What skills should an AML compliance officer possess?

  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…

What are KYC and pKYC?

KYC and Perpetual KYC are two important terms used in the financial sector, particularly in banking, investment and insurance. These terms refer to the process of verifying a customer’s identity and ensuring that they are not involved in illegal or fraudulent activities. KYC stands for “Know Your Customer” and refers to the process of verifying…

Mitigating the impact of corruption and bribery: Practical steps to take

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…

Key aspects of monitoring bank transactions

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…

Neobanks, artificial intelligence and KYC

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…

Key KYC and financial crime developments in 2023

Increased geopolitical risks increase money laundering opportunities Geopolitical risk has increased significantly in 2022 and shows no signs of diminishing in 2023. The ongoing war between Russia and Ukraine is a key case in point and has resulted in Russia becoming the most sanctioned country in the world. There are also ongoing tensions with Iran,…