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Traditional screening isn’t enough: Why FIs must rethink sanctions compliance
Sanctions compliance has traditionally relied on name-based screening and public watchlists to flag potential threats, but as financial crime tactics evolve, this approach is...
Why records management is now a top compliance priority for financial...
In today’s financial services landscape, records management has become a complex compliance issue that firms can no longer afford to overlook.
According to Corlytics,...
How to safeguard against fraud and enhance trust in the USA
In the US, KYB is not just a regulatory requirement but a fundamental practice critical for maintaining the integrity of financial operations and fostering trust within the business ecosystem.
The future of AML: why compliance-first AI is the key to...
As artificial intelligence (AI) continues to transform financial crime compliance, a new industry benchmark is emerging: compliance-first AI.
Navigating the complexities of sanctions screening in AML compliance for 2024
Sanctions screening is an integral aspect of AML practices, ensuring organisations do not inadvertently engage with entities or individuals subject to international or national sanctions, thereby avoiding facilitating unlawful activities.
How insurance companies can mitigate risks with effective sanctions compliance
Sanctions serve as a powerful foreign policy instrument, exerted by governments to influence behaviour by penalising nations, entities, or individuals engaged in unlawful activities.
New era of US sanctions: Preparing for a decade of enhanced...
As we move into the latter half of 2024, the landscape of international relations is increasingly fraught with challenges, from escalating global conflicts to...
Safeguarding financial integrity through advanced AML compliance strategies
In today's financial landscape, AML transaction monitoring is key for protecting the integrity of financial institutions and the global financial system.
Navigating the complex landscape of global sanctions in 2024
Sanctions play a crucial role in international diplomacy and law enforcement, ensuring that countries and entities adhere to international norms and regulations. Keeping up to date with the ever-evolving sanctions regulations, including OFAC's 50% Rule and the EU's new directives, remains a top priority for companies worldwide.
US regulatory priorities in 2023 & the coming years
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.
