Data Science Technology: This article explains how the use of data science can significantly reduce ‘back-office’ and ‘front-office’l costs whilst improving operational compliance efficiency. Because regulatory technology reports at the click of a button, the savings on human resourcing are immense. Using machine learning and algorithms, Regulatory Technology can provide instant reporting for ‘back office’ […]
A money laundering risk assessment is an analytical process applied to a business to measure the likelihood or probability that the business will unwittingly engage in money laundering or financing of terrorism. The risk assessment does this by identifying those aspects of a business that are most likely to attract money launderers or those wishing
This article explains the objective of an AML Programme and how to develop and maintain the same. An AML programme represents the policies, procedures and controls a business will apply to meet their commitments of managing money laundering compliance obligations. The AML programme is required to be updated following a review of the AML risk assessment. This
The frequency of when a business should carry out AML compliance monitoring will depend on a number of principles such as – Many businesses still use a manual process for developing and maintaining a monitoring framework. Because manual processes are time consuming, this is not the most efficient way for maintaining your risk assessment. A
This article provides insight on how to undertake an AML business risk assessment. The first step in developing an AML/CFT compliance framework is to identify to what extent your business is exposed to the likelihood of facilitating ML/FT. Globally, governments recognise certain areas within a business increase the risk of ML/FT occurring. These areas include
This article discusses anti-money laundering compliance obligations referred to as KNOW YOUR CUSTOMER (KYC). Globally anti-money laundering compliance obligations are increasing as a result of countries working harder to meet the principles of the Financial Action Task Force (FATF). The FATF is the international watchdog. It sets out the principles on how governments and businesses