Transaction Monitoring Reminisce – A Third Party Approach for AML Risk Management

With regulators piercing into organizations culture over historical look-back exercise, it is more than important to select the right party, devise the approach, be candid about the challenges, and finally have the regulators buy-in. If it is a chosen thirty party, credibility plays a very important role considering the geographic markets the business engages with, […]

Fund transfer formats & primary systems in accord with regulations:

Appropriate reporting of electronic transmittal’s are reasonably necessary for the fight against money laundering and terrorist financing in this century of advanced products and technological up-gradation. Messaging formats primarily are standardized, relatively, these days. However, format of an internal fund transfer databases that are maintained by different financial institutions vary based on various factors. Accounting, […]

The need to harness technology for improved effectiveness within regulatory landscape

Customer due diligence obligations in line with relevant Anti Money laundering and CFT acts will need to be harnessed within the development of online identity verification. Various advantages and disadvantages within this verification methodology and related risks need to be well addressed, with relevant technological up gradation, and thus reducing burden. Considering advancement in online […]

A ‘Mole’ behind the ‘Mule’ – Anti Money Laundering demeanor

Mankind has witnessed internet advance technologically in leaps and bounds, within this ‘Wild West’ environment. Mass cyber thefts of information be in on credit card or identity theft to account take over has become the norm within underground “carder” marketplaces. Smurfs,┬áthe term evolved initially evolved as a money handler, particularly for ill-gotten funds, but evolved […]