Tag: Risk-based approach

Not long ago, many firms treated financial crime risk assessments as a box-ticking exercise—documents produced annually to satisfy regulators, then filed away until the...

Financial institutions can expect regulators to zoom in on how they handle high-risk customers, unusual transactions and complex ownership structures, especially when controls have...

The US Office of the Comptroller of the Currency (OCC) has confirmed updates to its Bank Secrecy Act and Anti-Money Laundering (BSA/AML) examination procedures...

For financial institutions operating in an increasingly complex regulatory environment, safety, security and compliance with anti-money laundering (AML) obligations remain non-negotiable. According to SmartSearch, firms...

Gatekeeper professions, including lawyers, accountants, estate agents, and trust and company service providers, are increasingly caught between two powerful regulatory regimes: AML rules and...

Sanctions screening has become an essential line of defence in the global fight against money laundering and terrorism financing. Lawyers, accountants, real estate agents,...

Financial institutions worldwide continue to face hefty penalties for shortcomings in anti-money laundering (AML) procedures, with fines often reaching into the tens of millions. Napier...

The concept of risk-based approaches (RBAs) has become central to financial crime compliance worldwide. According to Arctic Intelligence, unlike rigid, rule-based systems, RBAs allocate...

Many financial institutions are still holding onto legacy anti-money laundering (AML) systems, opting to layer new technology over outdated infrastructure rather than starting afresh. While...

In today's financial landscape, AML transaction monitoring is key for protecting the integrity of financial institutions and the global financial system.