Importance of "Compliance Sounds" Ringing from the Rooms of Top Management
If we follow the theoretical aspect of "being compliant" then no one needs any audits, reviews or inspection, checks and balances or even there is no requirement of "Compliance Department/team/officer" because everyone accepts, respects and follows the fact of being compliant.
But is it something so simple? Is this theoretical approach followed? Do all corporations comply with the laws? Do they comply in its true spirit? Do organisations and their employees understand the importance of Compliance? Is the Compliance followed strictly and not a tick box exercise? |
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How will identity verification look in the future?The European Union recently started considering digital identity verification for all EU citizens. Many countries are proposing similar frameworks, so the identity verification process is certainly shifting online which will likely change the industry as a whole. In this article, Dmitri Laush (CEO of GetID) tries to imagine how identity verification might look in the future and which technologies will be on top.
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The challenges of implementing holistic AMLWhat are the obstacles current AML practices are facing?
Complex and ever-changing regulations and the fluid financial environment of our times are certainly contributing obstacles. The negative impact of silos across AML prevention controls & the problems with process-driven approaches further hold us back. |
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Money laundering scandals: The actions or inactions of bank employeesMoney laundering and financial crime scandals such as the Russian, Azerbaijan and Troika laundromats have attracted attention at a pan-governmental and international level. While reflecting on what roles deficiencies in systems, controls and regulations could have played following these scandals, an area worthy of equal attention, but often lacking is the actions or inactions of individual people in banks when such scandals occur.
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Strengthening AML/CFT Controls of Digital Payment Token Service ProvidersThe Monetary Authority of Singapore (MAS) has released an infographic that provides an overview of MAS’ AML/CFT requirements and supervisory expectations for the Digital Payment Token (DPT) sector, and is intended to raise industry awareness among DPT service providers of sectoral money laundering and terrorism financing (ML/TF) risks, and provide additional information to support their implementation of effective controls.
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#WOMENINFINCRIME: Conference of women financial leaders hears demands for improvement in how regulators interact with institutionsThe relationship between regulators and institutions is one of the biggest challenges facing the fight against dirty money, according to a panel of women FinCrime experts.
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4 ways to increase the effectiveness of sanctionsSanctions, we’re told, work. If they didn’t then they wouldn’t be so frequently used in global politics. This piece doesn’t dispute that sanctions make an impact – but could they be better?
Can Sanctions be better employed and more effective in achieving their aims? |
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Overcoming the biggest transaction monitoring challengesIf there was ever a good time to take a step back and look at the effectiveness of transaction monitoring, then that time is now. As the world finds its way through the Covid-19 pandemic, banks and other financial institutions are firefighting financial crime.
This article addresses the biggest transaction monitoring challenges battering compliance teams right now. |
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Fighting Financial Crime in a Global PandemicFinancial institutions consider the global trade of physical commodities as a higher-risk activity from a financial crime compliance perspective. Due to the involvement of multiple jurisdictions and stakeholders, and the numerous stages of a global trade transaction, it can be difficult to effectively detect, monitor, and mitigate financial crime risk.
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Trade Misinvoicing: A Common TBML TypologyWhile global trade is expanding year on year, we have observed an increasing trend in the illicit activity of criminals trying to move economic values of proceeds
from their crime through global trade. The immense volume of goods traded across the international borders make it very attractive for criminals to hide behind the complexities of global trade in order to move their illicit funds and present them as the proceeds of legitimate trading activity. |
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Regulatory Intelligence - FinCEN leaks highlight flaws in AML regimeFollowing on from RAW Compliance's successful Deconstruction of a Financial Crime- The FinCEN Leak Webinar, Nathan Lynch from Thomson Reuters has written about the fundamental flaws in AML regime and the findings and topics covered in the webinar.
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3 Lines Of Implied DefenseThe 3LOD model had been widely adopted by business organizations around the world, assisting them in structuring their risk management functions, roles, and responsibilities. However, whilst the models name drew images of a coordinated and collaborative approach across the 3LOD, working together to identify and mitigate risks, in practice it began to fail.
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Wirecard: The biggest FinTech success and failure story of all timeWirecard will go down in global financial history, as one of the most significant success and failure stories in FinTech of all time.
But where did it go so wrong? Could any of this been avoided had red flags along the way been explored further? Read below to see what lessons we can learn to prevent this from happening again. |
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