⚠️“Even in there’s no terrorist activity in your piece of paradise, you have to start documenting your compliance efforts to show that you won’t let bad actors weaponize your financial system.” Last week, our members participated in an outreach session conducted by Mr. Collins and Mrs. Kelly of the U.K. Technical Assistance Unit, focusing on combating the financing of terrorism, in preparation for Vanuatu’s next assessment by the APG/Financial Action Task Force (FATF)👮🏻♂️🌏 Representatives of the private sector were educated on identifying suspicious activities, which can be very different from classic money laundering. It was highlighted that even seemingly innocuous behaviours can indicate malicious intent upon closer scrutiny. Our advisors stressed the importance of a “dynamic” approach by which we proactively investigate entities and transactions and report any suspicion to the Financial Investigation Unit. The last thing we want is to get unintentionally involved in a terrorist plot and tarnish the reputation of Vanuatu’s financial system in the process.👀 #CTF #financialregulation #compliance
Financial Centre Association of Vanuatu’s Post
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The Financial Action Task Force (FATF) maintains a "grey list" of countries with strategic deficiencies in their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks. At Grant Thornton, we're committed to providing unparalleled expertise and guidance to our clients, ensuring they stay ahead of regulatory changes and seize opportunities for growth. Read our article and get in touch with us 👇 #GrantThornton #Insights #RegulatoryUpdates #GreyList #Malta #ComplianceAndRisk
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At Wednesday's Cabinet meeting, the #Armenian government approved the agreement on creating an international center for the assessment of the risks of #money laundering and terrorism funding. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #armenia
International center for money laundering, terrorist funding risk assessment to be established in Armenia
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VeriX by XTND goes beyond traditional solutions by integrating advanced identity verification, fraud risk management, and automated compliance checks to streamline and secure onboarding processes. With its AI and machine learning capabilities, not only accelerates identity verification and proactively detects fraud but also plays a crucial role in maintaining compliance. This is particularly significant in today's complex regulatory landscape, where innovative solutions like VeriX are key to building trust and driving sustainable growth. Explore how VeriX can transform your digital onboarding process and keep your business ahead of potential threats. XTND #FICA #AML #CTF #FinancialCompliance #XTNDVerix #ComplianceMatters #SecureFinance #DigitalOnboarding #Compliance #AML #CTF #VeriX #XTND #AI #MachineLearning #FraudPrevention
🚨 Attention Finance Professionals 🚨 The recent wave of penalties and sanctions by the Financial Sector Conduct Authority (FSCA) underscores the critical importance of stringent compliance in South Africa's financial sector. Ensuring adherence to FICA's anti-money laundering (AML) and counter-terrorism financing (CTF) regulations has never been more essential. The cost of non-compliance? Hefty fines that could significantly impact your business. 🛡️ Don't risk it. 🛡️ XTND's Verix is your answer in navigating the complexities of compliance, ensuring your business not only meets but exceeds AML and CTF standards. We've compiled all the insights, tips, and strategic guidance you need into one essential guide. ✅ Be proactive. ✅ Download your must-have guide from XTND today and cement your commitment to secure, integrity-driven financial practices. Together, we can drive change and foster a compliant, resilient financial sector. 👉🏾 Download the Guide Now https://bit.ly/4gQMPgr #FICA #AML #CTF #FinancialCompliance #XTNDVerix #ComplianceMatters #SecureFinance
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🚨 Attention Finance Professionals 🚨 The recent wave of penalties and sanctions by the Financial Sector Conduct Authority (FSCA) underscores the critical importance of stringent compliance in South Africa's financial sector. Ensuring adherence to FICA's anti-money laundering (AML) and counter-terrorism financing (CTF) regulations has never been more essential. The cost of non-compliance? Hefty fines that could significantly impact your business. 🛡️ Don't risk it. 🛡️ XTND's Verix is your answer in navigating the complexities of compliance, ensuring your business not only meets but exceeds AML and CTF standards. We've compiled all the insights, tips, and strategic guidance you need into one essential guide. ✅ Be proactive. ✅ Download your must-have guide from XTND today and cement your commitment to secure, integrity-driven financial practices. Together, we can drive change and foster a compliant, resilient financial sector. 👉🏾 Download the Guide Now https://bit.ly/4gQMPgr #FICA #AML #CTF #FinancialCompliance #XTNDVerix #ComplianceMatters #SecureFinance
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Adverse Media Screening is employed by Designated Non-Financing Businesses and Professions (DNFBPs) and Virtual Asset Service Providers (VASPs) to identify negative news and criminal history of potential customers to determine their risk profile. Watch our recent video that talks about integrating adverse media screening into the Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) compliance framework and gain more knowledge about effectively using screening software for a comprehensive risk assessment. Video Link: https://lnkd.in/dR_Gx-8u #AdverseMediaScreening #DNFBPs #VASPs #AntiMoneyLaundering #AML #CFT #AMLCFT #CounteringFinancingofTerrorism #AMLCompliance #AMLFramework
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The anti-money laundering and counter-terrorism financing 'landscape' in the EU is set to undergo significant changes with the introduction (effective from 9 July 2024 onwards) of Regulation (EU) 2024/1624, known as the Anti-Money Laundering Regulation (AMLR). This regulation marks a pivotal shift in the EU’s AML/CFT framework, which aims to enhance its uniformity and effectiveness across the Member States. The AMLR is part of a broader AML package that also includes the establishment of a new supranational AML authority that reflects the EU’s commitment to tackling financial crime with greater cohesion and precision. This update (https://lnkd.in/eqmvCwS6), written by Pierre De Pauw and Edouard Vandewiele from our Silver partner, NautaDutilh Brussels, outlines the key changes and implications of the AMLR.
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𝐖𝐡𝐚𝐭 𝐢𝐬 “𝐅𝐀𝐓𝐅” – 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐀𝐜𝐭𝐢𝐨𝐧 𝐓𝐚𝐬𝐤 𝐅𝐨𝐫𝐜𝐞❓ Established in 1989, the FATF is an intergovernmental organisation that sets international standards and promotes effective implementation of legal, regulatory, and operational measures to combat financial crime. 𝐒𝐞𝐞 𝐛𝐞𝐥𝐨𝐰 𝐭𝐡𝐞 𝐟𝐮𝐥𝐥 𝐩𝐨𝐬𝐭 KYC In Africa is your go-to destination for all things AML-related tailored specifically for our audience on the African continent. Follow our page for bespoke content designed to enrich your understanding of AML/KYC practices
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CEO - Vanuatu Captive Insurance Services Ltd and Vanuatu Insurance Brokers Ltd
2moFantastic to highlight this issue Martin. It must not be allowed to occur here in Vanuatu or anywhere else globally, for that matter. Attempting to combat the actions of individuals and companies involved is a totally different story given the sophistication of those who are seeking to do so. Those of us exposed to such attempts must remain vigilant.