Fenergo’s Post

FIU releases new financial alerts for monitoring suspicious transactions https://lnkd.in/eDKREXmk #businessfortune #breakingnews #LatestNews #transactions #FinancialIntelligenceUnit #financialalerts #monitoring #suspicious #SuspiciousTransaction

#Eastnets is arranging an webinar with #Finextra on mitigating Trade Based Financial Crime (TBFC) compliance risk, will take place on 11 Jun 2024. click on below link to register; https://lnkd.in/d_E_QyF3 #AMLCFT #AMLCompliance #TradeFinance #AIdriven #Technology

🌐 Unveiling Recent Changes in MLR 2017: A Deep Dive into Enhanced Due Diligence for Domestic PEPs 🔄💼 The recent revamp of UK anti-money laundering rules sheds light on who gets extra financial scrutiny. While foreign PEP’s remain under tight watch, the fate of domestic figures is less clear. Dive in to understand the nuanced approach to "Enhanced Due Diligence" for domestic PEP’s and their associates. hashtag #MLR2017 https://lnkd.in/dF2K2zR3 🔍 Key Points on Enhanced Due Diligence (EDD) for Domestic PEPs: ▶ Definition of Domestic PEPs: Entrusted with prominent public functions by the United Kingdom. Differentiated from non-domestic PEPs. Risk Assessment for Domestic PEPs: -      Start with the assumption that they present a lower risk than non-domestic PEPs. -      Apply lesser EDD if no other enhanced risk factors are present. -      Increase EDD if other risk factors emerge. -      Avoiding Automatic High-Risk Tag: Regulations Emphasise on risk-based assessments and proportional EDD. Factors Influencing EDD Measures for Domestic PEPs: Function: Access to public funds, power, or control to grant licences or permits. Country: Risk associated with the country of prominent public function. Sector: High-risk sectors prone to bribery and corruption. Refer to FATF Guidance on recommendation 12 & 22 Adverse Media: Any news about Misuse of power or financial crime. Emphasis on time passed since the occurrence, materiality of the event, whether there has been a formal accusation, arrest or conviction or whether it concerns allegations or rumours, etc. Economic Link: Connection with the country of function and residence. Ongoing Relationship: CDD and transaction information relevance. 📈 EDD Measures Applied in a Risk-Relevant Manner: -      Assessment of Source of Funds (SoF) and Source of Wealth (SoW). -      Senior management approval. -      Enhanced ongoing monitoring. -      Consideration of personal relationships in a risk-based approach. ⚖️ Ongoing CDD, Transaction Monitoring, SOW, and SOF: -      SoF and SoW assessments aim to ensure funds originate legitimately. -      Scrutinizing PEP’s total assets origin (SoW). -      Investigating specific funds or assets in transactions or relationships (SoF). 🔍 Typical Involvement in SoF and SoW Assessment: -      Sources of funds and net annual salary. -      PEP’s estimation of total global wealth. -      Bank accounts, loans, and gifts. -      Ownership of real estate and other assets. Here's the question I'm throwing out to you: **➡️ What are some specific red flags that might warrant a higher level of EDD for a UK domestic PEP? 💪🌐 Share your thoughts, industry insights, and even personal anecdotes in the comments below! Let's keep the conversation going and ensure robust financial safeguards for everyone. hashtag #AML hashtag #FinCrime hashtag #PEP hashtag #EDD hashtag #RiskAssessment [Link to MLR 2017 Amendments]: https://lnkd.in/d66r7zJb The Dark Money Files Ltd | LinkedInlinkedin.com

Global financial institutions face increasing fines for failing to combat financial crime, reaching a tipping point that demands urgent action. How can bank leaders ensure successful change? For invaluable insights and strategies to achieve success in financial crime prevention, check the playbook "Fine Prevention: Why financial crime and regulatory programs fail and how to fix them" by BeyondFS. 📥 Download here: https://lnkd.in/eGuWde5Z

As well as offering multi-award winning decision intelligence technology, Quantexa’s consultative and strategic approach to Financial Crime engagement has been built and proven against some of the industry’s most fascinating challenges! We hope you enjoy our latest article focused on transformation and please reach out to find out how your financial crime and compliance programme can benefit. #antimoneylaundering #tradefinance #TBAML #decisionintelligence https://lnkd.in/euEpEHMg 

True Cost of Financial Crime Compliance Study for the United States and Canada | LexisNexis Risk Solutions risk.lexisnexis.com Learn what’s fueling rising financial crime compliance costs and explore current compliance challenges with industry-driven findings from our Study. For financial institutions, digital transformation has ushered in both growth opportunities and higher risk of financial crime. Read a study on financial crime compliance in the US and Canada, commissioned by LexisNexis Risk Solutions: https://lnkd.in/eTR5rJ46  #ExploreMoreLNRS

In case you missed it!   Clare Rowley, GLEIF's Head of Business Operations, provided her insights on how the LEI stands as a unique force against global 🌐 financial crime. Join us in anticipating the upcoming review of Financial Action Task Force (FATF) Recommendation 16 — a pivotal moment to harness the LEI's power for enhanced trust and transparency in the cross-border payment ecosystem.   #LEI #FinancialCrime #Trust #Transparency #FATF

🚨 The transaction monitoring industry faces significant challenges. Regulatory complexities, high false positive rates, and evolving financial crimes are major roadblocks. What's really holding it back? And how can we overcome these challenges? Explore our latest article to learn about the barriers and innovative solutions shaping the future of transaction monitoring. 👉 Read the full article: https://bit.ly/3KdsR0j #TransactionMonitoring #AMLCompliance #RiskManagement

The government is cracking down on financial crime, and organizations must adapt! Kroll expert, Maria Evstropova highlights the regulatory changes and the role of tech in compliance via Financial IT. Discover how to stay ahead and protect your firm: http://ms.spr.ly/6047Y7HLV #AML #RiskManagement

The government is cracking down on financial crime, and organizations must adapt! Kroll expert, Maria Evstropova highlights the regulatory changes and the role of tech in compliance via Financial IT. Discover how to stay ahead and protect your firm: http://ms.spr.ly/6045lDiA7 #AML #RiskManagement