Pideeco’s Post

KYB, or "Know Your Business. This is a process that focuses on verifying and understanding the legitimacy and identity of businesses. It is commonly used by financial institutions, payment processors, and other service providers to ensure that the businesses they are working with are legitimate and comply with regulatory standards. KYB typically involves: *Verifying business information: Checking the business's registration details, ownership structure, and corporate documents. *Identifying Ultimate Beneficial Owners (UBOs): Understanding who ultimately owns and controls the business. That is, unveiling the true owners of the business *Assessing business operations: Gaining insight into the nature of the business, its products or services, and its target market. *Screening for risk: Checking for potential risks like involvement in fraud, money laundering, or other illegal activities. Basically, KYB is a major part of anti-money laundering (AML), counter-terrorism financing (CTF) and proliferation financing (PF) efforts and is required by law in financial industry. #KYB #Compliance #RiskMitigation

The First Line of Defence stands as a critical safeguard against illicit financial activities in the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) landscape. Comprising frontline employees who engage directly with customers, this initial layer plays a crucial role in identifying and reporting suspicious behaviours that could indicate Money Laundering or Terrorist Financing (ML/TF).  In this article, we will delve into the crucial role of the first line of defence in AML/CFT efforts, exploring employees’ responsibilities, challenges, and the importance of training in combating financial crimes effectively. For more details about the First Line of Defence, check out the blog now! Read the entire blog here: https://lnkd.in/dmJvA77d #AML #AMLCFT #AMLCompliance #AntiMoneyLaundering #DNFBPs #Compliance #CDD #EDD #SDD #CustomerDueDiligence

🚨 Important Update on AML Health Checks In the ever-evolving landscape of Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT), staying ahead is not just a requirement; it's a necessity. As legal frameworks and criminal activities evolve, so must our strategies to combat them. It's crucial for every reporting entity to implement robust AML health check measures within their AML frameworks. This not only helps in keeping up with changes but also ensures the effectiveness of your AML programs. 🔍 What should these measures include? 1️⃣ Development and implementation of comprehensive AML procedures. 2️⃣ Maintaining quality assurance to ensure ongoing compliance and effectiveness. 3️⃣ Testing the efficacy of your AML programs to identify and bridge any gaps in compliance. By integrating these health checks, your organisation can better evaluate the effectiveness of control measures and identify any compliance gaps. This proactive approach not only enhances your AML framework but also fortifies your organisation against potential financial crimes. #amlcompliance #financialsecurity #regulations #riskmanagement #crypto #btc #mica #sanctions #sec #ofac #kyc #riskassessment

FINTRAC ISSUES THREE GUIDING DOCUMENTS ON NEW AML/CTF REPORTING REQUIREMENTS The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) issued updated guidance to regulated firms as part of Canada’s efforts to enhance its anti-money laundering and counterterrorist financing measures. The three guides cover the use of the application programming interface, as well as the submission of casino disbursement and electronic funds transfer reports. The guides provide detailed instructions on how to submit financial transaction reports through the API report submission system, which offers secure system-to-system transfers to FINTRAC directly. The other two issued guides cover submitting casino disbursement and electronic fund transfer reports on issuances of more than CA$10,000. The guiding documents include examples and scenarios meant to help explain regulated entities’ reporting requirements. FINTRAC’s compliance guidance Reporting electronic funds transfers to FINTRAC (canada.ca) Note: the attached doc is just pages 1-100 of 374. Full document can be obtained on FINTRAC site #fintrac #AML #CFT #canada Guidance #june2024

Engaging and insightful discussion on emerging trends and the greatest challenges facing the financial services industry's fight against money laundering, fraud, terrorist financing and sanctions evasion. Thank you Kristi Diehl, CAMS, Raul Guizado, Jeff Horowitz, and Ilya Razuvanov, CAMS, CRCM, CFE for your terrific insights. It was indeed a pleasure to discuss these challenging topics with you. Kaufman Rossin #FIBA #AML #financialcrimes #FIBACONFERENCE #sanctions #amla2020 #fraud #compliance

The FATF identifies jurisdictions with weak measures to combat money laundering and terrorist financing (AML/CFT) in two FATF public documents that are issued three times a year. The FATF’s process to publicly list countries with weak AML/CFT regimes has proved effective. As of October 2024, the FATF has reviewed 137 countries and jurisdictions and publicly identified 112 of them. Of these, 85 have since made the necessary reforms to address their AML/CFT weaknesses and have been removed from the process.

May's issue of Commercial Crime International for 2024 is now available. This month, concerns are raised over the resurgence of maritime piracy in Somalia, posing a threat to global trade amid heightened tensions. Cargo crime fueled by high inflation remains a significant challenge, costing companies billions annually and disrupting vital supply chains. Additionally, the bulletin sheds light on the alarming prevalence of identity theft and fraud in Brazil, affecting millions of individuals. Within corruption, Ukrainian authorities strive to combat the country's former corrupt practices, albeit with mixed success. Meanwhile, Nigeria plans to issue new anti-money laundering guidelines targeting digital asset service providers to enhance screening processes. Download the full report below to read more. #ICCFraudNet #FraudNet #CCI #MaritimePiracy #CargoCrime #FraudBrazil #CyberCrime

The tranche 2 AML/CTF bill is finally here. In an effort to modernise and simplify Australia’s AML/CTF framework, which currently falls short of the international standards set by FATF, the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 was introduced into Parliament on Wednesday. AUSTRAC states the objectives of the bill are to: 💸 extend the AML/CTF regime to additional services 💸 modernise the regulation of virtual assets and payments technology 💸 simplify and clarify the regime, to increase flexibility, reduce regulatory impacts and support businesses to prevent and detect financial crime.        Among the changes are redesigned processes for the way KYC/customer due diligence is conducted and how an AML/CTF program is set up. The bill also extends the obligations on virtual asset service providers and, as expected, to certain high-risk services provided by the following: 🏡 real estate professionals; 👨💼 professional service providers (such as lawyers, conveyancers, accountants, and trust and company service providers); and 💎 dealers in precious metals and precious stones. #AMLCTF #AUSTRAC #regulation #financialservices Madison Marcus

#CounteringFinancialConference Isle of Man Financial Services Authority This is a prompt if you hadn’t realised that all the presentations from the conference are available on YouTube - see the link below

Last year, ACAMS hosted a groundbreaking webinar that showed GPS images exposing human trafficking and scam centers in Cambodia. The session revealed compounds where victims were forced into scams, highlighting the link between organized crime and human trafficking. This webinar proved prophetic; exactly one year later, the DOJ sanctioned Cambodian entities and individuals, including tycoons connected to these operations. These sanctions mark a significant step in disrupting trafficking networks, freezing assets, and targeting those exploiting vulnerable people. The ACAMS revelations played a crucial role in prompting decisive action against these criminal networks. #HumanTrafficking #ScamCenters #Cambodia #DOJ #Sanctions #ACAMS #AntiMoneyLaundering #OrganizedCrime #HumanRights #EndHumanTrafficking