Rubix Data Sciences Private Limited’s Post

Want to build trust & avoid fraud? #LEI ensures clarity & security in your financial dealings worldwide. It 🔍Identifies who you’re dealing with 🛡️Shields against illicit activities 🌍Aids in #RiskManagement. Get your LEI through Rubix today!

🔍 A Compliance Perspective: The Importance of Rigorous Oversight in Financial Transactions 🔍 The recent revelations about payments processed by major banks for entities connected to Wagner highlight the critical importance of robust compliance frameworks in today’s global financial landscape. While no sanctions were in place at the time for certain entities, this situation underscores how easily illicit activities can pass through legitimate financial systems when strict due diligence and ongoing monitoring aren’t consistently applied. From a compliance standpoint, here are key takeaways: Due Diligence is Non-Negotiable: Even when no sanctions are in place, it’s crucial for businesses to rigorously assess who they’re transacting with. A robust #FICA #KYC (Know Your Customer) process is essential to mitigating risk. Ongoing Monitoring: Compliance isn’t a one-time exercise. Regular checks and continuous monitoring of transactions are vital to identifying potential red flags, especially in high-risk industries or regions. Transparency and Reporting: Building a transparent system where unusual or high-risk transactions are flagged early can help prevent any involvement, even unintentionally, in illicit activities. At #Vorofin, we help businesses strengthen their compliance frameworks to ensure that financial dealings are secure and meet the highest standards. Staying proactive and diligent in compliance protects not only the business but also the integrity of the global financial system. #Compliance #FinancialCrimePrevention #DueDiligence #RiskManagement #Vorofin

In one of the speediest roll-outs of legislative change, the amendment to the UK's Money Laundering Regulations regarding the treatment of politically exposed persons announced in December came into force on Wednesday. FINTRAIL has published this blog post summarising what you need to know, and has put together a checklist for firms to use to check whether their programme aligns with the new regs and best practice. 📖 Read it here: https://lnkd.in/g39jnkuw

In today's interconnected global financial environment, robust corporate governance is not just a regulatory requirement but an ethical imperative. Japan's law holding leaders of financial services companies accountable for crimes like forgery and embezzlement should be a global standard. By mandating that financial holding companies clearly define the ranks of officials responsible for such crimes, the risk of fraud and corruption is significantly reduced. Moreover, accountability must start at the top—with the CEO and other senior executives. Effective corporate governance requires not only these laws but also a strong rule of law and an independent judiciary to ensure these principles are upheld. Countries aspiring to achieve true corporate governance should look to Japan’s example and implement similar legal frameworks. #CorporateGovernance #FinancialRegulation #Accountability #AntiCorruption #GlobalStandards https://lnkd.in/dtfKBJ8V

The Financial Crime Guide is getting an update. What are the key changes to look out for? My colleagues Stephanie, David, Grace and I talk about some of the most important changes in the article below 👇🏼

The FCA’s Financial Crime Guide is only guidance (rather than law or regulation), yet is referred to in 44% of FCA final notices relating to financial crime failings by firms. It is now being updated by the FCA. We take a look at the key proposed updates you should be aware of in our article below ⬇️ Veronika Havlova David McMenamin Stephanie Georgiou #FCA #financialcrimeguide #financialcrime

This morning the Financial Crimes Enforcement Network, US Treasury issued its latest proposal to require #registeredinvestmentadvisers and #exemptreportingadvisers to apply #antimoneylaundering and Countering the Financing of Terrorism (AML/CFT) requirements pursuant to the Bank Secrecy Act (BSA). The new requirements imposed on investment advisers would include: (1) implementing risk-based AML/CFT programs, (2) reporting suspicious activity to FinCEN, (3) fulfilling recordkeeping requirements, and (4) satisfying other obligations applicable to financial institutions subject to the BSA and FinCEN’s implementing regulations. FinCEN proposes to delegate its examination authority to the U.S. Securities and Exchange Commission for this rule. The proposed rule is subject to a comment period that closes on April 15, 2024. Under the proposed rule, covered investment advisers would be required to comply with the rule on or before 12 months from the final rule’s effective date. A few initial big picture takeaways as someone who has engaged in the debate on #AML requirements for #investmentadvisers for over a decade. First, if all of this seems somewhat familiar it is because FinCEN has proposed imposing #AML requirements on at least some #investmentadvisers several times before, most recently in 2015. In some key ways this proposal is more expansive than what was proposed in the past. FinCEN also notes that additional rules on customer identification program requirements for investment advisers and obligations for investment advisers to collect #beneficialownershipinformation for legal entity customers will be addressed in future rulemakings. Second, this proposal would now would apply not only to registered investment advisers but also to exempt reporting advisers (i.e., #venturecapital). This is further evidence that regulators are gradually eliminating the exempt reporting advisers regime established by the the Dodd-Frank Act without Congressional authority to do so. Third, #crypto and #blockchain businesses are up next. If FinCEN is successful at imposing in many cases duplicative AML obligations on investment advisers, it will double down to impose AML requirements on #fintech firms. Fourth, FinCEN could finalize this rule before the end of #PresidentBiden's term and might be less worried about this rule facing a #CongressionalReviewAct challenge even if there is a new administration next year. FinCEN's fact sheet is available via this link: https://lnkd.in/eXeDriuJ The unpublished proposed rule is available via this link: https://lnkd.in/eE2q7pb9 If you have any questions on how this new proposed rule could impact your business, please reach out to us Capitol Asset Strategies. #privateequity #privatecredit #privatefunds

The UK FCA's Financial Crime Guide is just a guide, it is not law or regulation; but it has been referred to in 44% of Final Notices issued by the FCA to firms for financial crime related failings in the last four years. Which is why we think it is worth taking note of these updates that the FCA proposes to make to the guide. #Investigations #FinancialCrime #FinancialServices

To supervise the legal sector effectively, we need to have accurate data. That's why we'll soon be asking all regulated firms to provide us with information on any work they carry out within scope of #AML regulations. Collecting this information allows us to establish where the risks lie and how we can better allocate our resources. You can find out more, including information on completing the form, here:

To supervise the legal sector effectively, we need to have accurate data. That's why we'll soon be asking all regulated firms to provide us with information on any work they carry out within scope of #AML regulations. Collecting this information allows us to establish where the risks lie and how we can better allocate our resources. You can find out more, including information on completing the form, here: