accuracy, consistency, and seamless integration across systems. Regular audits and updates are crucial for maintaining the effectiveness of AML processes. #amlbot #amlcompliance #aml #financialcrime #crypto #blockchain

👀🎉 Top 30 AML Watchers to Follow 🎉👀 I'm extremely appreciative to make a list full of AML, Compliance and Content professionals that I deeply admire and follow myself. I'm always excited to connect with new professionals like ⭐ Kennedy Meda, CFE, CFCS ⭐️ Tomell deSilva Ceasar ⭐️ Liam Dermody and others who I haven't had the pleasure of connecting with on a regular basis. Being in the company of ⭐️ ✔️Jinisha Bhatt ⭐️ James Nurse ⭐️ Glenna Smith ⭐️ Craig Timm ⭐️ Cameron Field and the usual suspects like ⭐️ Anna Stylianou ⭐️Luke Raven ⭐️Girish Mallya and many others is always a blessing. Here are my thoughts on any 📝 created in any industry ⬇️ 🤷🏾♂️ You are always going to miss out on people. This is why I don't enjoy creating lists, because my memory is short and often wandering and I hate leaving out people. Some people that definitely should be added to this list is ⭐️ Souzan Esmaili ⭐️ Laura Fox ⭐️ Vic Maculaitis ⭐️ Jas Randhawa and many more ⛽️ I have always used lists that I have been "excluded" from as a fuel to provide even more value. There are 100s of reasons why you wouldn't be included in a list, but no sense in taking it personal, use it to become undeniable 😅 I don't speak much about AML (at least traditional) AML anymore and really focus on blockchain investigations and crypto compliance, so its only a matter of time before I'm NOT "one to watch/ follow" 😅 🚀 My strategy in "following people" in the AML and related industries has always been the same. Depth > Breadth. Meaning I rather spend more time on one person's profile getting a better idea of who they are vs. trying to collect as many connections / followers as possible. 💜 Shoutout to AML Watcher and their team, Hamza Sohail and Karim Muhammed who have been hustling hard to bring more webinars and become key industry stakeholders. 🤔 Add Some of Your Favorite "Follow" That Didn't Make The List ⬇️💭💭

🔥🔥🔥Qudos Recruitment is #hiring!🔥🔥🔥 NEW VACANCY - SENIOR COMPLIANCE OFFICER / MANAGER (CRYPTO INDUSTRY) - GIBRALTAR: About the team Whether it involves taking on new investors, receiving subscriptions, processing redemptions, receiving loans, onboarding new fund counterparties or onboarding OTC trading clients and processing those transactions we operate in a highly regulated environment. As a large crypto trading investment fund, this company handles both the traditional and crypto systems both of which are highly regulated. These regulations can be also at the national (including multi- jurisdictional) and international level. The Compliance team works to ensure that all aspects of their business functions within the parameters of such rules and regulations. Given the speed at which the company operates and is growing an important part of what they do is to carry out this function in as efficient and seamless manner as possible to facilitate the trading taking place by the company. The role: You will mostly deal with onboardings: both onboardings of their OTC clients and onboardings of the company with service providers such as banks, exchanges, lenders, stable-coin issuers, etc. Besides onboarding, the list of typical tasks will include: Exploring and implementing compliance and regulatory requirements managing our reporting tools Screening crypto-wallets for transactions Producing reports to MLRO for SARs to financial crimes unit Updating the teams on AML guidance notes issued by relevant authorities Understanding marketing restrictions in various jurisdictions Analytical Thinking - You are able to read a legal text and understand what exactly it says Former experience with AML/KYC/ compliance within crypto is essential The above role and duties could be subject to more senior responsibilities dependent on the candidates experience and qualifications. #crypto #cryptojob #cryptojobs #cryptovacancies #cryptovacancy #gibraltar #compliancevacancy #compliancevacancies #compliancejobs #amlvacancy #aml #mlro #compliance

💸 Money is moving at the speed of light thanks to innovations like #Blockchain, #OpenBanking, #SEPAInstant, and more! 🚀 This rapid shift makes adapting AML (Anti-Money Laundering) systems not just a recommendation but a necessity. 🔍 For an effective AML/CTF (Counter-Terrorist Financing) program, consider these essential components: 1️. Appoint a senior officer responsible for enterprise-wide risk understanding and mitigation. 2️. Develop formal policies, procedures, and controls that align with both local regulations and #FATF recommendations. 3️. Implement a risk-based approach, identifying risks by client, geography, product, and delivery channels. 4️. Leverage dynamic, rules-based transaction monitoring to detect and report suspicious activities. 5️. Provide tailored training programs to ensure each function understands its specific AML/CTF role. 6️. Conduct independent testing of the program via internal audits. 🔑 Independent AML testing, carried out by auditors with deep knowledge of regulations, risks, and controls, is a critical safeguard for #CASP companies. ✅ Our audit services empower management to proactively manage deficiencies and create a robust, top-down control environment with the right resources to mitigate AML/CTF risks. #AMLCompliance #RiskManagement #FinancialCrime #FinTech #Auditing #AMLCTF #Lithuania #MiCA #ESMA #EBA

Insights into The #Netherlands Compliance & Financial Crime Recruitment Market - Throughout 2023, there has been a strong focus on Financial Crime effectiveness as the DNB (De Nederlandsche Bank) cracks down on Anti-Money Laundering (AML), with a particular emphasis on sanctions. We witnessed significant growth within the FinTech sector, which continues to thrive through innovation, government support such as grants and tax breaks, and investments in key technologies like AI (Artificial Intelligence) and blockchain. The increase in technology is compelling Banks to be more data-driven. In 2023, we observed a growing trend in hiring Compliance candidates with data analytics experience, as well as candidates with strong knowledge of data protection. Additionally, the scrutiny from the DNB on AML is increasing. Consequently, there is a heightened need for skilled Financial Crime professionals in Banks across the Netherlands, with a specific demand for sanctions experts in response to the conflict between Russia and Ukraine. Lastly, we are seeing more professionals increasingly inclined to explore opportunities within FinTech, Payments, and Cryptocurrency companies rather than pursuing positions in traditional Banks. Given the sustained demand for Financial Crime, specifically sanctions professionals within Banks, the job market in the Netherlands has become notably more competitive. This heightened competition has resulted in a substantial rise in salary expectations, with these candidates expecting an increase of at least 15%. In 2024, we expect to see continued growth in FinTech and startups in the Netherlands. Expertise in data analytics, data protection, and strong Financial Crime knowledge, particularly sanctions, will remain crucial skills sought by financial institutions in the Netherlands. For tailored solutions to your hiring needs in the current Netherlands Compliance & Financial Crime market, contact Isabel today. Her expertise and insights can guide you through navigating the current landscape and securing the right talent for your team. Isabel Anchebe Associate Director, Head of Compliance, Europe T: +44 (0) 20 3889 5758 E: ianchebe@danosassociates.com #compliancehiring #netherlandsjobs #marketupdate

And, if you want a career with a really BRIGHT FUTURE, consider KYC, Compliance and AML (Anti-Money Laundering) Ensuring that your operations are within the limits of rules and regulations governing it is one of the primary needs of the business. And, it is growing with every passing year. KYC (Know Your Customer), AML (Anti-Money Laundering), Compliance are various jobs to be done in this domain. All with a bright future. Your employers in these positions can be: Banks, Credit Unions, Payment Processors, Investment Firms, Insurance companies, FinTech companies, Govt. and Regulatory bodies, Consulting Firms, Legal Firms, MNCs, E-Commerce companies, NGOs, Cryptocurrency Exchanges, Money Transfer Services etc. With these videos, prepare yourself to face the interviews in these domains: i.) KYC Interview Questions : https://lnkd.in/dV9NwjjC ii.) AML Interview Questions : https://lnkd.in/dyakZ56y iii.) Compliance Office Interview Questions : https://lnkd.in/dBWfGMpV #compliance #complainceofficer #kyc #aml #interviewtips #interviewquestions #interviewquestionsandanswers #jobinterview #placement2024 #placements2024 #campusplacement #campusplacements

Let's cut through all the AML jargons about VASPs, Fintechs and Payments Ecosystem: 🔔 what are the core issues? 💡 what are industry best practices? 🔩 what controls ensure best practices optimization? 🔔 Key Issues: 1. Regulatory Uncertainty: Lack of clarity and consistency in AML regulations across jurisdictions. 2. Anonymity and Pseudonymity: Difficulty in identifying the beneficial owners of cryptocurrency transactions due to the pseudonymous nature of blockchain technology. 3. Cross-Border Transactions: Challenges in monitoring and regulating cross-border crypto transactions, which can bypass traditional financial systems. 4. Emergence of Privacy Coins: Privacy-focused cryptocurrencies that enhance anonymity pose challenges for AML efforts. 5. Regulatory Compliance Costs: Compliance with AML regulations can be costly for crypto businesses, especially smaller firms. 6. De-Risking by Financial Institutions: Reluctance of traditional financial institutions to provide services to crypto businesses due to AML concerns. 💡 Best Practices: 1. Risk-Based Approach: Implement a risk-based approach to AML compliance, focusing resources on higher-risk areas such as large transactions or customers from high-risk jurisdictions. 2. Know Your Customer (KYC): Implement stringent KYC procedures to verify the identity of customers and monitor their transactions for suspicious activities. 3. Regulatory Compliance: Stay informed about AML regulations in all jurisdictions where the business operates and ensure compliance with local laws and regulations. 4. Training and Awareness: Provide comprehensive training to employees on AML regulations, risks, and compliance procedures to foster a culture of compliance. 5. Third-Party Due Diligence: Conduct due diligence on third-party service providers, such as exchanges or wallet providers, to ensure they have robust AML controls in place. 🔩 Controls: 1. Customer Due Diligence (CDD): Implement robust CDD procedures to verify the identity of customers and assess their risk profile. 2. Transaction Monitoring Systems: Deploy sophisticated transaction monitoring systems capable of identifying suspicious patterns or behaviors in crypto transactions. 3. Suspicious Activity Reporting (SAR): Establish procedures for employees to report suspicious activities to the appropriate authorities and file SARs when necessary. 4. Compliance Oversight: Designate a compliance officer or team responsible for overseeing AML compliance efforts and ensuring adherence to policies and procedures. 5. Recordkeeping: Maintain accurate records of customer information, transactions, and AML compliance activities to demonstrate compliance to regulators. 6. Independent Audits: Conduct regular independent audits of AML processes and controls to identify weaknesses and areas for improvement. 7. Sanctions Screening: Screen customers and transactions against sanctions lists to ensure compliance with sanctions regulations.

Weekly research from RegTech Analyst The UK was the most active AML & FinCrime seed deal country with a 24% share of deals In 2023, the Global AML & FinCrime sector experienced a notable shift, with the number of seed deals reaching 25, marking a significant 35% decrease from the previous year. Despite this reduction in the quantity of deals, there was a substantial uptick in the average size of these agreements, which amounted to $1.84m. This reflects a considerable 30% increase compared to the previous year. Refine Intelligence, which provides a fincrime platform, had the largest AML & FinCrime seed deal in 2023, after raising $13m, led by Fin Capital and Glilot Capital Partners. The startup has adopted a unique strategy to assist banks in alleviating the escalating operational expenses associated with financial crime. Leveraging its proprietary artificial intelligence (AI), the company's system meticulously examines anti-money laundering (AML) alerts generated by transaction monitoring systems. It swiftly identifies and verifies customers' legitimate activities, significantly cutting down on investigation time. Moreover, the technology can also be deployed to safeguard against check fraud, scams, and money mule schemes. With the newly secured funding, Refine Intelligence aims to expedite its expansion across North America, Europe, and Latin America, while also enhancing the further development of its innovative technology. The UK starred as the most active AML & FinCrime seed deal country, globally in 2023 with six deals, a 24% share of total deals. The United States was the second most active AML & FinCrime seed deal country with four deals, a 16% share of total deals. Brazil and India were the joint second most active countries with two deals each. Refine Intelligence Salv Castellum.AI Ondato Themis Fraudio VAAS Regcheq Kinectify

Déjà vu - there is a glitch in the matrix. Not long ago there were headlines of another firm (this one in Crypto) where employees were accused of helping clients bypass AML and KYC processes. 📰 Only to see this headline flash across my screen, while doing some testing. "Former TD Bank employee took bribes to falsify documents, help move cash to Colombia. Bank says it's working with law enforcement to 'support the prosecution of criminals'" - Link to article in Comments. Fraud/AML issues often have an inside accomplice (sad but true). People within the FI's, who have the access and know-how, might be turning a blind eye or even actively helping to facilitate these shady activities. Whether they're doing it for money or under some pressure, their involvement makes it easier to slip through the cracks. What helps? Solid internal controls, sharp monitoring, and a strong ethical culture is essential to catching and stopping problems from within. What was I testing? 😋 Response times of news ingestion. Articles were Posted: Jun 03, 2024 ~4:04 PM EDT + , Minerva had in incorporated in the media and risk analysis in almost real-time 😎. Only posting now not to anger the Linkedin algo