Tag: Financial Action Task Force

In the world of AML compliance, understanding the risks associated with Politically Exposed Persons (PEPs) is crucial.

When delving into the complexities of KYC and KYB procedures, it's evident that these frameworks are pivotal in safeguarding financial systems. According to AIPrise, however,...

The battle against financial crime is ongoing and complex, with Know Your Customer (KYC) protocols at the forefront of safeguarding compliance and securing business operations.

Financial institutions and regulated entities across Malaysia are gearing up for the nation’s fifth mutual evaluation by the FATF, scheduled for 2025.

Risk-based transaction monitoring represents a proactive method aimed at detecting financial crimes by closely analysing financial transactions to unearth potentially fraudulent patterns or signs of money laundering.

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.

Politically Exposed Persons, or PEPs, are those who occupy prominent positions in public offices, potentially including roles in government bodies, international organisations, or significant corporate entities.

Politically Exposed Persons (PEPs) represent a significant risk for money laundering and corruption within the financial sector. Alessa, a leading provider of Anti-Money Laundering (AML) compliance software, emphasises the critical importance of accurately identifying and screening PEPs before any business engagement.

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."

On January 10, 2024, a pivotal shift in the UK's regulatory framework will unfold as the Money Laundering and Terrorist Financing (Amendment) Regulations 2023...