NIYEAHMA’s Post

The regulated entities registered with International Financial Services Centre Authority (IFSCA) are required to comply with the AML regulatory framework. In this regard, the IFSCA has issued IFSCA (AML, CFT & KYC) Guidelines, 2022, laying down the compliance obligations regulated entities must adhere to. These requirements include appointing a designated AML Principal Officer, performing an Enterprise-Wide Risk Assessment (EWRA), developing the internal AML policies, procedures, systems, and controls, applying Customer Due Diligence measures, etc. Here is an informative graphic depicting the high-level compliance requirements of regulated entities subject to IFSCA (AML, CFT & KYC) Guidelines, 2022. 🌏 https://lnkd.in/dqYKRzvY #AMLIndia #AMLpolicies #AMLCFT #IFSCA #EWRA #AMLprincipalofficer #KYC #CDD #MLFT #riskassessment #sanctionsscreening #ECDD #FIUIND #STR #AMLtraining #AMLconsultants #AMLrecords

Are You Confident Your AML/CTF Compliance is Airtight? In today's complex regulatory landscape, ensuring strong AML/CTF compliance is crucial. But manually sifting through data sources and generating reports can be a time-consuming burden. Infix Risk Tech offers a powerful solution. Our KYC/KYB screening software leverages robust data sources to streamline compliance checks, identify potential risks, and generate comprehensive reports. Here's how Infix Risk Tech can benefit your firm: Accurate Data Sources: Confidently identify risks with high-quality data that minimizes false positives. Effortless Screening: Automate compliance checks, freeing up resources for strategic tasks. Seamless Reporting: Generate detailed reports to simplify regulatory submissions and maintain a clear audit trail. Are you interested in learning how Infix Risk Tech can help you achieve efficient and effective AML/CTF compliance? Let's connect in the comments below! #AML #KYC #CTF #Compliance #RegTech

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

Happy Hump day 😁 🔍 **Key Expectations for Effective AML Compliance** 🔍 In the fight against money laundering, supervisors expect companies to adopt robust and comprehensive Anti-Money Laundering (AML) programs. Here are the main elements supervisors look for: 1. **Develop and Implement an AML Program** - Risk-Based Approach - Clear Policies and Procedures - Strong Governance 2. **Customer Due Diligence (CDD) and Know Your Customer (KYC)** - Accurate Identification and Verification - Enhanced Due Diligence for High-Risk Customers - Ongoing Monitoring 3. **Transaction Monitoring and Reporting** - Automated Monitoring Systems - Timely Suspicious Activity Reports (SARs) - Currency Transaction Reports (CTRs) 4. **Training and Awareness** - Regular Employee Training - Comprehensive Awareness Programs 5. **Record Keeping and Documentation** - Adherence to Retention Policies - Easy Accessibility for Audits 6. **Independent Testing and Auditing** - Internal Audits - External Reviews 7. **Risk Assessment** - Periodic Reviews - Dynamic Risk Mitigation 8. **Cooperation with Regulators** - Timely Regulatory Reporting - Full Cooperation during Examinations 9. **Culture of Compliance** - Strong Tone at the Top - Zero Tolerance for Non-Compliance 10. **Technology and Innovation** - Utilization of Regtech Solutions - Adaptation to New Technologies By adhering to these practices, companies can ensure compliance and contribute to the global effort to combat financial crime. Let's build a safer financial system together! 🌍💼 hashtag #AML hashtag #Compliance hashtag #FinancialCrime hashtag #RiskManagement hashtag #RegTech hashtag #KYC hashtag #CDD hashtag #Governance hashtag #Training hashtag #Innovation

🔍 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

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

💡 Extensive changes to Latvian AML legislation are about to come into effect! Make sure to reflect those in your AML/CFT internal control system! 📌 𝗙𝗮𝗺𝗶𝗹𝘆 𝗺𝗲𝗺𝗯𝗲𝗿𝘀 𝗼𝗳 𝗣𝗘𝗣𝘀: grandparents and grandchildren will be no longer considered family members of PEPs. 📌 𝗘𝗗𝗗 𝗼𝗳 𝗣𝗘𝗣𝘀: EDD of PEPs, family members of PEPs and persons closely related to PEPs will no longer be mandatory, but rather risk based.  📌 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗮𝗯𝗼𝘂𝘁 𝘁𝗵𝗲 𝗽𝘂𝗿𝗽𝗼𝘀𝗲 𝗮𝗻𝗱 𝗶𝗻𝘁𝗲𝗻𝗱𝗲𝗱 𝗻𝗮𝘁𝘂𝗿𝗲 𝗼𝗳 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗿𝗲𝗹𝗮𝘁𝗶𝗼𝗻𝘀𝗵𝗶𝗽: obliged entity will have the obtain not just any information about the purpose and intended nature of business relationship, but information, which is sufficient to understand such business relationship.  📌 𝗨𝗽-𝘁𝗼 𝗱𝗮𝘁𝗲 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: quality of the information gathered during the last CDD will have to be considered when implementing measures for the assessment and update of the respective information.  📌 𝗥𝗲𝗺𝗼𝘁𝗲 𝗼𝗻𝗯𝗼𝗮𝗿𝗱𝗶𝗻𝗴: obliged entity will no longer have to obtain a copy of an ID document of a remotely onboarded customer. 📌 𝗖𝗗𝗗 𝗳𝗼𝗿 𝗹𝗼𝘄 𝗿𝗶𝘀𝗸 𝗲-𝗺𝗼𝗻𝗲𝘆 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝘀: CDD requirements for certain low risk e-money products have been clarified, explicitly exempting obligation to identify the client and its UBO and to obtain information about the purpose and nature of business relationship.  📌 𝗖𝗗𝗗 𝗶𝗻 𝗰𝗮𝘀𝗲 𝗼𝗳 𝗼𝗰𝗰𝗮𝘀𝗶𝗼𝗻𝗮𝗹 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀: the threshold for eligible payments is specified to be EUR 1000 or above (previously – above EUR 1000). 📌 𝗡𝗲𝘄 𝗿𝗶𝘀𝗸 𝗲𝗻𝗵𝗮𝗻𝗰𝗶𝗻𝗴 𝗳𝗮𝗰𝘁𝗼𝗿𝘀: the fact that client is a third country citizen who has applied for or obtained a residence permit due to an investment in company capital, acquisition of real estate or interest free government bonds or issuing a subordinate debt to a credit institution will have to be considered as a risk enhancing factor.  📌 𝗜𝗱𝗲𝗻𝘁𝗶𝗳𝘆𝗶𝗻𝗴 𝗮𝗻𝗱 𝘃𝗲𝗿𝗶𝗳𝘆𝗶𝗻𝗴 𝗨𝗕𝗢𝘀: obliged entities will have to use reliable and independent information source to verify client’s UBO; information about the UBOs ID document will only have to be acquired in cases of high AML/CFT risk.  📌 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 𝗼𝗳 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀: an internal control system will have to provide for a procedure for the assessment of suitability of employees directly engaged in AML/CFT risk management. 📌 𝗘𝘅𝘁𝗲𝗿𝗻𝗮𝗹 𝗮𝘂𝗱𝗶𝘁 𝗳𝘂𝗻𝗰𝘁𝗶𝗼𝗻: investment firms and CASPs will have to have an external audit function, unless supervisory authority decides otherwise. 📌 𝗠𝗶𝗻𝗶𝗺𝘂𝗺 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 𝗳𝗼𝗿 𝗴𝗿𝗼𝘂𝗽 𝘄𝗶𝗱𝗲 𝗽𝗼𝗹𝗶𝗰𝗶𝗲𝘀 𝗮𝗻𝗱 𝗽𝗿𝗼𝗰𝗲𝗱𝘂𝗿𝗲𝘀: provisions of the AML law which must be reflected in group wide policies and procedures are now specified.  ... 𝗮𝗻𝗱 𝗼𝘁𝗵𝗲𝗿 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 #AML #Compliance

With so many workflows to juggle every day, integrating Anti-Money Laundering (AML) compliance into the mix can feel overwhelming. But with more and more tales of hefty fines for accountants and bookkeepers who failed to comply to AML regulations hitting the headlines, it’s more important than ever that you get it right. When you’re already juggling the demands of a busy accounting practice, how can you add AML to the mix without letting the ball drop? Join me and Will Farnell on July 15 at 2pm (BST) to learn how you can integrate an AML process into your workflow that WON’T take you away from your daily tasks. You will learn: - Crucial insights into AML and KYC (Know Your Customer) essentials that will ensure rock-solid protection for your firm - Strategies to leverage cutting-edge tools and software to automate AML processes, enhancing efficiency and mitigating risks - Best practices for developing a robust AML process tailored to your firm's specific needs Register here and for on-demand: https://lnkd.in/e8aUD2gH

Compliance with #AntiMoneyLaundering Regulations: Is There a One-Size-Fits-All Approach? Customer #risk screening is essential to anti-money laundering regulations, but determining the accurate risk level is challenging. A risk level is associated with politically exposed persons (PEPs) due to the power and proximity to power they enjoy, which is why they are subject to enhanced due diligence. As Hugo Veazey Veazy said in his LinkedIn post, "Although doing business with PEPs is not forbidden per se, there can be inherent risks. Dealing with the wrong people can lead to serious reputational damage and legal consequences if it turns out that they are involved in some kind of criminal activity." However, deciding to implement enhanced #duediligence merely based on a person's #PEP status is not as simple as it may seem, as many factors can cloud judgment. As Antonio Abdilla Zerafa noted in his post while sharing the European Union’s approach, “Traditionally, determining Politically Exposed Person (PEP) status has been a subjective and, at times, a rather complex task, fraught with the risks of inconsistency and human bias.” There is also a visible difference between the UK and EU approaches, which could be a post-Brexit impact. In the UK, domestic PEPs are inherently treated as low-risk PEPs. So, how does this translate into the due diligence process? Compliance experts and tech-solution providers are not oblivious to this. Iain Armstrong, while posting about a workshop with Thistle Initiatives, highlighted, “A key topic was the recent changes to UK Money Laundering Regulations, which now require firms to treat domestic PEPs as inherently lower risk than non-domestic PEPs.” This new requirement raises an important question for compliance staff: What does reduced enhanced due diligence mean in practice? Alia M., Global Regulatory Affairs Practice Lead, of ComplyAdvantage also brought up this issue in the KYC AML Guide webinar "Mitigating the False Positives - Significance of Data Quality in AML Compliance." #moneylaundering #regulations #regtech #riskscreening