Customer Identification Program (CIP)
"The Customer Identification Program is not just a regulatory obligation; it is a critical tool in the fight against financial...
Non-Financial Businesses and Professions (NFBPs)
Non-Financial Businesses and Professions (NFBPs) encompass a wide range of industries and occupations that are vulnerable to money laundering and...
Customer Risk Assessment
Customer Risk Assessment is a crucial step in ensuring compliance with anti-money laundering (AML) regulations. This article explores the importance...
How to Develop an Effective AML Compliance Program
Developing an effective AML compliance program is a complex but crucial task. It's not just about ticking boxes or meeting...
Watchlist Screening
In this edition, we will explore the significance of watchlist screening, its definition, practical examples, statistics, and relevant numbers. Let's...
Global Risk Assessment in Anti-Money Laundering
Unravel the complexities of global risk assessment in the battle against money laundering. Discover how this process is pivotal for...
Correspondent Accounts
Correspondent accounts refer to accounts established by one financial institution, known as the correspondent bank, with another financial institution, known...
Designated Non-Financial Businesses and Professions (DNFBPs)
Designated Non-Financial Businesses and Professions (DNFBPs) refer to specific categories of businesses and professions that are vulnerable to being exploited...
Suspicious Order Report (SOR)
A Suspicious Order Report (SOR) is a regulatory requirement in the field of anti-money laundering (AML) and controlled substances, aimed...
Compliance Audit Trail
A compliance audit trail refers to the documented record of activities, events, and transactions that are captured, maintained, and monitored...
Regulatory Reporting
Regulatory reporting refers to the process of submitting timely and accurate reports to regulatory authorities as required by applicable laws,...
AML Internal Controls
AML Internal Controls refer to the policies, procedures, and processes implemented within an organization to detect, prevent, and mitigate the...
Reporting Obligations in Anti-Money Laundering (AML) Compliance: A Broad Dictionary Guide
Financial institutions have reporting obligations to fulfill when they come across transactions or activities that raise suspicions of money laundering...
Blockchain Analysis
Blockchain analysis refers to the process of investigating and examining transactions recorded on a blockchain network to gain insights into...
Money Laundering Stages: Placement, Layering, Integration
Money laundering is a process through which illegally obtained funds made to appear legitimate by disguising their illicit origins. It...
Bank Secrecy Act (BSA)
The Bank Secrecy Act (BSA) is a federal law enacted in the United States in 1970 that establishes the framework...
Currency Transaction Report (CTR)
When an individual or business deposits a significant amount of cash, typically above a specified threshold (currently set at $10,000...
Financial Crimes Enforcement Network (FinCEN)
"FinCEN and its counterparts around the globe must continue to cooperate and innovate together." -Sigal Mandelker
A Guide to KYC and AML Policies
Explore the importance of international AML cooperation and information sharing in combating money laundering. Understand the collaborative efforts between countries,...
Navigating the post-5AMLD AML compliance
Navigate the complexities of AML compliance in a post-5AMLD world with expert insights on strengthening customer due diligence, leveraging technology,...
Payment Service Providers in EU Travel Rule
Ensuring AML Compliance in the Era of the EU Travel Rule: Stay ahead of the regulatory curve with our comprehensive...
Politically Exposed Persons (PEPs)
To effectively manage the risks posed by Politically Exposed Persons (PEPs) and ensure compliance with regulatory requirements, AML professionals can...
Enhanced Due Diligence (EDD)
"EDD is an essential component of a comprehensive AML program, enabling financial institutions to have a deeper understanding of their...
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