An AML officer or money laundering reporting officer is responsible for establishing an AML compliance program to prevent money laundering and assist the organization in complying with the relevant provisions of the Anti-Money Laundering Act. The AML Officer performs AML risk assessment, prepares and implements AML policies, procedures and guidelines, monitors AML issues on…
The European Union has issued new measures to combat money laundering and terrorist financing in April 2023. The new rules come in response to growing concerns about the negative impact of money laundering and terrorist financing on the economy and society as a whole. The measures are part of the EU’s wider strategy to strengthen…
According to the World Economic Forum, corruption costs developing countries $1.26 trillion every year, a staggering figure that highlights the devastating impact of this illegal activity. Unfortunately, the problem is not limited to developing countries, as according to the above statistics, half of the EMEA (Europe, Middle East and Africa) population finds corruption acceptable. This…
In an evolving financial landscape, new criminal methodologies and regulatory obligations regularly change firms’ compliance obligations. In order to detect and prevent money laundering in this regulatory environment, banks must strive to understand the financial activity of their customers by implementing an appropriate transaction monitoring solution as part of the broader anti-money laundering and counter-terrorist…
Artificial intelligence is changing the neobanking landscape, and machine learning is poised to improve your identity verification process, boost your conversion rate and accelerate your ROI. In traditional banking, a financial institution would try to prevent financial crimes and illegal activities, such as terrorist financing, by implementing KYC-compliant practices. These KYC compliance measures would include…
Early November was not an easy time in the Hong Kong office of a global cryptocurrency exchange, FTX. After battling comments from their competitors on social media on November 6, the company halted withdrawals on November 8. Over the next two days, after hearing a vague comment from their colleagues in the Bahamas, employees in…
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