The 6th EU Money Laundering Directive aims to harmonize the criminal liability and the procedural requirements for the prosecution of money laundering in the EU countries and for international cooperation. What does that mean?
In order to protect the financial system from abuse, measures to comply with national and international embargo regulations are required. Filter software systems and their rule sets are of great importance there. However, these must be analyzed regularly to guarantee optimal hit quality.
Terrorists running online fundraisers. Cryptocurrencies are their preferred payment method. A new challenge for compliance.
Compliance will remain a complex and fast moving business also in 2020 and this blog will keep covering and looking at relevant topics from different perspectives. Diverse articles have caught a great deal of attention last year – from virtual bank accounts to KYC versus KYT to gifts and benefits from business partners. Here a complete overview and summary of the most popular topics in 2019.
KYC is a central element in the customer onboarding process and the risk-based transaction monitoring. But how effective is KYC really for efficient transaction monitoring? The content of transaction data is often poorly suited to fully understand what the transaction is about. A closer look into how to better understand your transactions.
The financial sector is one of the first domains to drive interest in using artificial intelligence (AI), even before high computing machines were available. With the release of Louis Bachelier’s thesis Théorie de la Spéculation (Theory of Speculation) in 1900, advanced mathematics in the financial field originated and the rise of statistical modelling marked the beginning of primitive AI in
Know your customer (KYC) –is one of the most important topics in bank compliance. It includes several preventive measures to accurately identify the customer. Financial institutions are faced with the enormous challenge to prevent money laundering and terrorist financing. To minimize risks, it is necessary to obtain information about your clients and their financial transactions. Anti-Money Laundering Directives, KYC and
From typo to terrorist financing? Applied linguistics in compliance When the EU imposed sanctions on the Gaddafi regime in early 2011, no one could have foreseen the ensuing problems for compliance. A lack of clear standards for the spelling of Arabic names in Roman script gave rise to dozens of variations of the Libyan leader’s name. From Muammar Qaddafi and