Anti-money laundering (AML) regulations are complex, but companies and financial institutions must comply to avoid steep penalties and reputational damage. This comprehensive guide provides details on achieving AML compliance. What is AML Compliance? AML compliance refers to the policies, procedures, and controls governments implement to detect, prevent, and report money laundering and terrorist financing. It … Continued
With financial crime on the rise, global industries are finding new ways to fight back. Regulators have had little choice but to be more stringent with legislation when the real-world impact of money laundering and terrorist financing can be so worrying. Streamlining AML compliance is more important than ever. The financial world finds itself in the … Continued
Complying with the Financial Intelligence Centre’s (FIC) 2023 Directive 8 on employee screening is mandated for accountable institutions. It formalises compliance for employment purposes while assessing for money laundering, terrorist financing, and proliferation financing risks. Digging deeper into who you have hired should be a given. Knowing how to do it thoroughly is a whole other matter. … Continued
In recent months, directives from the Financial Intelligence Centre (FIC) to accountable institutions have not gone unnoticed. As efforts to combat financial crime have scaled in light of the country’s greylisting, businesses across the financial field have felt the added compliance load. Legal practitioners are no exception, where Directive 6 mandates Risk and Compliance Reporting to the … Continued
Welcome to RelyComply’s comprehensive guide to help you unlock the power of KYB (Know Your Business). In this guide, we’ll cover everything you need to know and why it’s an essential part of your compliance program. What is KYB? KYB, or Know Your Business, is a process used by businesses to verify the identity and business information … Continued
As the world becomes increasingly digital, the financial landscape has undergone a significant transformation. The rise of new technologies has brought many benefits to the financial sector, but it has also created new challenges, particularly when it comes to Anti-Money Laundering (AML) compliance. With the volume and complexity of financial transactions growing each day, businesses … Continued
Anyone who has engaged with financial institutions, currency exchanges or nimble fintech startups long enough has heard the term ‘know your customer’ (KYC). Compliance varies by country, but the gist of it is the set of regulatory requirements that financial enterprises must meet in order to verify new and current customers. Initially a document-heavy process, today’s … Continued
They say bad news travels fast. While this may be so, for financial institutions, conducting an accurate adverse media check can, at times, feel akin to separating the wheat from the chaff. Also known as negative news screening, adverse media screening protocol is all about sourcing bad news or negative information on new and existing customers. … Continued