Nikolai Gafan

Cayman Islands Monetary Authority publishes AML/CFT Activity Report for 2022 The Cayman Islands Monetary Authority (“CIMA”) has recently published its annual AML/CFT Activity Report for 2022 and there are a few points worth noting. Members of our team share their analysis and you can also check the report on this link: https://lnkd.in/dvrnNkiv Follow us for more updates. #amlcompliance #CFT #caymanislandslawfirm #CIMA #InvestmentTrends

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Striking the balance: FSCA commissioner advocates for transparent processes in bank account closures. Banks should ensure their processes are fair and transparent when they decide to close a customer’s account, says FSCA Commissioner Unathi Kamlana (pictured). Derisking was one of the issues that Kamlana raised on 17 April in his keynote address to the Banking Association of South Africa’s “Banking on ethics” conference. Get more insight on “Derisking” why it is implemented in the full article: https://buff.ly/4aRAuFi Like, share, and subscribe to our weekly newsletters! #BankingAssociationofSouthAfrica #banks #derisking #FSCA #UnathiKamlana #moonstoneinfo #moonstoneupdate #industryupdates

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For board members and compliance officers of Designated Businesses in the Isle of Man, staying vigilant and proactive is part of the job description—especially with the potential of a regulatory inspection always on the horizon.  How does one ensure that their business isn’t just meeting the minimum requirements, but actually excelling in its AML/CFT obligations?  This blog seeks to arm you with the knowledge, strategies, and tools to sail through the IOMFSA’s rigorous inspections unscathed.   https://lnkd.in/exT_ynYR #isleofman #AML #CFT

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Secure your financial future today. The Cayman Islands’ retail banks encourage you to follow bank safety measures, from online banking and ATMs to third-party applications and social media. 🏦 Learn more via our Banking Safety Campaign here: https://zurl.co/8jb7 #bankingsafety #cibacayman

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Unity Trust Bank Appoints New Head of Financial Crime Read more: https://lnkd.in/d8QZdawi #UnityTrustBank #FinancialCrime #Leadership #Banking #finance #fintech #FinancialIT

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#Lenders, how are multifi solving the SME cashflow crisis with Modulr? multifi needed to offer loans that were fast and easily accessible. For that, they came to Modulr. ✔ Onboarded and loan received within 72 hours ✔ Customer accounts issued in second ✔ Manual loan payment processes removed   ➡ Read the full case study to find out how: https://lnkd.in/e3dDFekT #LendingPayments #PaymentsUnleashed #EmbeddedPayments

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@cayman islands monetary authority have released their annual AML surveys. If you are required to complete a survey and need assistance or have question in how to address correctly, contact our expert team for a zero-obligation consultation: [email protected] #Synrgy #Compliance #AML #CIMA #RegulatoryCompliance #Banking #Fiduciary #Insurance #Investments #Securities #VASP #FinancialServices

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Find out how we helped Great Southern Bank detect AUD$500,000 in fraudulent credit applications in just three months with GBG Trust: Alert 👉 https://lnkd.in/eKWT-vuy The bank needed a robust solution to scale up fraud prevention and protect customer funds. By integrating GBG Trust: Alert, it has strengthened its defences against financial fraud and, in particular, money mules. #FraudPrevention #FightingMoneyMules #GBGTrustAlert #FinancialFraud

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In the world of international finance, AML compliance is paramount. Cayman Islands funds must adhere to the Proceeds of Crime Act and Anti-Money Laundering Regulations to maintain their integrity and reputation. Looking to strengthen your fund’s AML framework? Watch the full video for a detailed guide on implementing robust compliance measures and protecting your investments. #HarneysFundsHub

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The Isle of Man Financial Intelligence Unit published its Quarterly SARs Report for Q2 2024 earlier this month. The report presents statistics in relation to Suspicious Activity Reports (SARs) received by the Isle of Man Financial Intelligence Unit in the second quarter of 2024 and you can access it via the comments below 👇 #isleofman #AML #CFT

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Compliance officers are essential in aligning business operations with regulatory requirements and fostering a culture that integrates compliance into strategic planning. Read more about this in the below article by Romina Bonnici. #GRCinMalta #ComplianceOfficers

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We are following the #DORA and #ESG Roundup at the Institute of Financial Services - Malta and Ganado Advocates Seminar held today with expert insights. 🔑 Key Messages: 💻 - DORA is not an ICT function or a compliance/risk function, it is a transformative regulation that needs to be led by both functions together and roping in governance from an organisation-wide perspective. - There are extensive regulatory requirements which however also apply a proportionaloty approach. The end game is not a tick-the-box race until 17 January 2025, but towards elevating the resilience of our wider (and own as an organisation) ecosystem. 🌎 - Sustainability has been on the agenda for decades but the EU has now taken the proactive approach to regulate towards this direction, to the extent of the possibility of penalties and fines under certain directives - is this too much? or is this too late? - An overview of the respective regulation includes #NFRD, #CSRD, #CSDDD and #EuropeanGreenBond Standard. The underlying theme goes against the current culture of short-term benefits but in distinguishing oneselves for longer term goals.

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Can PropTech and compliance work together…? Smart Compliance says yes! Tech has massively improved the speed and the process associated with AML compliance - but human intervention is still sometimes needed… Find out more below 👇

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As payment solution specialists we handle: ☑️ Origination of payments - Either internally, within a particular organisation, or externally to other participants in the payment industry. ☑️ Payment information retention - Creating a comprehensive audit trail and repository of transactions. This enables the resolution of enquires and disputes. ☑️ Processing - Capture, collection, processing and reconciliation of payment information. For banks and financial institutions in more than 35 customers across 13 countries… Shouldn't we be handling yours? Get in touch today and let's talk about how we can transform your payment solutions #Fintech #Finance #Banking #PaymentsModernisation

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After an FCA thematic review, a prominent retail bank uncovered significant issues in its handling of customers in arrears. Faced with intense regulatory scrutiny, the bank attempted to re-evaluate the forbearance options it provided to its customers. However, the project stagnated in the initial planning stages for an entire year and so they requested expertise from TCC. Our specialists recognised the need for a streamlined approach that emphasised the critical elements of each case, ensuring clarity for reviewers while consistently delivering fair outcomes. Read more about our strategy that reduced remediation cases by 60%. https://bit.ly/4do5wFk #FCA #compliance #remediation #RegTech #arrears #customeroutcomes #consumerduty #financialservices

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It’s AML Wednesday! A recorded webinar has been published online to provide further insight into the findings of the recent thematic review relating to the Island’s accounting profession. The video highlights the results, learning points and case studies following inspections conducted by our AML/CFT Supervision Division to test the effectiveness of Customer Risk Assessments (“CRAs”) at 51 external accountant, tax adviser, and/or payroll agent businesses. It builds on the CRA thematic report by explaining the background, thematic review process and key findings in more detail. By identifying trends and highlighting examples of good and poor practice, the Authority aims to help firms meet their obligations in respect of the AML/CFT Code. All firms are encouraged to watch the webinar and consider any action necessary to ensure their own risk-based compliance regimes in relation to CRAs are effective, up-to-date, and properly documented. CRA Webinar: https://lnkd.in/eGfwCbjM CRA Report: https://lnkd.in/e3vGeSCN #amlwednesday

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