TCAE’s Post

🚨📟 FEATURE DROP: REAL-TIME MONITORING 📟🚨 We're excited to unveil one of our most anticipated features at Castellum.AI: Real-Time Monitoring. Why does this matter? Static screening systems often lead to repetitive alerts generated well after a sanctions list has been updated, sometimes days or more. Overdue alerts dependent on static, recurring screening schedules don’t work for the pace of today’s business. In a world where sanctions lists are updated daily without notice, staying compliant requires immediate, reliable information. Here’s how Castellum.AI Real-Time Monitoring changes the game: ⚡ Instant Updates: Say goodbye to compliance gaps. Get faster reviews without the delays from static screening cycles. 🌐 Global Coverage: Access 1,500+ risk data sources, including sanctions, high-risk ownership, PEPs, adverse media, and more. 🏗️ Customizable Alerts: Tailor push notifications to ensure immediate action and filter out the noise. 🎛️ Risk-Based Tuning: Automatically align monitoring with your specific risk ratings, updated in real-time as exposure changes. Learn more about how Real-Time Monitoring can keep your compliance program ahead of the curve: 👉 https://lnkd.in/eJS8wEuJ #Compliance #RiskManagement #Sanctions #FinTech #AML #KYC #RealTimeMonitoring

🔎 Wrapping up the week with key regulatory insights in the payments industry... 🚨 Vixio Regulatory Intelligence has published 28 regulatory updates to be aware of this week, highlighting crucial developments across various regions. Some notable updates are: 📍 APAC: The Financial Action Task Force (FATF) has released a detailed mutual evaluation report for India, focusing on AML/CFT measures from 24 November 2023 review. Key recommendations aim to strengthen compliance with FATF’s 40 Recommendations. 📍 Central and Eastern Europe: The Slovenian Ministry of Finance has proposed a draft regulation for implementing the EU’s Digital Operational Resilience framework, ensuring resilience across the financial sector. 📍 Western Europe: The UK's Financial Conduct Authority has updated its guidance on the Consumer Duty, outlining examples of good and poor practices around the Price and Value Outcome. 🔗 Dive deeper into these updates and more with Vixio's Horizon Scanning: https://lnkd.in/eDvrFiMt #regulatoryupdates #horizonscanning #paymentsindustry #compliancematters #financialregulation #Payments #Regtech #digitalpayments #financialservices #regulatorycompliance #paymentstrends

📟 FEATURE DROP: REAL-TIME MONITORING 📟 Staying compliant with daily changes in risk exposure just got easier. We’re thrilled to announce the release of Real-Time Monitoring. Don’t rely on overdue sanctions notifications or recurring alerts from static screening systems. With real-time notifications, Castellum.AI clients can trigger and trust, not set it and forget it. ⚡ Instant Updates: Eliminate compliance gaps, and enable faster reviews while avoiding delays from static screening cycles. 🌐 Global Coverage: 1,500+ risk data sources across sanctions, high-risk ownership, PEPs, adverse media and other sources. 🏗️ Customizable Alerts: Customize push notifications for immediate action and eliminate unproductive alerts. 🎛️ Risk-Based Tuning: Align coverage and tuning with customer and vendor risk ratings, automatically updated with changes in risk exposure. Learn more about Real-Time Monitoring with Castellum.AI here 👉 https://lnkd.in/eB2ZkC7f #Compliance #RiskManagement #Sanctions #FinTech #AML #KYC #RealTimeMonitoring

To drive compliance with the Financial Action Task Force (FATF) Standards and develop an up-to-date global assessment of the FATF membership’s compliance with requirements applied to gatekeepers, the FATF conducted a Horizontal Review of FATF members’ levels of compliance for gatekeepers (e.g., lawyers, accountants, trust and company service providers, and real estate agents). This review focused on those categories of gatekeepers whose services may be used, knowingly or otherwise, to enable corruption and related money laundering with a view to identifying the most critical areas of non-compliance that require swift improvement. These gatekeeper requirements (including the requirement to implement an AML/CFT compliance programme, collect and record customer identification and report suspicious transactions) have been requirements for the FATF’s membership for over 20 years. In this review, Japan comes in just above the average, and significantly behind Singapore, Malaysia, and Hong Kong among leading Asian centers. 👉 Subscribe to our weekly LinkedIn newsletter, the "Japan FinTech Observer", here: https://lnkd.in/gNjUuSxG

As an active member of the Financial Action Task Force (FATF) 🌍, Singapore 🇸🇬 works in close collaboration with AML/CTF policymakers and supervisors to develop and refine international standards. Notably, #Singapore also holds the distinction of being a founding member of the Asia/Pacific Group on Money Laundering (APG). With the ascent of digital banking and fintech 💹, coupled with the intricacies of trade-based money laundering, Singapore’s financial sector is confronted with unique challenges. Swipe through to explore the top 5 #AML challenges currently facing Singapore. #moneylaundering #regulations #compliance

📢 CSSF Circular 24/854 is out !!!   Aiming at : providing guidance on the AML/CFT Summary Report RC (SRRC) submission via eDesk Entities in scope : All Luxembourg IFMs, including registered AIFMs, Luxembourg branches of foreign IFMs and Luxembourg investment funds supervised by the CSSF for AML/CFT purposes Important points: 🔈 The SRRC template acknowledges existing market practices and should be interpreted independently from additional AML/CFT regulations that pertain to the entities involved 🔉 It specifically targets key data points crucial for CSSF supervision in the fight against ML/TF, aligning with their strategy of embracing digitalization and data-focused oversight 🔊 The SRRC must be submitted exclusively via eDesk within five months after the annual accounts' closing. Only for the closing ending on 31/12/2023, an extension of two extra months is granted for the submission.   More details : https://lnkd.in/ecvQnxSy   Should you need assistance on your RC obligations, Palana dedicated team is available.   Palana Avanterra Benjamin Collette Bastien Collette Alice Lehnert, CAMS Lilliane Ngah Farah El Messiri #amlctf #aifm #aif #rcservices #regulatory #reporting #clientfirst #palana

QUBE Events is pleased to announce Branislav Nikolovski, Deputy Head Compliance at China Construction Bank Corporation, Zürich Branch, as a Speaker at the 17th NextGen Payments & RegTech Forum on 7-8 March 2024 at the Marriott Hotel in Zurich, Switzerland. Branislav has been in the compliance industry for 10 years and specialises in AML law and Client Due Diligence. Previously, Branislav worked for American, Russian, and Chinese banks. Branislav is participating in a panel discussion titled: “Navigating the Evolving Regulatory Landscape” Topics include: » Exploring the key regulatory challenges and opportunities that lie ahead in 2024 » Developing frameworks to ensure responsible and ethical use of AI and ML » Developing a coherent framework for regulating these emerging digital assets » Disintermediation and the consequences from a regulatory and AML perspective 3 weeks left! Reserve your seat now to stay at the forefront of the evolving payments landscape! To Register and access the Agenda: https://bit.ly/3R7idg5 For more information on registration, please contact: info@qubevents.com #qubevents #npf #ChinaConstructionBank #finance #fintech #conference #networking #speakers #Switzerland #Zurich #payments #regtech #forum #regulatory #nextgen #financialservices #aml #joinus #compliance #trends

QUBE Events is pleased to announce Branislav Nikolovski, Deputy Head Compliance at China Construction Bank Corporation, Zürich Branch, as a Speaker at the 17th NextGen Payments & RegTech Forum on 7-8 March 2024 at the Marriott Hotel in Zurich, Switzerland. Branislav has been in the compliance industry for 10 years and specialises in AML law and Client Due Diligence. Previously, Branislav worked for American, Russian, and Chinese banks. Branislav is participating in a panel discussion titled: “Navigating the Evolving Regulatory Landscape” Topics include: » Exploring the key regulatory challenges and opportunities that lie ahead in 2024 » Developing frameworks to ensure responsible and ethical use of AI and ML » Developing a coherent framework for regulating these emerging digital assets » Disintermediation and the consequences from a regulatory and AML perspective 3 weeks left! Reserve your seat now to stay at the forefront of the evolving payments landscape! To Register and access the Agenda: https://bit.ly/3R7idg5 For more information on registration, please contact: info@qubevents.com #qubevents #npf #ChinaConstructionBank #finance #fintech #conference #networking #speakers #Switzerland #Zurich #payments #regtech #forum #regulatory #nextgen #financialservices #aml #joinus #compliance #trends

📊 UAEFIU Report Exposes Alarming Trends in Trade-Based Money Laundering (TBML) 🌐 The UAE Financial Intelligence Unit (UAEFIU) has released a groundbreaking report revealing the pervasive threat of Trade-Based Money Laundering (TBML). 🔑Here’s a breakdown of the key findings: 1. Fictitious Documents: Shockingly, 41% of reported TBML cases involve fabricated documents to legitimize illicit financial activities. 2. Phantom Shipments: Criminals exploit phantom shipments, falsifying records of non-existent goods to move money across borders covertly. 3. Invoice Manipulation: Common tactic includes inflating or understating invoices to manipulate trade values, facilitating illicit fund transfers. Detailed Insights: • TBML Methods: Explores over/under-invoicing, multiple invoicing, and falsified shipping documents, exploiting trade documentation loopholes. • Sectoral Analysis: Highlights electronics, pharmaceuticals, and luxury goods as high-risk sectors due to complex supply chains and high-value transactions. • Global Impact: Emphasizes TBML’s global reach, jeopardizing international trade integrity and economic stability, with the UAE as a critical hub. Recommendations: • Enhanced Due Diligence: Strengthen KYC protocols for financial institutions and trade entities handling high-risk transactions. • Improved Data Sharing: Foster collaboration between financial institutions, law enforcement, and regulators to detect suspicious trade patterns. • Technological Solutions: Deploy blockchain and AI to enhance trade transparency, thwarting TBML exploitation. • Training and Awareness: Educate stakeholders on TBML red flags and enhance capabilities to combat financial crime effectively. Conclusion: The UAEFIU’s report calls for concerted action to fortify defenses against TBML. By implementing rigorous measures and leveraging technology, the UAE aims to safeguard its trade ecosystem from illicit financial activities. For more insights on combating TBML, find UAEFIU’s official report below #UAEFIU #AML #TBML #FinancialCrime #TradeFinance #MoneyLaundering #Compliance #GlobalTrade

Discussions in Breakout session 5 focused key issues and challenges in the Beneficial Ownership (BO) space. Zeroing in on weapons of mass destruction (WMD) financing, Grace Then, Associate Director, Financial Crime Practice Lead, Moody’s Analytics, Singapore, explained that to obtain goods needed for WMDs, proliferators need to access the international financial system, and they do so by: 🔸establishing front companies to purchase goods 🔸using Trust or Company Service Providers (TCSPs) to enhance the credibility of legal entities 🔸using alternative financial systems (such as cryptocurrency or DNFBPs) for the purpose of money laundering 🔸creating fraudulent organisations to solicit donations 🔸providing false customer, or other identifying, details, and 🔸using areas and financial entities with lax regulations and enforcement. Cautioning that proliferators have developed creative ways to evade sanctions and secure WMD financing, e.g., seeking out dual-use goods and taking advantage of the global shipping industry’s complexity, she highlighted the importance of BO checks — beyond fulfilling regulatory requirements — to thwart these threats. Focusing on regulations, guidelines, and leading practices in BO, Radish Singh, Partner, Financial Services Consulting Lead, Financial Services Risk Management, EY, explored the following areas: 🔸identification and verification of Ultimate BOs (UBOs) 🔸methods used to obscure UBOs, including the use of shell companies, nominee arrangements and informal arrangements 🔸central BO registers as important tools for cross-checking underlying customer data and proactively identifying relevant AML / CFT 🔸common challenges in UBO identification, and 🔸best practices adopted by banks to manage BO obligations. The panel also shared the five key features of an effective system to identify BOs behind legal persons: 🔸a comprehensive risk assessment 🔸effective proportionate and dissuasive sanctions 🔸forbidding or immobilising bearer shares and nominee arrangements 🔸direct access to BO information through company registries and a centralised database, and 🔸adequacy, accuracy and timeliness of BO information. A case study on shell companies further facilitated the delegates’ comprehension on typologies, sanctions detection and reporting, red flags, hidden controls, and secret jurisdictions. Breakout session 5 was moderated by Nik Azmir Nik Anis, Group Chief Compliance Officer, Bank Islam Malaysia Berhad. #IFCTF2024