Regulatory Compliance Journal
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 2022, financial institutions were fined a grand total of $4.17 billion (€3.95 billion) worldwide, with around $55 billion (€52 billion) ...
- 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 ...
- 11 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 institutionās 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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Inside RegTech - Regulatory Compliance Technology
Money Laundering, Know your Customer, RegTech, MIFID, Financial firms, Financial Institutions, Digital, FinTech,š¬ Introduction to RegTech and Regulatory ComplianceThe worldwide economic repercussions of the 2008 financial crisis led regulators to strengthen their regulations and controls against the financial market operators. Today, financial institutions ...
AML EWRA - How to conduct Anti-Money Laundering overall risk assessment?
Risk, Due Diligence, AML, Risk Management, Risk Based Approach, Audit, Financial firms, KYC, Compliance, 5AMLD, Audit Findings, FSMA, EU, EWRA,The Enterprise-Wide Risk Assessment (EWRA) or Overall Risk Assessment has become a regulatory obligation from an EU and Belgian perspective for all credit institutions, stockbroking firms, licensed insurance companies and banking industries submitte...
How can AML experts fight trade-base money laundering?
AML, Compliance, Red Flags, Terrorism Financing, Risk, Financial Sanctions, Money Laundering,Beneath the seemingly ordinary surface of global commerce, criminals have created an underground world of complex schemes, where legitimate business transactions serve as a smokescreen for their illicit activities. How can anti-money laundering exper...