Anti-Money Laundering Fines within UK and SA – How to Avoid Them
Staying on the right side of regulators is a major concern for financial institutions worldwide. Misunderstanding compliance measures may lead to hefty anti-money laundering fines (AML) that can damage reputations and bottom lines. In the UK and South Africa, regulators have doled out multi-million pound/rand penalties to banks, insurers and others for significant compliance failures […]
Choosing the Right AML Software for Your Organisation
In today’s era of mass digital payments and financial transactions, anti-money laundering (AML) compliance has become critical for banks, financial institutions, and other regulated businesses. Technology is now vital to run an effective intelligence-driven AML programme – your software should provide the automation and analytics that compliance teams need to accurately identify financial crime risks […]
AML Whistleblower Protection: An Essential Tool Against Financial Crime
Robust legal support for AML Whistleblower Protection is crucial to encourage reporting and safeguard those who speak up to help prevent financial crimes including money laundering and terrorist financing. Whistleblowers who report suspicious transactions or activities can provide invaluable insights that allow authorities to detect and prosecute crimes that may otherwise go unnoticed. However, potential […]
Uncovering Beneficial Ownership: The Key to Financial Accountability
The concept of Beneficial ownership transparency has recently taken centre stage in anti-money laundering (AML) compliance and the combating of financial crime. Understanding who owns or controls a company or asset—the so-called “beneficial owner”—is crucial for promoting accountability and integrity across financial systems worldwide. This article will explore the significance of beneficial ownership, the current […]
How culture can drive innovation for AML compliance
Our world has been built by culture. It’s an inescapable part of humankind, comprising behaviours, communication systems, customs and schools of thought. Evolving cultures stemming from ancient civilisations all the way to the present day teach us about the various ways we can solve societal problems and progress. In that regard, anti-money laundering (AML) compliance […]
Achieving AML Compliance
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 extensive details on how to build an effective AML compliance programme. What is AML Compliance? AML compliance refers to the policies, procedures, and controls governments implement to detect, prevent, and report […]
The Snakehead and shaping trust: can collaboration help fight money laundering of the future?
By Bradley Elliott, CEO Have you heard the story of Franklin D. Roosevelt murdering his grandmother? There should be an emphasis on ‘story’, as this urban myth is based on a dark joke FDR allegedly played at important receptions. Politely whispering to his esteemed guests that he’d killed his grandmother was a way to work […]
The Cost of AML/CFT Compliance: Balancing Efficiency and Effectiveness
In the battle against financial crime, compliance officers may feel like middlemen. After all, they represent a vital lifeline, keeping businesses safe as the go-to experts on anti-money laundering (AML) and counter-terrorist financing (CFT) regulations, which have become far more strict in financial services. Staying up-to-date with a complex, ever-changing fin crime landscape is a […]
Is artificial intelligence really the silver bullet for streamlining AML compliance?
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. The financial world finds itself in the firing line for incomplete compliance protocols. Adhering […]
Employee screening: a comprehensive how-to guide
Digging a little deeper into who you have hired should be a given. Knowing how to do it thoroughly is a whole other matter. That’s especially true since the Financial Intelligence Centre’s (FIC) recent Directive 8 has made this a mandate for accountable institutions, legislating employee screening (both current and prospective) for competence and integrity, scrutinised […]
