Section 314(a) of the USA PATRIOT Act is a regulatory mechanism that fosters cooperation between Financial Institutions (FIs) and Law Enforcement (LE) in the fight against financial crime, money laundering, and terrorist financing. Administered by the Financial Crimes Enforcement Network…
In today’s globalized world, terrorism financing is a common occurrence. Terrorism financing is the system by which terrorist organizations are able to acquire resources and move them around, allowing terrorists to carry out attacks. It is important for organizations to…
KYC stands for “Know Your Customer” and refers to a set of procedures designed to help businesses identify, understand, and manage their customers. It is an essential tool for preventing fraud and money laundering. If you are a business owner…
The very first step your financial institution must take when servicing the Cannabis business industry is to correctly identify if the business or the beneficial owner is high risk.
What are the core AML compliance solutions credit unions need to be AML/CFT compliant and still maintain their competitive advantage in the years to come? As credit unions continue to grapple with a growing mountain of costly and complex financial…
What unique challenges are credit unions facing in their AML compliance heading into 2021? This is the second article of our three-part series on AML compliance among today’s credit unions. Anti-money laundering (AML) compliance has always been a significant burden…
For more than 30 years, the Financial Action Task Force (FATF) has been the global standard by which many countries have wholeheartedly adopted the measure to combat Money Laundering and Terrorist Financing(ML/TF). Since the FATF first started in the late…
At the first ever Canadian Regtech Association (CRTA) event, attendees watched a variety of presentations related to Regtech. One of these topics included cases for utilizing AI and Machine Learning to reduce the burden of AML compliance. Use Cases Included:…
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