As the remittance industry has developed, so have the methodologies that criminals use to exploit its systems and customers. This infographic provides a checklist of factors remittance firms should consider to help build a successful AML compliance program.
As financial crime typologies and regulatory technologies evolve, how should compliance teams in remittance firms build and scale their AML programs? This infographic highlights the core components of a RegTech ecosystem that remittance firms should consider to achieve long-term success.
FRAML is an umbrella term for fraud and anti-money laundering. It reflects the growing focus on how the two are converging and the benefits of an integrated approach to detecting money laundering and fraud for fighting financial crime. Money laundering […]
Through money laundering, criminals fund and profit from illicit activity such as arms sales, narcotics, human trafficking, contraband smuggling, embezzlement, insider trading, bribery, and fraud schemes. In addition to organized criminal groups, professional money launderers perform money laundering services on […]
The non-fungible token (NFTs) sector is in a state of flux. Reuters estimates that sales of NFTs reached around $25bn in 2021, and individual items have sold for as much as $90m. But high-profile scams in 2022, such as a […]
Payment fraud is when someone steals another person’s payment information – or tricks them into sharing it – to make false or illegal transactions. The 2022 AFP® Payments Fraud and Control Survey reports that 71% of organizations were victims of […]
Enhanced due diligence (EDD) involves determining, based on a risk-based approach, to investigate particular clients more thoroughly – requiring significantly more evidence and detailed information about reputation and history to be collected. EDD is especially relevant for high-risk or high-net-worth […]
As financial crime evolves, regulators and financial institutions alike strive to refine their risk-based approach to AML. The vast amounts of data involved in AML compliance, and the increasing complexity of criminal methodologies, mean that financial institutions must constantly find […]
Is Cryptocurrency Legal in Malaysia? Cryptocurrencies: Not legal tender Cryptocurrency exchanges: Legal, must register with the Malaysian Securities Commission Although cryptocurrencies are legal in Malaysia, they are not considered legal tender. The country’s central bank, Bank Negra Malaysia, has issued […]
Most financial institutions (FIs) understand the importance of taking a risk-based approach to compliance. But what this means when it comes to client risk management practices differs by sector, organization and channel. Clients expect to be able to onboard and […]
For financial institutions looking to become directly authorized as investment firms by the Financial Conduct Authority (FCA), it can be difficult to know exactly which permissions are necessary to apply for. Understand the process and uncover which permissions investment firms need to apply for here.
Understand the Financial Conduct Authority’s Threshold Conditions and uncover the Do’s and Don’ts of submitting an application for authorization or registration.
EN