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…
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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…
Why is an AML Policy so important?
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…
Building AML Compliance in Today’s Credit Unions
As regulators increase AML compliance demands on credit unions, the high cost of AML compliance is a critical challenge. How can credit unions both fulfill AML requirements and improve operations? Over the past few years complying with anti-money laundering (AML)…
5 Key Aspects to Finding the Right CAMLO
As a reporting entity under most Anti-Money Laundering and Counter-Terrorist Financing (AML/CTF) regulations you must appoint an able and qualified person as your Chief Anti-Money Laundering Officer (CAMLO). This is essentially the first step to meeting your legal obligations. The…
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…
Designating the Chief AML Compliance Officer
A classic Fintech startup has a tight budget making it difficult to hire a dedicated Chief AML Compliance Officer (CAMLO). This leads them to designating either a founder or other members in the organization to take on this role as…
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…
The Real Costs of AML Compliance
In 2018, LexisNexis found that the total costs of AML Compliance for financial firms in the United States is approximately $25.3 billion per year of operation. Compared to a firm’s bottom line, small businesses pay the most at upwards of…