Ahmed AbdelMaqsoud’s Post

"As AML professionals, we know that our work is crucial in protecting the integrity of the financial system. But let's not forget that our efforts also have a direct impact on people's lives. By preventing money laundering and terrorist financing, we are helping to prevent harm and suffering around the world. Let's continue to work together to make a difference and create a safer, more just world for all. #AML #AntiMoneyLaundering #FinancialIntegrity"

Digital Transformation of AML/CFT Technology is transforming the way we work and live. In many fields, it offers considerable efficiencies and cost savings. The Financial Action Task Force (FATF) is exploring the opportunities that technology can offer to improve anti-money laundering (AML) and counter-terrorist financing (CFT) efforts.  New technologies for AML/CFT refer to: 1. Innovative skills, methods, and processes that are used to achieve goals relating to the effective implementation of AML/CFT requirements or 2. innovative ways to use established technology-based processes to comply with AML/CFT obligation A responsible use of new technologies, including digital identity and cutting-edge transaction monitoring and analysis solutions (including collaborative analytics) can assist effective, risk-based implementation of the Financial Action Task Force (FATF) Standards by the public and private sectors, as well as promote financial inclusion. #compliancematters #complianceiskey Super Pearls Professionals

Money laundering and terrorist financing are real threats in today’s world. That's why the Financial Crimes Enforcement Network, US Treasury (FinCEN) issued a modernization of its anti-money laundering and countering the financing of terrorism (AML/CFT) enforcement rules. It’s imperative for financial institutions to demonstrate strong programs that can detect and report suspicious activities and any financial anomalies from a risk-based approach. At Diligent, we have long supported a risk-based approach to fraud and AML/CFT detection with our integrated GRC approach, including using ACL for audit analytics and ongoing screening of third parties. That's why Russell Dover and Jason Venner, RIMS-CRMP-FED created a list of 5 best practices to comply with FinCen’s new AML/CFT requirements. 👉 https://bit.ly/4gXrrGk #MoneyLaundering #TerroristFinancing #FinCen

AML compliance goes far beyond just meeting regulations. Of course, it is important to ensure banks remain compliant. To help them: → reduce risks → meet regulations → avoid fines But there's another thing that drives me: Catching the bad guys. I’m talking about uncovering the criminal networks hiding in plain sight: → Stopping terrorist financing → Shutting down criminal rings → Preventing human trafficking This work goes way beyond Compliance. It goes beyond ticking the boxes. It’s about protecting society from the threats lurking beneath the surface. To help banks and financial institutions catch the criminals before they slip through the cracks. That’s what drives us at Reform.

𝗖𝗼𝗻𝘃𝗲𝗿𝘀𝗲 𝘄𝗶𝘁𝗵 𝗣𝗿𝗼𝗯𝗲𝟰𝟮 𝗔𝗜 𝗼𝗻 𝘁𝗵𝗲 𝗡𝗲𝘄 𝗥𝗕𝗜 𝗖𝗶𝗿𝗰𝘂𝗹𝗮𝗿: https://lnkd.in/g4pwq2GH The recent amendments to the Master Direction - Know Your Customer (KYC) Direction, 2016, streamline compliance by aligning with updated anti-money laundering and anti-terrorism regulations. Key updates include applying Customer Due Diligence (CDD) at the Unique Customer Identification Code (UCIC) level to avoid redundant checks, enhancing high-risk account monitoring, and ensuring timely KYC updates with the Central KYC Records Registry. These changes aim to improve efficiency, reduce redundancy, and strengthen compliance for Regulated Entities (REs).  #RBI #BankingRegulations #Compliance #Finance #GenAI

RegTech for secure financial transactions. We help businesses navigate the world of RegTech, including: AML (Anti-Money Laundering): Preventing criminals from disguising illegal funds. CTF (Counter-Terrorist Financing): Stopping terrorist organizations from accessing resources. KYC (Know Your Customer): Verifying client identities for secure transactions. KYB (Know Your Business): Ensuring the legitimacy of business partners. Stay compliant and build trust in the financial landscape.

💡💼 Automated AML/CFT Solutions: Streamlining Compliance 🕵️♂️💻 In the fight against financial crime, automated Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) solutions are game-changers. Here's why: 🚀 Real-Time Monitoring: Instantly analyze transactions for suspicious patterns and anomalies. 🔍 Risk-Based Approach: Tailor monitoring to customer and transaction risk levels. 🔎 Enhanced Due Diligence: Automate identity verification and screening against watchlists. 📊 Regulatory Compliance: Generate standardized reports, ensuring timely and accurate regulatory filings. 🔄 Seamless Integration: Easily integrate with existing systems, scaling as needed. 🔧 Continuous Adaptation: Stay updated with evolving threats and regulatory changes. 💪 Impact: Boost efficiency, reduce errors, and enhance the detection of financial crimes, ensuring a more secure financial system. Embrace automated solutions to stay ahead in AML/CFT compliance and protect your institution from financial crime risks. 🛡️💼 #AutomatedAML #CFT #FinancialCrime #Compliance #TechInFinance

Abuse of ICN is a major issue for police departments worldwide since it cross jurisdiction and involve multiple players. If you want to learn how #decisionintelligence can tackle these issues, DM me or go to www.nexyte.ai

CySEC Directive R.A.D 282/2024: A Key AML/CFT Update 🚨 New AML/CFT Measures in Cyprus! 🚨 The CySEC Directive R.A.D 282/2024 introduces critical updates to the regulatory framework, enhancing anti-money laundering (AML) and counter-terrorist financing (CFT) measures. Here's a quick overview: Key Changes 📝 📜 Expanded Definition of Identification Documents Acceptable documents now include: 🆔 National identity cards 🛂 Passports 🚗 Driver’s licenses 🏠 Residence permits This ensures easier client onboarding while maintaining robust security measures. #KYC #Compliance 💻 Updated Remote Onboarding Procedures 📹 Video call verification remains permissible but under stricter rules. 🚨 Enhanced due diligence for high-risk clients/transactions. 🧬 Advanced biometric verification techniques. 🔍 Cross-referencing documents with authoritative databases. 🛠 Institutions must notify CySEC about their electronic verification methods. #FinTech #AML Implications for Financial Institutions 💡 1. 🔄 Update onboarding protocols to include the expanded ID options. 2. 💸 Invest in cutting-edge verification technologies. 3. 🧑🏫 Train staff on new KYC and due diligence standards. By aligning with these updates, institutions can strengthen compliance, reduce fraud risks, and support a more transparent financial ecosystem. 🌍✨ #Finance #Transparency #Regulation Cyprus continues its progress in combating financial crime, aligning with EU standards. 💪

Global #economies can save $3.13 trillion by using #AI to detect and prevent #money laundering and terrorist financing, which costs trillions of #dollars annually, according to the inaugural #Napier AI / AML Index, published today by Napier AI in partnership with #GlobalData. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring