Enhanced Due Diligence (EDD) represents an advanced level of scrutiny, serving as a crucial component beyond basic KYC checks. According to AIPrise, this process meticulously examines high-risk customers or significant transactions, delving into the source of wealth, business activities, and connections to high-risk jurisdictions. Unlike standard Customer Due Diligence (CDD), which only captures basic information, EDD …

In today’s rapidly evolving FinTech landscape, the capacity to effectively manage a growing volume of financial transactions is paramount, particularly with the rise in digital transactions. According to Napier AI, in 2022 alone, digital transaction volume soared by 22% to reach $2.2 trillion USD, with an increasing number transacted in small amounts or via new methods. …

In early February 2024, the US Treasury, under the guidance of Secretary Janet Yellen, announced its intention to strengthen the financial system’s defenses against money laundering. Recently, Fenergo took the time to explain why FinCrime regulation is imminent for US investment advisors. The Treasury Department is set to propose new rules enforcing anti-money laundering (AML) …

Australian RegTech firm Arctic Intelligence recently outlined the seven key steps for an independent review of their AML/CTF program. Developing a strong AML/CTF compliance programme is pivotal for successful independent reviews. Essential components of this programme include coherent and integrated policies, logical and defendable risk assessments, competent employee training, established transaction monitoring systems, and board-level governance. A …

Modernising anti-money laundering techniques has become a key aim of businesses around the world. How has this been happening in the US? In a recent presentation by Richard Berner, clinical professor of finance, co-director, NYU volatility and risk institute at NYU Stern, Berner discussed in detail how AML is modernising in the US market. Berner …

Alessa recently took the time to provide a full guide to suspicious activity reports and anti-money laundering measures. Suspicious Activity Reports (SARs) play a crucial role as an anti-money laundering (AML) measure across a multitude of financial and money service businesses. These reports are not only pivotal for ensuring financial security, but failing to appropriately file …