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🚨 Big Changes Ahead for Precious Metals Dealers! 🚨 As part of Australia's efforts to align with FATF Standards, Tranche 2 reforms are set to expand the AML/CTF regime to include precious metals and stones dealers. 💎💰 📑 New AUSTRAC Reporting Requirements: 💠 Enrolment: Businesses handling $10,000+ in cash or digital assets must register with AUSTRAC. 💠 Impacted Businesses: From jewellery retailers to mining operations and antique dealers. 🛡️ AML/CTF Compliance Steps: 💠 Develop a risk-based AML/CTF program 💠 Conduct Customer Due Diligence (CDD) to verify identities and screen for PEPs and sanctions lists 💠 Implement ongoing transaction monitoring 💠 Submit Threshold Transaction Reports and Suspicious Matter Reports 💼 Impact on Business Operations: 💠 Potential increase in operational costs 💠 Possible changes to payment acceptance policies 💠 Staff training on compliance and reporting These reforms aim to protect the financial system from money laundering and terrorism financing, keeping the precious metals industry safe and aligned with global standards. Need support navigating these new regulations? We're here to help - reach out to our team today! #AML #CTF #FinancialCrime #Tranche2 #Compliance #PreciousMetals

🌍 Key Outcomes from the FATF Plenary Meeting 🌍 The Financial Action Task Force (FATF) just wrapped up its second Plenary meeting under Elisa de Anda Madrazo’s leadership in Paris. Here's what you need to know: 🔍 Strengthening Financial Inclusion FATF is revising its Standards to support financial inclusion while maintaining a risk-based approach, balancing access with security. 🚨 Fighting Online Child Sexual Exploitation A new report targets financial flows linked to online child sexual exploitation, focusing on: ✅ Tracking transactions to catch offenders faster ✅ Combating live-streamed abuse and sextortion 🌐 High-Risk Jurisdictions and Monitoring Updates 📈 Added: Lao People’s Democratic Republic, Nepal 📉 Removed: The Philippines 🚫 Ongoing Suspension: Russian Federation remains suspended, with a call for vigilance against sanctions evasion 🤝 Welcoming New Members Kenya joins FATF’s guest initiative, along with Cayman Islands and Senegal, promoting a more inclusive global financial network. 📢 Public Consultations Open FATF is seeking input on: 🔗 Payment Transparency: Boosting security and transaction efficiency 🚦 Sanctions Evasion: Helping institutions spot complex financial schemes 📊 Financial Inclusion: Offering practical guidance for regulators and policymakers 👥 Leadership and Initiatives ✅ Giles Thomson (UK) to become FATF Vice President in July 2025 👩💼 Women in FATF Initiative: Second mentoring program launching in March 2025 🤝 Engagement with the Private Sector Collaboration with businesses and civil society remains a priority to tackle emerging threats. 🏠 Focusing on Non-Financial Sectors FATF stressed monitoring lawyers, accountants, trust and company service providers, and real estate agents to curb corruption. Stay tuned as FATF continues to shape the global fight against financial crime! #FATF #FinancialCrime #Compliance #RiskManagement #AML

Ramadan Mubarak ✨ Wishing all our clients, partners, and colleagues a month filled with peace, gratitude, and blessings. 🌙 #MemberCheck #Ramadan2025

🔍 Navigating Financial Crime Risks: A Must-Read for Large Financial Institutions 🔍 Financial institutions with complex operations, global reach, and significant resources face unique financial crime risks - from cross-border transactions and trade finance to high-net-worth client due diligence. 🚨 In our latest article, we break down the top financial crime risks large institutions encounter and share practical insights on how to address these challenges effectively. How is your organisation managing financial crime risks? Share your thoughts in the comments! 💬 #FinancialCrime #Compliance #RiskManagement #AML #FinancialInstitutions #RegTech #MemberCheck

📢 2 Days Left! At the Africa Bank 4.0 Summit – West Africa, we’ll be discussing: ✅ The role of AI in AML compliance 🤖 ✅ Strengthening KYC & due diligence processes 🔎 ✅ Reducing fraud in digital banking 📱 💡 What do you think is the biggest AML challenge today? 🔘 Emerging threats 🔘 Compliance costs 🔘 High false positives 🔘 Regulatory changes Comment below!👇 Let’s discuss before we meet in Accra on 26th & 27th February 2025! 🔗 https://buff.ly/418Pqwi

One Week to Go! 🚀 We’re ready to connect with banks, FinTechs, and regulators to discuss: 🔍 The latest AML trends  🤖 How AI is transforming risk management  ⚡ Practical strategies to fight financial crime Event Details:  📍 Accra, Ghana  🗓️ 26th & 27th February 2025 Will you be attending? Let us know in the comments, or DM us to schedule a meeting! Let’s shape the future of compliance together. 🔗 Buy Tickets: https://lnkd.in/g7mbqd9Z #AfricaBankSummit #AML #FinancialCrime #Compliance #Networking 

One of the biggest concerns for AML professionals is the sheer number of false positives. They not only consume valuable time and resources but also delay investigations into genuinely suspicious activities. By leveraging machine learning techniques, artificial intelligence provides a powerful solution to this challenge. The benefits?  🔹 Reduced false positives  🔹 Proactive risk detection  🔹 Better allocation of resources While AI isn’t a cure-all for AML challenges, it’s a transformative tool for modern transaction monitoring. As financial crime tactics evolve, AI-powered alert management will become increasingly vital to building a more efficient AML program. 🚀 #AI #TransactionMonitoring #MachineLearning #Fraud #AML 

🌍 How can West Africa strengthen its financial crime prevention efforts? At the 15th Africa Bank 4.0 Summit – West Africa, MemberCheck will be diving deep into #AML, #frauddetection, and #regulatoryadvancements to support a more secure financial ecosystem. We’re looking forward to engaging discussions with banks, FinTechs, and regulators on the latest compliance challenges and solutions! 📅 Are you attending? Drop a comment or DM - we’d love to connect! 🔗 https://buff.ly/418Pqwi

As 2025 approaches, the financial landscape is evolving—and so are the risks.🌐 Enterprise leaders must act now to fortify their organisations.  #Riskmanagement isn’t just a priority - it’s a strategic imperative. Proactive measures must be embedded into your operations, governance, and culture. For institutions managing billions, this means: 🔷 Anticipating disruptions with data-driven insights  🔷 Building adaptive frameworks to outpace competitors  🔷 Ensuring #compliance while driving innovation The time to prepare is now. Strengthen your defenses, future-proof your strategies, and lead with confidence. Let’s collaborate to ensure your institution thrives in 2025 and beyond. Ready to transform risk into opportunity? Connect with us to explore tailored #solutions. 🚀

Happy Year of the Snake! 🐍 May this year bring you prosperity, success, and exciting chances. 💐 #LunarNewYear2025 #YearOfTheSnake #Prosperity #Growth