Tag: CFT

Compliance officers in the asset management sector are pivotal, often juggling multiple responsibilities.

The financial services industry is undergoing a transformation driven by artificial intelligence (AI) technologies, particularly machine learning (ML). These advancements are significantly enhancing anti-money laundering (AML), counter-financing of terrorism (CFT), and sanctions screening as part of customer lifecycle management (CLM).

The effectiveness of anti-money laundering (AML) and combatting the financing of terrorism (CFT), is not solely reliant on the initial design, but also comes...

In an era where regulatory oversight of the wealth and asset management sector is intensifying globally, the stakes for compliance have never been higher. This sector, pivotal to national economies, plays a crucial role in helping consumers manage their assets and achieve their financial goals. However, its significance also makes it a potential target for misuse by malicious entities aiming to launder money.

The world of finance is on the brink of a significant transformation, especially for investment advisors in the United States. On February 15th, 2024, a pivotal announcement was made by the Financial Crimes Enforcement Network (FinCEN) that is set to redefine the landscape of anti-money laundering (AML) and counter-financing of terrorism (CFT) compliance.

In recent years, United States financial regulators have established themselves as global leaders in enforcement. In 2022, they imposed $3bn in fines, nearly three quarters of the world’s $4.2bn total. 2023 continued this trend, with US financial institutions paying 83% ($157.26m) of total penalty dollars, a stark contrast to their 10% share in global regulatory violations.

In the rapidly evolving financial services industry, the importance of effective risk assessment is often overlooked.

The constant evolution of the financial landscape has placed anti-money laundering (AML) and counter-financing of terrorism (CFT) measures at the forefront of combating financial...

In a recent post by Fenergo, the company outlined how digital transformation is changing the way people open accounts. 

The European Banking Authority (EBA) has issued guidelines for the roles and responsibilities of anti-money laundering and countering the financing of terrorism (AML/CTF) compliance officers.