Amy Keogh

Don’t let compliance give you a KYC-in’ headache! 🧠 At KYC Ireland, we turn complex AML and KYC processes into a breeze, ensuring your business stays on the right side of the law. Trust us to handle the details, so you can focus on what you do best. #ComplianceSimplified #KYCIreland #AMLExperts #JoinTheRevolution

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Weekly research from RegTech Analyst 84% of respondents have some form of automation or technology to manage their AML/CFT processes    PwC carried out a survey amongst regulated Irish financial services firms in Summer 2023 covering a wide range of industries, including funds, banking, e-money, payment services and insurance firms. The majority of respondents, accounting for 84%, utilize some form of automation or technology to manage their AML/CFT processes. However, this technology is fragmented, with 31% relying on multiple interconnected AML/CFT systems and another 30% operating multiple standalone systems. Over recent years, there has been a significant uptick in the use of technology for AML/CFT processes, driven by the goals of reducing operational costs, leveraging data analytics, and achieving a comprehensive 'single customer view' for complete customer risk assessment. Despite the increased reliance on technology, only one-third of respondents are considering investing in new AML technology within the next year, though over half are contemplating such investments within the next three years. Furthermore, while 52% of respondents have automated some or all of their KYC collection processes, a considerable amount of manual intervention is still required, particularly in document collection. These disparities are notable across industries, with e-money and payment firms exhibiting more advanced automation compared to traditional financial institutions. Customer due diligence (CDD) emerges as a critical control measure against potential criminal activity within firms. Despite its importance, only 75% of firms conduct annual periodic reviews for high-risk customers, highlighting a potential gap in risk management practices. Medium and low-risk customers are reviewed less frequently, with over 30% of firms relying on trigger events to update customer information. However, practices vary across industries, with the Asset & Wealth Management sector exhibiting a higher reliance on periodic reviews for medium and low-risk customers. Overall, there is a consensus among respondents that further automation is needed to enhance the CDD onboarding process and ensure robust risk management practices.

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Gardaí Sound the Alarm on Invoice Fraud Businesses and individuals, be on high alert! A recent surge in invoice fraud scams has caught the attention of Gardaí. Following the Westmeath County Council incident, where over half a million euro was lost, it's crucial to stay informed. How does it work? Fraudsters pose as contractors, sending emails requesting payment changes to new bank accounts. Protect yourself: - Verify via phone: Always confirm changes with a phone call. - In-person verification: Only agree to changes if someone visits in person. - Double-check details: Be meticulous when reviewing payment information. #cybersecurity #fraudawareness #gardaí #businesstips https://lnkd.in/di9t4PZH

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Many Irish regulated firms are planning training for their staff on the Individual Accountability Framework (the “IAF”) of the Central Bank of Ireland before year-end to ensure compliance with the requirement for ongoing compliance and staff training. As updated IAF guidance was issued by the Central Bank earlier this year it is important to ensure that previously prepared training materials (as well as policies and procedures) based on the November 2023 Guidance have been updated to reflect the changes. See our Legal Update below for more information or download it from the comments below. Happy to have related discussions. Looking forward to assisting firms to comply with their related obligations. #financialservices #funds #ucits #aif #fund #irishfunds #aima

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Establishing a regulated entity in Ireland requires some early, key hires. Typically, you are hiring two people quite quicky - CEO and a combination of Compliance / Risk / AML. These hires are setting the tone for the future of your entity here and require real consideration... check out this blog covering the importance of strategic hires. https://lnkd.in/ec8Tgrt8

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Interesting spot of significant direction from Department of Finance Ireland to the National Treasury Management Agency ("NAMA") regarding preparatory work required in relation to the Conclusion of Irish Bank Resolution Corporation Special Liquidation and Dissolution of the National Asset Management Agency "Re: Memorandum to Government on 2nd July 2024 relating to the General Scheme of the above mentioned Bill. Following Government's approval of the proposal to draft the Bill along the lines of the General Scheme, my Department is now working with the Attorney General's Office and the Office of Parliamentary Council to draft the Bill. The Bill provides inter alia for the residual assets and liabilities associated with the conclusion of the Special Liquidation of the Irish Bank Resolution Corporate (In Special Liquidation) ("IBRC") to the National Asset Management Agency ("NAMA"), at end 2024 / early 2025. The Bill is a priority piece of legislation for the Government. It is therefore important that appropriate support is provided by NAMA on an interim basis to undertake all necessary preparatory work required to facilitate the proposed transfer of residual activity from IBRC to NAMA pending enactment of the Bill. This support will ensure that operational activity can commence following the passage of the Bill. Therefore, and in accordance with Section 13(l)(d) of the Irish Bank Resolution Corporation Act 2013, I hereby direct NAMA to undertake all necessary preparatory work in respect of the transfer of residual activity of IBRC to it. This direction is given pending the enactment of the Bill, currently being drafted, which, when enacted, will facilitate such legal transfer. I direct NAMA to incur such costs as NAMA considers necessary or expedient in connection with this direction, and an estimate of these costs should be incorporated in the NAMA budget process".

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The balance between the need for #datacentres and #netzero. As described in this article, https://lnkd.in/eSh_uBfZ the energy requirements are enormous, to the point it causes problems with overall supply. Perhaps their #businessplan should include building their own sustainable power generation? https://lnkd.in/eZVaqVYD

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Discover the key takeaways from PwC Ireland's Summer Economic Statement 2024. Gain insights into the strategic fiscal policies shaping Ireland's economic landscape, from budgetary allocations to growth forecasts. Stay informed on the measures aimed at driving sustainable development and economic resilience.

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Stay ahead of the curve with PwC Ireland’s Financial Crime Quarterly Update: Q3 2024! From Deputy Governor Derville Rowland’s remarks on AML partnerships in Ireland to the EBA's 2025 work programme, this issue covers critical developments you need to know. Get the latest on regulatory changes and innovations shaping the future of financial crime prevention.

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A timely and readable summary of where the FS industry is on risk management around Climate Change with examples of good practice. Very well done to all involved including my good friend and colleague Fidelma Clarke.

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Today’s news from RTE highlights the crucial need for strong Anti-Money Laundering (AML) measures in fintech and cryptocurrency. The Garda National Cyber Crime Bureau's recent operation, seizing €6.5 million in cryptocurrency and arresting three individuals, shows Ireland's firm stance against digital asset misuse. As someone working in AML compliance within the digital asset space, this case underscores the challenges we face with the growing sophistication of criminal networks using cryptocurrencies. It’s a reminder to stay vigilant, continuously refine our practices, and collaborate closely with regulators and law enforcement to protect our financial systems. https://lnkd.in/e_6njHfJ #AML #Cryptocurrency #Compliance #Ireland #CyberCrime

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Bank of Ireland is recruiting for 100 technology roles to work on new customer features on digital channels, protecting customers against fraud, and advanced data analytics. The Bank is filling roles across data, delivery management, engineering, resilience and cyber, recruiting talent within areas such as cloud, open banking, APIs, AI and emerging technologies. In 2023, the Bank saw an 18% year on year increase in active digital users, with over 60 enhancements to the mobile app including biometrics and additional fraud monitoring. Continued digitisation in Wealth and Insurance saw the launch of a new customer portal and strong adoption of a digital advice platform. #careers #digital #fraud #AI

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The Central Bank of Ireland has anounced that the first theme of the Innovation Sandbox Programme will be "Combatting financial crime: Through the use of innovative technology, foster and develop solutions that minimise fraud, enhance KYC/AML/CFT frameworks, and improve day to day transaction security for consumers". The Problem Statements 1. Overall: What technological solutions can help to deliver positive outcomes for consumers and firms that support them in combatting financial crime and fraud? 2. Collaboration: Can collaboration and information sharing between and within the financial system, technology providers and other stakeholders enhance the effectiveness of anti-money laundering and counter terrorism financing efforts? 3. Firm obligations: How can innovative technology, including AI, be deployed to support firms to effectively meet their regulatory obligations? 4. Patterns: How can technology be better deployed to detect patterns or other indicators of consumer behavior that may indicate financial crime is taking place? 5. Consumer protection: How can efforts to combat financial crime ensure that the solutions do not comprise privacy, data, security or consumer protection? 6. Regulatory adaptability: What are the impacts of the changing trends and emerging technologies in financial crime on the regulatory frameworks and to what extent do the current regulatory frameworks enable or hinder the use of technology to combat financial crime? Applications for the Innovation Sandbox Programme will open in September 2024. #financialcrime #innovation https://lnkd.in/eccgK84J.

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The EU Data Act aims to make data more accessible and usable, while promoting data-driven innovation and competition. Do you understand the changes the Act will bring to your business? Read PwC Ireland’s latest insight and get a fuller understanding of what’s at stake.

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Let’s talk about Source of Funds 🫰 Understanding where your clients’ money comes from is key to mitigating financial crime and ensuring compliance 💷 At KYC Ireland, we specialize in robust due diligence that helps safeguard your business from risks Want to find out more on how we can help you manage your risks against money laundering? Visit our website at: www.kyc-Ireland.com/Join Don’t wait—secure your spot with KYC Ireland today and stay one step ahead of compliance #KYC #Compliance #AML #SourceofFunds

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Consistent with the findings in our Global Risk Study cybersecurity continues to be top of mind - Moira expands in the article below.

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In 2023, more than 232,000 people lost a total of £459.7m after fraudsters tricked them into accessing their bank accounts. Money expert Talia Loderick explains the steps you can take to keep you and your cash safe

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