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How to write the perfect SAR?
Anti Money LaunderingAMLAudit FindingsComplianceDue DiligenceFinancial SanctionsKYCMoney LaunderingRed FlagsRisk Based ApproachReportingTransaction MonitoringSuspicious 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 ...
Why do most AML programs fail?
CorruptionAMLFinancial InstitutionsComplianceKnow your CustomerRiskAnti Money LaunderingKYCTone at the TopFinancial operationsTransaction MonitoringEthicsCompliance expertDespite 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...
How important are audit trails for your company?
Financial firmsAuditEthicsGovernanceConduct RiskRegTechTransparencyFinancial InstitutionsAMLMiFID2KYCAn audit trail (also called audit log) is a relevant chronological recording of actions, a set of files, or the destination of a collection of records that represent a sequence of successive activities or events within an operational environment, a p...