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🚨 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐈𝐬𝐧’𝐭 𝐚 𝐆𝐚𝐦𝐞… 𝐁𝐮𝐭 𝐭𝐡𝐞 𝐅𝐈𝐂 𝐢𝐬 𝐊𝐞𝐞𝐩𝐢𝐧𝐠 𝐒𝐜𝐨𝐫𝐞! 🚨 If you’re in business, you’ve likely heard of the Financial Intelligence Centre (FIC)—South Africa’s watchdog against money laundering, terrorist financing, and other financial crimes. Compliance isn’t just a box to tick; it’s essential for protecting your business and contributing to a safer economy. We make FIC compliance easier by offering the specific checks you need to stay on top: • Real-Time ID Verification • PEP and Sanctions Screening • AML Screening 💼 Stay compliant, reduce risk, and keep your business protected with TGPDC’s tailored FIC solutions. Ready to see how we can help? Let’s chat! #FICCompliance #AML #RiskManagement #TheGoodPeopleDataCompany #TrustedBusiness

Welcome to our channel! In this video, we explore the critical Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) duties, shedding light on the roles and responsibilities of various stakeholders. Understanding these duties is essential for ensuring compliance, maintaining financial integrity, and preventing illicit activities. AML/CFT measures are vital for safeguarding the financial system against money laundering and terrorist financing. This video provides a comprehensive overview of the key roles and responsibilities involved in AML/CFT compliance, including those of financial institutions, compliance officers, regulatory bodies, and employees. Don't miss this opportunity to enhance your knowledge and strengthen your AML/CFT practices! Subscribe now and stay updated with the latest information on roles, responsibilities, and best practices in AML/CFT compliance. Let's work together to create a safer and more transparent financial environment. ⬇ CONNECT WITH US - Official website: https://rtcompliance.sg/ - Email us: support@rtcompliance.sg - LinkedIn: https://lnkd.in/e-5rVh7B - Facebook: https://lnkd.in/gd-MKBzW - Instagram: https://lnkd.in/evAmni6g 🔔SUBSCRIBE ON YOUTUBE https://lnkd.in/gj93SRKs #rtcompliance #aml #cft #antimoneylaundering #counteringfinancingterrorism #financialcompliance #regulatorycompliance #financialintegrity #complianceofficers #financialinstitutions #amlcftroles #amlcftresponsibilities #preventingfinancialcrime #financialsecurity #amlbestpractices #regulatoryupdates #compliancemeasures #financialcrimeprevention #amlcftguidelines #financialsystemsecurity #safefinancialenvironment

Risk Assessment in AML/CFTP: Identifying and Mitigating Threats In my previous article, I discussed the basics of Anti-Money Laundering and Counter Financing of Terrorism and Proliferation (AML/CFTP) Compliance Programs. Today, let’s focus on risk assessment, a critical component for identifying and mitigating money laundering (ML) and terrorist financing and proliferation (TFP) risks. Key Elements of AML/CFTP Risk Assessment include: 1. Understanding the Risk Factors 2. Conducting a Risk Assessment 3. Developing Mitigation Strategies 4. Continuous Improvement 5. Anticipating Regulatory Expectations By focusing on risk assessment, institutions can enhance their AML/CFTP compliance programs, meet regulatory requirements, and effectively safeguard against financial crimes. Note: - For more detailed information, please refer to the attached article. #AML #CFTP #Compliance #Insights

💻 How does technology support counteracting money laundering and terrorism financing?   ⚠ Legal regulations on counteracting money laundering and terrorism financing impose on several types of institutions a wide range of specific obligations. It is very difficult, fraught with additional risk, labour-intensive, and time-consuming to conduct all these tasks without using any AML technology.   🚀 Newest technologies often distinguish human decision-making skills. Automation not only saves time and money but also reduces the risk associated with manual work. Today, even the smallest institutions may apply AML solutions to prevent crime, as well as additionally increase their security and improve efficiency.   ☑ Here we have examples of 5 technology solutions that improve AML processes: 1. E-learning courses on AML – which not only provide access to up-to-date know-how but are also available any place and any time. 2. Online AML risk assessment – based on factors at the macro- and micro- level, including specific factors for an individual institution. 3. Online AML internal procedure – adapted to the type and needs of an institution, which may be easily used and updated. 4. Automated transaction monitoring, analysing, recording, and reporting – including the above-threshold and suspicious transactions. 5. Automated verification of clients and business partners – in relation to, among others, sanctions lists, PEP lists, and beneficial owners.   🏆 Would you like to improve your AML processes by using an expert AML solution? 👉 Contact us at dok@iaml.com.pl and let’s talk about how may iAML tools support your company!   #selfadvertisement #iaml #incasogroup #aml #cft #moneylaundering #antimoneylaundering #counteringfinancingterrorism #combatingfinancingterrorism

Let’s have a look at 5 examples of areas where technology may improve AML processes, save time, and minimise the risk of manual work! #advertisement #iaml #incasogroup #amlcompliance #compliance #duediligence #kyc #business #riskmanagement #financialcompliance #AMLregulations

The Financial Action Task Force (FATF) has released the third Follow-up Report & Technical Compliance Re-Rating on New Zealand’s Anti-money laundering and Countering financing of terrorism (#AML/CFT).  The Report ranks New Zealand’s AML/CFT compliance under four categories, being compliant, largely compliant, partially compliant, and non-compliant. The Report also provides recommendations for further compliance. See our note below -

OFAC issued a violation to MidFirst Bank on July 21, 2022, for processing 34 transactions worth $1 million for two sanctioned individuals. The issue arose due to a misunderstanding between the bank and its sanctions screening vendor; the bank believed screening occurred daily, while the vendor only screened monthly. Financial Action Task Force (FATF) emphasizes the importance of continuous monitoring, stating that the assessment of money laundering and terrorist financing risks should be reviewed regularly and in response to significant changes in management or operations. The risk profile is dynamic and evolves with changing circumstances and threats. The Wolfsberg Group's "Guidance on Sanction Screening" recommends screening at the start of a new relationship and regular intervals after that, triggered by events or changes in customer or list information. In cases where data changes frequently, screening may need to be as frequent as daily. #AML #Compliance #AMLWatcher #FATF #OFAC #ContinuousMonitoring

NEW AML & CFT PACKAGE OF RULES On 19 June 2024, a new set of AML & CFT rules has been published in the Official Journal of the European Union. The AML & CFT package of rules consists in the following legislative instruments: (i) Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“AMLD 6”); (ii) Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“General AML Regulation”); (iii) Regulation (EU) 2024/1620 of the European Parliament and of the Council of 31 May 2024 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (“AML Authority Regulation”). You can read the full article on the link below. #Bondoc&Asociatii #AML #CFT #EUregulation #moneylaundering Simona Petrisor, Diana E. Ispas

AML, KYC, Financial Crime, etc. Where do we stand? Do you think that the current AML rules are helpful to prevent money laundering and terrorist financing, or are they too far removed from operational reality? To learn more about the output of our AML survey we highly recommend to read our result report https://lnkd.in/e_JRx-KC #aml #kyc #financialcrime #pwcch #pwcswitzerland #amlsurvey #pwcproud #frauddetection #remediation #patrickakiki #compliance Gianfranco Mautone Alister Smith Luca Bonato Dario Orteca Michel Mönch

Today we conclude our series of videos on the obligations of regulated entities regarding the prevention of money laundering and terrorist financing.   On this occasion, Victor C. explains the monthly reporting of transactions (systematic reporting) that some regulated entities must carry out. The entities subject to this obligation must detect and report to Sepblac through the DMO 3.0 application certain transactions that have certain characteristics that may imply a higher risk (for example, factors of residence, location or quantity). In relation to this, the study of the splitting of operations is essential to detect possible criminal operations. You can consult the 10 videos that we have uploaded for our series on AML/CTF. Very soon we will bring you new series of videos. Don't miss them.