Tag: FinCEN

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.

Compliance officers in the asset management sector are pivotal, often having to juggle multiple responsibilities.

In today's financial landscape, AML transaction monitoring is key for protecting the integrity of financial institutions and the global financial system. This continuous surveillance of...

Is your financial institution overlooking its greatest asset? In today’s competitive market, many companies undervalue the role of compliance.

In an era where regulatory oversight of the wealth and asset management sector is intensifying globally, the stakes for compliance have never been higher. This sector, pivotal to national economies, plays a crucial role in helping consumers manage their assets and achieve their financial goals. However, its significance also makes it a potential target for misuse by malicious entities aiming to launder money.

The world of finance is on the brink of a significant transformation, especially for investment advisors in the United States. On February 15th, 2024, a pivotal announcement was made by the Financial Crimes Enforcement Network (FinCEN) that is set to redefine the landscape of anti-money laundering (AML) and counter-financing of terrorism (CFT) compliance.

The Financial Crimes Enforcement Network (FinCEN) took a step towards strengthening the financial regulatory framework in the US.

In 2023, the global regulatory landscape unveiled a startling revelation as fines imposed by authorities exceeded a colossal $10.5bn. This figure not only reflects the stringent enforcement actions but also spotlights the emerging areas of regulatory scrutiny.

The Corporate Transparency Act (CTA) ushered in a significant shift in beneficial ownership reporting requirements starting from January 1, 2024. This change is more than a mere procedural update; it's a critical pivot in the financial regulatory landscape that demands attention and action.

In the ever-changing world of risk management, where the challenges are formidable and constantly evolving, the role of risk executives and their teams is more vital than ever. The cornerstone of this ecosystem, financial crimes compliance, requires not just vigilance but also a forward-thinking approach to innovation.