Confused by all those AML terms and acronyms? In this handy glossary, you’ll find over 120 common AML/CFT words, phases, and abbreviations, as well as a rundown of the major regulatory bodies dedicated to fighting AML/CFT.
Newcomer’s Guide to the AML Galaxy
The KYC2020 Guide to PEP Screening: PEP Data and Screening Solutions
The KYC2020 Guide to PEP Screening: What features and technologies should you look for in today’s PEP data and screening solutions?
The KYC2020 Guide to PEP Screening: Defining PEP Risk
What is PEP risk, and why is it so critical to your AML/CFT compliance that you need to effectively screen for it?
The KYC2020 Guide to PEP Screening: Defining PEP and RCA
Screening for PEPs is a critical part of your financial institution’s risk-based AML/CFT program. In this article, we define what a PEP is and identify some of the biggest challenges that stand in the way of a good PEP screening system.
What does it mean to Know Your Customer?
Keeping your business compliant when it comes to sanctions screening can be a bit intimidating. Let’s start with understanding what it means to Know Your Customer or Client (KYC). Banks must check the identity of their clients at the time of onboarding.…
Your AML Compliance should not break the bank
As your customers demand faster turnaround times, your business needs the best AML compliance process in place. For many small and medium-sized enterprises (SMEs), meeting quality sanction and PEP screening requirements are often unaffordable. SMEs try to get by with…
How AI helps your company fight Cyber Crime
Easy access to online payments, including money transfers, makes the need for sanction screening and AML compliance critical. Fines for AML/CFT non-compliance can be significant. For SME’s, credit unions, and Fintech companies, finding efficient and affordable solutions had been out…
Identifying “layering” in the fight against money laundering
Many criminal activities generate substantial volumes of cash that require money laundering and layering to avoid detection. These can include drug trafficking, arms dealing, terrorist activities, theft rings, and even human trafficking. The anti-money laundering regulations and controls are in place to…
Writing Your AML Policy for Fintech Startups
Financial technology (Fintech) firms are subject to Anti-Money Laundering (AML) regulations or oversight via their relationship and dependency on banks. The unassuming, but crucial expectation, of this oversight is an AML policy which describes how the Fintech will administer their…
The Various AML Compliance Agencies
Navigating the complexities of AML compliance is no easy task. Simply understanding the agencies that create regulations and enforce regulations can be challenging enough. This makes the task of maintaining AML compliance even more challenging especially when it comes to…