Tag: Sanctions

Inadequate oversight in AML/CFT and sanctions can lead to substantial regulatory sanctions, reputational damage, and severe financial penalties.

The landscape of financial crime compliance is rapidly transforming. Amidst political upheavals and technological advancements, the cost of compliance has become an integral part...

Know Your Business (KYB) and Anti-Money Laundering (AML) are critical parts of the compliance ecosystem, but how aligned are they? FullCircl, a SaaS platform...

Quantifind is delighted to announce the latest enhancements to our risk management tools, rolled out in the second quarter of 2024.

The war in Ukraine has underscored how quickly sanction and PEPs lists can change. Since 2022, the US, UK, EU, Australia, Japan and Canada have imposed over 16,500 sanctions on Russia, according to the BBC. The current turbulent geopolitical scene means financial services firms need to be ready for regular, and often sudden, changes to PEPs and sanction lists. FinTech Global recently spoke to several industry players to ask whether financial institutions are keeping up with the modern sanction/PEPs landscape.

In the intricate world of FinTech, the geopolitical landscape plays a pivotal role in shaping compliance and regulatory frameworks. The aftermath of the Russian...

As we step into the second month of 2024, financial institutions (FIs) and regulated entities face a future that is anything but certain. Following...

With the industry's focus on rapid growth and market domination, the critical role of risk assessment in preventing money laundering, terrorist financing, and other illegal activities is frequently sidelined. This negligence can lead to severe consequences, including regulatory fines and reputational damage, ultimately impeding a company's ability to compete.

Unsurprisingly, terrorism-related events, especially those connected with recent happenings in the Middle East, have been a dominant topic in news headlines globally.

In September 2023, the Financial Conduct Authority (FCA) provided fresh guidance about how to treat Politically Exposed Persons (PEPs). In response to this, businesses under regulation might find it beneficial to revisit their existing PEPs screening systems. This not only ensures alignment with the new directive but also makes certain that the screening process remains both effective and efficient.