Regulatory Compliance Journal
The Enterprise-Wide Risk Assessment (EWRA) or Overall Risk Assessment has become a regulatory obligation from an EU and ...
- 11 min read
The understanding and management of risk by financial institutions, banks, and entities, has improved over the years. To...
- 10 min read
In recent years, regulators have begun to scrutinize more closely financial institutions regarding the soundness of thei...
- 8 min read
An audit trail (also called audit log) is a relevant chronological recording of actions, a set of files, or the destinat...
- 3 min read
4 articles matching audit tag
How to write the perfect SAR?
Suspicious Activity Reports (SAR) drafted by financial institutions contain some of the most valuable information available to law enforcement agencies in the fight against financial crime. Yet, the FinCEN Files scandal of 2020 has shown that major banks have consistently failed to write and s...
- 11 min read
Why do most AML programs fail?
Despite the consistent efforts adopted by banks to fight money laundering and financial crime, fines for AML breaches have hit an all-time high. In 2020, financial institutions were fined a grand total of $15.13 billion (€12.79 billion) worldwide, a 51.3% increase compared to 2019, with U...
- 10 min read
What are the impacts of Financial Data Leaks?
In the past decade, a series of leaks from insider sources have shed light on the complex systems of money laundering, tax evasion, and fraud perpetrated by certain countries and wealthy individuals. The profound work carried out by international journalists in publishing the wrongdoings have ...
- 10 min read
AML: What is adverse media or negative news?
The digital era has given KYC analysts unprecedented access to a plethora of information on individuals and companies. Newspaper articles, online blogs, and social media are accessible and filterable with one click and may reveal important news on a financial institution’s customer. However, ...
- 11 min read
Financing terrorism: The billion-dollar blood antiquities art dealing
The destruction of the ancient city of Palmyra and the beheading of its Antiquities Chief, Khaled al-Asaad, in 2015 by the hands of the Islamic State of Iraq & Syria (ISIS) are still fresh in the minds of many. Beginning in 2014, the terrorist group has wrecked havoc across the Middle East and...
- 10 min read
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Outcomes of the FATF October 2019 Plenary Week in Paris
FATF, GAFI, AML, FATF WEEK, Money Laundering, Corruption, Financial Sanctions, Red Flags, Risk Based Approach,For one week, from the 13th to the 18th October, representatives of 205 countries and jurisdictions, the IMF, UN, World Bank and other organizations (OECD, OSCE, Europol, Egmont Group of Financial Intelligence Units, ...) met in Paris for the Financi...
How to remotely identify clients and become PSD2 compliant?
PSD2, Europe, Digital, Financial Institutions, Financial operations, EU, Compliance, Financial firms,The European Banking Authority (EBA) published in June 2019 an : Opinion on the elements of strong customer authentication (SCA) under the revised : Payment Services Directive (PSD2) . The Opinion provides non-exhaustive lists of the authentication e...
How to write the perfect SAR?
Anti Money Laundering, AML, Audit Findings, Compliance, Due Diligence, Financial Sanctions, KYC, Money Laundering, Red Flags, Risk Based Approach, Reporting, Transaction Monitoring,Suspicious Activity Reports (SAR) drafted by financial institutions contain some of the most valuable information available to law enforcement agencies in the fight against financial crime. Yet, the FinCEN Files scandal of 2020 has shown that major ...