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On January 1st 2017 New York State’s Department of Financial Services (DFS) Part 504 went live. This rule provides a clarification on how OFAC and other lists are screened and how transactions are monitored. The impacts of this rule may […]
Knowledge & Training
Today, the trend of de-risking by banks still remains one of the greatest threats to the remittance industry. Not only does it put these businesses out of practice, it also deprives people who have limited access to the formal banking […]
The FATF sets out its guidance for the regulation and supervision of DNFBPs in its 40 Recommendations (specifically Recommendation 24). The guidance requires jurisdictional authorities to take various supervisory steps, including: Implementing licensing requirements and ownership criteria for casinos. Introducing […]
What is 4AMLD and What Does it Mean for Regulated Industries? The European Union Fourth Money Laundering Directive (4AMLD) was ratified by the European Parliament in 2015 and was implemented in all EU states on the 26th June 2017. It […]
PEP Red Flags: Detecting Misuse Of The Financial System Many uncertainties and misunderstandings surround politically exposed persons, or PEPs. Classifying a client as a PEP is not an aim in itself; rather, it forms part of the process that enables […]
USA AML Fines 2008 – 2016: Common and recurring themes: The 20 point checklist By Anu Ratan, Senior Global FCC/AML Policy and Advisory | [email protected] published on: https://uk.linkedin.com/in/anuratan. Reprinted with kind permission. The list below is a summary of my analysis of […]
Common and Recurring Themes: The 40-point checklist By Anu Ratan, Senior Global FCC/AML Policy and Advisory Manager | [email protected] published on: https://www.linkedin.com/in/anuratan. Reprinted with kind permission. The list below is a summary of my analysis of UK FCA fines for AML […]
What are Ultimate Beneficial Owners (UBO)? In a constantly changing regulatory landscape, firms must ensure they know who they are doing business with by establishing the identities of their customers. With that in mind, financial regulators require firms to establish […]
Sanctions Against Iran: What You Need To Know Numerous governments have imposed sanctions against Iran over the past several decades. Iran sanctions measures entail a variety of economic restrictions and have broadly been imposed in response to the Iranian government’s […]
Cuba Sanctions from the United States The US government first imposed economic sanctions against Cuba on February 7th 1962 in response to the Cuban government’s political alignment with the Soviet Union, and its ongoing efforts to undermine democratic processes. Implemented […]
Economic sanctions against Syria are a response to the Syrian government’s use of chemical weapons against civilians and its sponsorship of terrorist groups. Numerous governments currently maintain Syria sanctions programs, which entail a variety of economic restrictions including trade embargoes, […]
What does the Mexican Unidad de Inteligencia Financiera do? Created in 2004, the Mexican Unidad de Inteligencia Financiera (UIF) is a government agency focused on detecting and preventing financial crimes such as money laundering and terrorist financing. The UIF is […]