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 […]
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 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 money […]
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, but understanding the cost of AML CFT compliance is crucial to properly budget and staff anti-money laundering and counter-terrorist financing programs, which have become far more strict in financial services. Staying up-to-date with a complex, ever-changing fin crime landscape is a feat that […]
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. Streamlining AML compliance is more important than ever. The financial world finds itself in the […]
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 […]
Risk and Compliance Reporting: Legal practitioners not above the law
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 […]
Unlock the Power of KYB with our Comprehensive guide
Welcome to RelyComply’s comprehensive guide to 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 of their customers, it’s a […]
The Complete Guide to Transaction Monitoring
Transaction monitoring is a vital aspect of any business’s anti-money laundering (AML) and fraud prevention measures. It entails tracking financial transactions to identify and prevent any suspicious or fraudulent activity. The recent decision of the Financial Action Task Force (FATF) to grey-list South Africa for not meeting global AML/CTF standards highlights the significance of strong […]
