Shufti’s Post

Latvijas Banka has published comprehensive Market Guidance following a Thematic Review of sanction screening systems within their market. While these guidelines apply specifically to Latvia, their relevance is global, making them essential reading for every AML/CFT professional. See the document below for further details, however the Guidance states that financial institutions should: ➡️ Ensure minimal to zero missed sanctioned records ➡️ Screen up-to-date sanction lists and programs ➡️ Ensure effective fuzzy logic matching ➡️ Carry out assurance testing every 18 months at a minimum, and upon new system implementation / significant updates ➡️ Check that false positives are manageable ➡️ Have adequate resources for alert processing and investigation ➡️ Conduct effective and efficient testing of screening systems to identify strengths and areas for improvement. Supervisory authorities around the globe are now expecting institutions to take greater ownership of their AML/CFT systems. At AML Analytics, we have observed a growing trend of regulators, supervisors and central banks utilising SupTech to enhance their supervisory duties. Financial institutions are also expected to leverage the power of RegTech to drive their AML/CFT efforts. Get in touch with the AML Analytics team here: https://buff.ly/3DzMrkg to discuss how our RegTech and SupTech is used by regulators and entities of all sizes around the globe to test and benchmark the performance of sanction screening systems. #AMLA #Sanctions #Compliance #AML #ThematicReview #SupTech #RegTech #Supervision #ORBS #Risk Wikus Joubert, LLB| Stephen (Steve) Hancock FICA Dip (AML)

🚨 Nordea signs Consent Order and agrees to $35 million fine for AML breaches 🚨 Once again, non-compliance with anti-money laundering (AML) obligations has major consequences for a financial institution. The Consent Order highlights a series of critical failures, such as: - Insufficient due diligence in the client review process; - Failure to meet Know Your Customer (KYC) obligations; - Ignoring "red flags" identified during the due diligence process; - Failure to respond to transaction monitoring alerts. This case is a clear reminder of the importance of effective compliance and automation tools to ensure that all regulatory obligations are met accurately and efficiently. At Muinmos, we are committed to helping financial institutions avoid penalties like this through automated solutions that ensure full and continuous compliance with KYC, AML, and other global regulations. #AML #KYC #Compliance #FinTech #Muinmos #RegTech #Nordea #DueDiligence

With the rise of financial crimes, Singapore has placed much emphasis on financial institutions to adhere to its AML & CFT regulations. 💲 Fortunately, Innov8tif stands ready to equip Singaporean businesses with the solutions needed to comply with these regulations. 🛠 #amlcompliance #cftcompliance #Singapore #eKYC #regulations #compliance #singaporelaw

It's always very important in any Financial Services industry to comply and adhere to all Financial Intelligence Centre Act. The requirement to understand and mitigate money Laundering and Terrorism financing risk through the implementation of a risk management and compliance programme is vital not only because it assists accountable institutions to protect an maintain the integrity of the business. Proper customer due diligence and screening of clients is always crucial to help identify and mitigate against suspicious and criminal elements from infiltrating the Financial system. This makes it especially important for institutions that operate as part of large financial services groups to demonstrate an elevated level of vigilance when managing their financial crime risks.

We are ready to help businesses use effective KYT practices, deal with challenges like Money Laundering and Financing of Terrorism (ML/FT) risks, and stay compliant with changing AML regulations. (KYC) measures.#AML #amlcompliance #adilzone

It’s AML Wednesday! The Isle of Man introduced its first Anti-Money Laundering legislation in 1987, while an AML Code came into force in 1998. The AML/CFT Code includes key information about customer assessment requirements, as well as customer identity verification, source of funds, and other due diligence obligations. The Authority has established a dedicated AML/CFT Supervision Division to help drive continuous improvement in the supervision and oversight of firms in relation to AML/CFT compliance. Extensive engagement continues to take place to ensure that regulated and supervised entities understand the ML/TF/PF risks facing their business and how best to mitigate them. We adopt a risk-based approach to AML/CFT supervision to help ensure that these businesses comply with their obligations, and take appropriate action if they fail to do so. Evolution of the Island’s AML/CFT framework: https://lnkd.in/evCXXeUR #amlwednesday

Little known fact on AML-KYC- Did you know that the origins of AML KYC can be traced back to the 1970s when the Financial Action Task Force (FATF) was established by the G7 countries to combat money laundering? The FATF's first set of recommendations, which included the need for customer identification and due diligence procedures, laid the foundation for the AML KYC standards we see today. We at Vskills - India's Largest Certification Body provide AML and KYC certification and assessment for individuals and companies. Users can avail discount by using the coupon code LINKEDIN20. #kyc

𝐂𝐮𝐫𝐢𝐨𝐮𝐬 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐯𝐚𝐥𝐮𝐞 𝐨𝐟 𝐀𝐌𝐋 𝐜𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐡𝐨𝐰 𝐭𝐡𝐞𝐲 𝐜𝐚𝐧 𝐛𝐨𝐨𝐬𝐭 𝐲𝐨𝐮𝐫 𝐜𝐚𝐫𝐞𝐞𝐫❓   Our latest blog post looks into the critical importance of Anti-Money Laundering (#AML) practices, sharing the spotlight on recent scandals involving #BNPParibas, #SEBBank, and #NatWest. As well reading about recent scandals we touch upon the below: ✅Real-world consequences of inadequate AML measures ✅How financial institutions are stepping up their game in 2024 against financial crime ✅How enhancing AML training and make a difference to your professional development. 𝐑𝐞𝐚𝐝 𝐭𝐡𝐞 𝐟𝐮𝐥𝐥 𝐚𝐫𝐭𝐢𝐜𝐥𝐞 𝐧𝐨𝐰! https://lnkd.in/egRTseSY #AML #CareerGrowth #FinancialIntegrity #ProfessionalDevelopment #Training

Suspicious activity in Trade-based Money Laundering (TBML) is a growing concern for financial institutions. Here are some red flags to look out for: - Disparity between the goods in the invoice and actual goods shipped. - Amendment of LOC letter of credit without any rationale. - Structuring of money to different accounts at different branches of the same bank on the same day. - Money transferred virtually by a third party with no relevant connection of transfer. - No direct relation between parties and transactions. - Companies exist in high-risk jurisdictions where it is difficult to understand their business and there is a complex ownership structure. - Money gets accumulated and later on transferred to high-risk countries. Sometimes Money mule technique is also used. - Negotiable instruments are used to transfer money with no payee information. It's important to stay vigilant in detecting and preventing TBML. Implementing AML (anti-money laundering), KYC (know your customer), and CDD (customer due diligence) measures can help combat this issue. #aml #kyc #cdd

Adapt to the changing AML landscape! 🔄 This article breaks down ECCTA's impact & upcoming AMLA changes on KYC in 2024. Stay ahead! #KYCdoYou #KYC #AML