Tag: CTF

Enhanced Due Diligence (EDD) represents an advanced level of scrutiny, serving as a crucial component beyond basic KYC checks.

Customer Due Diligence (CDD) stands as a cornerstone in the ongoing battle against money laundering and terrorist financing. It compels regulated entities to collect and verify personal details—name, address, date of birth, and government-issued identification—from customers to authenticate their identities and assess potential financial crime risks.

Ensuring compliance with sanctions screening is pivotal in risk management for globally operating businesses.

Know Your Business (KYB) is a crucial process for verifying business entities during the onboarding phase, aimed at understanding risk factors, financial health, creditworthiness, and beneficial ownership.

In a significant development reported in October 2023, the United Arab Emirates (UAE) is on the cusp of being removed from the Financial Action Task Force's (FATF) "grey list."

Proliferation Financing (PF) is becoming an increasingly important aspect of the compliance landscape, akin to well-known areas like anti-money laundering (AML) and counter-terrorism financing (CTF). Recently, regulators, particularly in the UK, have begun implementing stricter measures to help businesses identify and mitigate PF risks.

Australian RegTech firm Arctic Intelligence recently outlined the seven key steps for an independent review of their AML/CTF program.

The European Banking Authority (EBA) has recently released its third Report on the efficacy of AML/CTF colleges. 

The ongoing AI revolution is indisputably transforming risk management and customer identification processes (KYC), even though human input remains pivotal to these functions.

RegTech firm Arctic Intelligence recently took the opportunity to provide a guide into assessing the impact of ML and TF on your firm.