Pideeco’s Post

The FCA found common issues in UK AML programs including: Discrepancies between firms’ registered and actual activities. Financial crime controls which had not kept pace with business growth. A failure to risk assess their own or their customers’ activities properly. Inadequate resourcing and oversight of financial crime issues and requirements. These areas can be covered at scale with AML micro services integrated in with you existing AML program. AI/ML driven batch or API processing of customers and transactions can scale for any organization. Quantifind #amlcompliance #sanctions #sanctionscompliance #followthemoney

https://lnkd.in/eAHM5SNG Credit providers given stark warning by FCA on their lack of controls and compliance with Money Laundering regulations. A lot of issues around AML are caused when volumes increase and the current manual processing system fails. Intelligent Automation is the key to ensuring consistent and compliant outcomes for Consumers and also to satisfy the increasing robustness required under FCA rules and regulations

Anti-Money Laundering (AML) represents a critical framework within the financial and legal systems worldwide, aimed at detecting, preventing, and deterring the laundering of money. Money laundering is the process of making illegally-gained proceeds appear legal by masking the origins of the money, typically through complex sequences of banking transactions or commercial activities. The importance of AML measures cannot be understated, as they help maintain the integrity of the financial system, reduce financial crime, and promote a more stable and transparent economic environment. #aml #antimoneylaundering #fatf #moneylaundering #financialcrimes #financialcrime

In the poll we ran last week, 41% of you determined AML regulations to be the greatest cross-border payments challenge. Not surprisingly. In the complex landscape of financial transactions, understanding and implementing effective Anti-Money Laundering (AML) measures is crucial for safeguarding businesses against illicit activities and regulatory scrutiny. Ignoring or neglecting AML regulations simply isn't an option. Click below for a full guide of everything you need to know>> https://okt.to/B5kSPJ #AMLcompliance #crossborderpayments

Three broker-dealers face SEC charges for deficient AML compliance. Stay ahead of regulatory challenges and ensure your financial institution is equipped with the right tools and knowledge with Lowenstein Sandler LLP's Anti-Money Laundering client alert. #antimoneylaundering #investmentmanagement #moneylaundering #brokerdealer #regulatorycompliance

🚨 New in Insights: FCA Fines Starling Bank £28.9M – Key Compliance Lessons! 🚨 In our latest article, we break down the recent FCA enforcement action against Starling Bank and highlight essential takeaways for compliance professionals. From navigating Voluntary Requirements (VREQ) to enhancing AML and sanctions screening systems, this is a must-read for anyone in regulatory and financial crime risk management. 💡 Stay compliant, stay ahead! Read more here 👇 #Compliance #FCA #AML #VREQ #RegulatoryRisk #Sanctions #FinancialCrime #Fintech #ChallengerBanks #RiskManagement https://lnkd.in/enDdYc8W

🚨 A time saver for compliance professionals! 🚨 Sharing an insightful article from our team at CG Regulatory Solutions on the recent FCA fine of £28.9M against Starling Bank. It dives into key compliance lessons around AML, sanctions screening, and navigating Voluntary Requirements (VREQ). Essential guidance for anyone working in regulatory risk management! Check it out and stay ahead of the regulatory curve! #Compliance #FCA #AML #VREQ #RegulatoryRisk #Sanctions #FinancialCrime #Fintech #RiskManagement #ChallengerBanks

Compliance matters! Learn how TD's $3 billion settlement for AML violations underscores the importance of robust compliance programs. Find out more in Lowenstein Sandler LLP's latest Anti-Money Laundering client alert. #antimoneylaundering #tdbank #regulatorycompliance #moneylaundering #investmentmanagement #banksecrecyact

In the wake of increasing sophistication in financial crimes, one effective strategy for organizations is to implement a Risk-Based Approach (RBA) to Anti-Money Laundering (AML) compliance. This method involves, But not limited to: 1. Customer Due Diligence (CDD): Understand who your customers are, their business activities, and the risks they might pose. Enhanced due diligence for higher-risk clients can prevent the misuse of your services for laundering. 2. Transaction Monitoring: Use advanced analytics to detect unusual patterns or transactions that do not align with a customer's profile or business activities. This can flag potential money laundering activities early. 3. Regular Training: Ensure your team is trained to recognize the signs of money laundering. Knowledge is a powerful tool in preventing financial crimes. By adopting a risk-based approach, businesses can tailor their AML efforts to be both effective and efficient, focusing resources where they're most needed to safeguard the integrity of the financial system. #AML #Compliance #RiskManagement #FinancialIntegrity

𝐋𝐨𝐨𝐤𝐢𝐧𝐠 𝐭𝐨 𝐦𝐢𝐭𝐢𝐠𝐚𝐭𝐞 𝐭𝐡𝐞 𝐫𝐢𝐬𝐤𝐬 𝐭𝐢𝐞𝐝 𝐭𝐨 𝐩𝐨𝐥𝐢𝐭𝐢𝐜𝐚𝐥𝐥𝐲 𝐞𝐱𝐩𝐨𝐬𝐞𝐝 𝐩𝐞𝐫𝐬𝐨𝐧𝐬 (𝐏𝐄𝐏𝐬)? We'll show you the ropes on PEP screening, a key player in stopping money laundering. Let's walk through why it's a big deal and how to do it right.✅ #aml #transactionmonitoring #sar #str #amlcompliance #cryptotravelrule #theperfectmerchant #compliance #financialcrime #identityverificaiton #identityfraud #antimoneylaundering #amlkyc #kyc #knowyourcustomer #pep #pepcheck #pepscreening #politicallyexposedperson #sanctions