We are pleased to announce the latest addition to our platform, goAML, the standard software application tool to support reporting capabilities for Financial Intelligence Units’ (FIU) anti-money laundering (AML) and countering terrorist financing (CFT) measures. With more than 60 member states worldwide using goAML – and counting! – we’re excited to join the global community in strengthening … Continued
In today’s increasingly regulated world, Know Your Customer (KYC) procedures are no longer optional for businesses. KYC involves initial and continuous identity verification to help prevent financial crime and safeguard your customer’s data and your business’s reputation. But navigating the complexities of KYC can be tricky, and even small mistakes can have significant consequences. This article examines … Continued
Staying compliant relies heavily on a financial company’s operational arm. Under the watchful eyes of regulatory bodies, it’s imperative to provide evidence for adequate anti-money laundering (AML) systems. This is not relatively easy if data is juggled between multiple platforms and people. And without an audit trail, potentially harmful criminal activity can slip out of … Continued
With digitalisation playing a significant part in our lives, it’s no different for modern AML compliance. However, regulatory technology (RegTech) cannot work best alone. Human ingenuity still plays its role in solving the problems that permeate financial services regarding money laundering, terrorist financing and other crimes; it’s calculated that around 99.8% of laundered money is still untraced, while … Continued
Criminal webs that launder money are only getting trickier to identify and prosecute. That’s why local and global regulators, particularly in light of the open-border nature of transactions these days, are requiring firms to adhere to stricter rules when strengthening their anti-money laundering (AML) processes. That can often mean adapting to regulations that are introduced … Continued
RelyComply, a leading provider of cutting-edge regulatory technology solutions, proudly announces its inclusion in this year’s prestigious RegTech100 list. Founded in 2020, James Saunders and Bradley Smith created RelyComply to safeguard financial firms struggling to implement proper anti-money laundering (AML) processes using existing technology providers. As money laundering techniques grew in complexity, so too did regulatory … Continued
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 amidst … Continued
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 in recent … Continued
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 for … Continued
The concept of Beneficial Ownership transparency has recently taken centre stage in 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 regulations and challenges … Continued