Know Your Business is the mandatory method by which banks and financial institutions get to know their customers’ businesses to ensure everything is above board in order to minimise the risk of financial crime, money laundering or other fraudulent activity … Read More
Regulatory Compliance
Compliance Cost of Amber Management
A world of binary results of either pass or fail, (Green or Red) would be nirvana; but that just isn’t realistic. There will always be cases that require further due diligence before you safely commit to onboard, or continue to interact with the customer, or not. Ambers are those cases that fall between the ‘accept’ or ‘decline and cause your business a challenge. … Read More
Building Societies Digital Transformation
Digital transformation projects have been fast-tracked for Building Societies Learn more now. … Read More
Why is ultimate beneficial ownership verification important?
Ultimate Beneficial ownership verification and ongoing monitoring is now an essential component of the KYC onboarding and anti-financial crime procedures. However, peeling back the complex legal structures designed to conceal Ultimate Beneficial Ownership (UBO) represents a significant challenge. In this blog, we explore the confusion over multiple beneficial ownerships, the complexity share structures, understanding Trusts and how you minimise risk exposure when onboarding and monitoring UBOs. … Read More
Beneficial Ownership Monitoring is Fundamental for Global Economic Recovery
How well do you know your customer? As the pandemic continues on a global level, your clients’ risk status is changing at unparalleled speed. Effective ‘continuous KYC monitoring’ is essential for Compliance Officers if they want to stay ahead of the criminals. In 2020 firms have made significant investments in digitally transforming the front end of compliance at the point of onboarding, however many firms have not digitally transformed their monitoring processes, exposing their business to increasing levels of risk. In this blog we explore ongoing monitoring further. … Read More
Guide to Ongoing KYC Monitoring
Effective ‘continuous KYC monitoring’ is essential for Compliance Officers if they want to stay ahead of the criminals and satisfy the regulators. During 2020 many firms expedited the digital transformation of the front end of compliance, at the point of onboarding, due to the global pandemic and the need to meet the demand for digital interactions. These investments should now be used across the entire customer lifecycle to avoid exposing their business to increasing levels of risk. In this blog we explore the importance of ongoing monitoring in 2021. … Read More
Amber Management to Safeguard Compliance Risk
Protect Your Regulated Business with Amber Management to Safeguard Compliance Risk KYC monitoring and remediation KYC Monitoring and Remediation has become the ‘bete noire’ of many a compliance team. This is particularly the case with traditional regulated firms, who most … Read More
How Exposed is Your Regulated Business to Periodic Review Risk?
It now appears inevitable that the global spread of COVID-19 will cause a severe, if hopefully short-lived, recession. All economic downturns prompt greater levels of fraud and money laundering activity. Compliance Officers will need to be on the lookout for warning signs of criminal activity and ensure that the undoubted pressures of the current crisis does not weaken their focus on compliance and proper risk management. In this blog, we discuss the issues facing compliance professionals and how, in the current environment, a compliance team can be more efficient. … Read More
6th Anti-Money Laundering Directive 6AMLD
Despite the ongoing pandemic and Brexit negotiations, the European Union’s (EU) 6th Money Laundering Directive (6AMLD) comes into effect on the 3rd December 2020. The new directive is designed to invigorate the anti-money laundering efforts of financial institutions by incentivising good practice throughout sectors open to abuse by money launderers. It offers broader liability and more clarity on the regulation, whilst increasing the severity of punishments for money laundering offences. With these tougher rules business leaders will have to take it seriously. Read our latest piece to ensure you are up-to-speed on the Directive’s requirements.
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How to deliver your KYC remediation project
The importance of KYC remediation cannot be underestimated. With regulation continuing apace many firms are sitting on outdated client data that can expose their business to reputational damage and commercial risk. Whilst KYC remediation is a necessary evil, it has traditionally been a compliance headache. In this blog, we explore how best to equip your business to deliver efficient KYC remediation projects that support compliance, sales and the business as a whole. … Read More