AML India’s Post

Excited to share that I've successfully completed a certification course on AML (Anti-Money Laundering) and KYC (Know Your Customer) from KYC Lookup This comprehensive course has provided me with valuable insights into the importance of AML and KYC in the fight against financial crime. Understanding these practices is crucial for preventing money laundering, fraud, and other financial malpractices that can have severe repercussions on the global economy. Some key takeaways from the course: Enhanced Compliance: Strengthening regulatory compliance by implementing robust AML and KYC frameworks. Risk Management: Identifying and mitigating risks associated with financial transactions. Customer Due Diligence: Ensuring thorough verification processes to confirm the legitimacy of clients. Global Impact: Recognizing the worldwide implications of financial crime and the importance of international cooperation. This certification marks a significant milestone in my professional development, equipping me with the knowledge to contribute effectively to financial security and integrity. #AML #KYC

Excited to share that I've successfully completed a certification course on AML (Anti-Money Laundering) and KYC (Know Your Customer) from KYC Lookup This comprehensive course has provided me with valuable insights into the importance of AML and KYC in the fight against financial crime. Understanding these practices is crucial for preventing money laundering, fraud, and other financial malpractices that can have severe repercussions on the global economy. Some key takeaways from the course: Enhanced Compliance: Strengthening regulatory compliance by implementing robust AML and KYC frameworks. Risk Management: Identifying and mitigating risks associated with financial transactions. Customer Due Diligence: Ensuring thorough verification processes to confirm the legitimacy of clients. Global Impact: Recognizing the worldwide implications of financial crime and the importance of international cooperation. This certification marks a significant milestone in my professional development, equipping me with the knowledge to contribute effectively to financial security and integrity. #AML #KYC

Preparing for an AML audit can be overwhelming, especially for DNFBPs navigating complex regulations and stringent compliance standards. 📋 The key to success? A proactive approach and the right tools at your disposal. Custos helps DNFBPs to with their compliance processes—from organizing KYC documents to enhancing customer due diligence—ensuring you are ahead of the curve. With our tailored solutions, you can minimize risks, optimize efficiency, and confidently meet regulatory expectations. Don’t let the fear of an audit hold you back. Equip your business with the tools it needs to stay compliant and secure. Read more here: https://lnkd.in/d9pMBFeh #KYC #AML #Compliance #Risk #Screening #Audit

Compliance made simple! 🎉 Revolutionize your AML and KYC processes with an all-encompassing compliance framework. Say goodbye to complexity and hello to efficiency! 👉 Read our latest blog: https://lnkd.in/etAJaiXx #AML #Compliance #Intapp #KYC #Risk

In its role as the knowledge partner, NIYEAHMA is partnering with Facctum to deliver RapidAML —a comprehensive AML compliance software solution for the #DNFBP and #VASP sectors. DNFBPs and VASPs are subject to AML/CFT laws and regulations across jurisdictions, encompassing various entities such as Dealers in Precious Metals and Stones (DPMS), Trust and Company Service Providers (TCSPs), legal professionals including Lawyers and Notaries, Accountants, Auditors, Tax Consultants, and Real Estate Agents. This sector, primarily made up of small to medium-sized entities, must adhere to a range of compliance requirements—ranging from sanctions screening, KYC processes, and customer risk assessments to regulatory reporting, AML/CFT policies, and Enterprise-Wide Risk Assessments (EWRA). However, the increasing complexity of compliance obligations, scarcity of skilled resources, and diverse regulatory frameworks pose significant challenges for DNFBPs and VASPs in automating their compliance functions effectively. Existing AML/CFT solutions are often fragmented, leaving organizations without a holistic view of compliance. This is where RapidAML stands out. Developed by FACCTUM, with NIYEAHMA’s expertise as a knowledge partner, RapidAML provides a comprehensive, unified AML compliance platform that offers an enterprise-wide view of risk and compliance for DNFBPs and VASPs. #AMLCFT #AML #AMLCompliance #AMLSoftware #AntiMoneyLaundering #Compliance #Risk #RiskTech #RegTech #ScreeningSoftware #KYC #Sanctions #SanctionsScreening https://lnkd.in/dGKWbG7w

We have today published ICAEW’s AML Supervision Report 2023/2024. The report explains how we deliver our AML supervisory strategy, details the information we are required to publish each year under regulation 46A of the money laundering regulations and includes the key findings from our supervisory activity.   We recently changed our methodology to focus on the effectiveness of AML policies and procedures rather than technical compliance, with compliance remaining high. The report details our most common findings for each of the three stages of CDD in line with this updated monitoring methodology, including our assessment of how well firms perform each stage   We started 1,088 proactive monitoring reviews in the year ended 5 April 2024, with 80.7% assessed as compliant or generally compliant indicating that many firms are using their designed policies and procedures effectively.   A total of 215 firms were required to undertake follow-up action to improve their processes. Thirty-nine firms were sanctioned and fined a combined total of £92,025, and one member was excluded.   We have worked hard to enrich our online resources and guidance to help our firms understand what is expected, particularly in relation to taking a risk-based approach and the report also signposts many of these resources. I strongly recommend staff at all ICAEW supervised firms read the report and use it when reviewing their AML policies and procedures.

🔍 Missed our insightful KYC webinar? Don't worry, we've got you covered! 🌟 In case you couldn't make it to our recent KYC webinar where we covered crucial topics including the basics of KYC, Risk-based approach, various risk types, Due Diligence, Red Flags in KYC, Enhanced Due Diligence (EDD), Simplified Due Diligence (SDD), and Beneficial Ownership, fret not! You can now catch the recording of our enriching session, which was held in collaboration with AML Custodians™ Heamanth K and compliance expert Justin Muscolino from JTM Compliance Training. Our Industry Expert Justin Muscolino & Practical trainer Heamanth K discussed lot of Key insights from KYC and red flags in KYC 🎥 Watch the recording here: https://lnkd.in/gPCfSHBb Take advantage of this opportunity to enhance your understanding of KYC protocols and best practices at your convenience. Stay tuned for more updates on future webinars! #KYC #Compliance #WebinarRecording #AML #RiskManagement

Traditional Anti Money Laundering (AML) compliance processes are overly reliant on humans. Designated Non-Financial Businesses and Professions (DNFBPs) are inherently small in size, and due to this, they always have a resource crunch. Traditional AML compliance processes involve humans to perform sanctions screening, Know Your Customer (KYC), risk assessment, and regulatory reporting. Along with the growth of the business, the AML compliance work also increases, and that’s where DNFBPs find it difficult to manage the volume of work with traditional AML compliance processes. Automation is the key, and it can help DNFBPs manage AML compliance and work smartly without affecting the business. AML software with automated screening, KYC self-service, and dynamic risk assessment helps comply with legal obligations. This infographic highlights the usual challenges associated with traditional AML compliance processes that businesses should be mindful of.  Check out the infographic now!  Infographic Link: https://lnkd.in/du--WhC4 #AMLCFT #AML #AntiMoneyLaundering #Risk #AMLCompliance #AMLComplianceProcess #Compliance #AMLSoftware #DNFBPs #RiskAssessment #KYC #RegulatoryReporting #CDD

As per the #IFSCA (AML, CFT & KYC) Guidelines, 2022, the regulated entities registered with International Financial Services Centre Authority (IFSCA) must apply Enhanced Due Diligence measures when dealing with high-risk customers.   When the customer is identified as posing increased ML/FT risk, additional checks and verification measures are to be applied, such as understanding the customer's financial profile by obtaining information about their source of funds and wealth, obtaining senior management approval, increasing the monitoring frequency, etc.   Robust #EnhancedDueDiligence will safeguard your business against the increased ML/FT risk. 🌏 https://lnkd.in/dFvvMuJn #AMLIndia #MLFT #AMLCFT #EDD #KYC #adversemedia #seniormanagement #AMLsoftware #AMLtraining #AMLconsultants #AMLcompliance

Did you know that improving your AML risk model can enhance your customer experience? Discover 5 more benefits of reviewing your AML risk model 👇 https://lnkd.in/gjjtDCFA