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.
AML Compliance
Smart AML Compliance Solutions Powering Credit Unions into the Future
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…
The Biggest Obstacles to Credit Union AML Compliance in 2021
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…
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…
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)…
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…
