Polixis SA’s Post

🌍 Reflections: Solytics Partners at ACAMS The Assembly MENA 2024! 💼💡 Our team had a wonderful time at the recently concluded The Assembly MENA 2024, the leading #AML & #FCC event held on November 12-13 in Dubai! The event brought together top experts in financial crime compliance, fostering insightful discussions on the latest challenges and innovations in combating financial crime. Our representatives, Dr. Manish Kumar (Chief Analytics Officer) and Vishal Wagh (Presales Lead, MENA), had a fantastic time engaging with industry professionals, sharing expertise, and exploring collaborative solutions to support organizations in the fight against financial crime.   #KeyTakeaways from The Assembly MENA: - The role of #AI, #ML, and #GenerativeAI is becoming more prominent in financial crime detection - Regulatory landscape is evolving to mandate a proactive approach to AML/FCC detection and mitigation - The latest regulatory expectations from #FinancialInstitutions is to implement a comprehensive, enterprise-wide assessments of their Financial Crime Risk profile. Looking forward to continuing these conversations and driving impactful change in the field of financial crime compliance within the Gulf region!   #FinancialCrime #AML #FCC #Solytics #TheAssemblyMENA #RiskManagement #Compliance #ACAMSMENA2024 #Dubai #FinancialCrimeCompliance

Recently, our in-house AML expert Dipali Vora explained the intricacies of Enhanced Due Diligence (EDD) process as a critical component of the anti-money laundering (#AML), combating the financing of terrorism (CFT) and countering proliferation financing (CPF) compliance framework in the UAE.  Watch the recording of our webinar to for an in-depth analysis of:  🔹AML/CFT/CPF compliance requirements in the UAE 🔹The Customer Due Diligence process and different types of due diligences to be adopted based on the risk-based approach  🔹What, when, and how of #EDD for effective implementation 🔹Intricacies of Know Your Customer (#KYC) process and its nexus with EDD 🔹Managing high-risk customers, including Politically Exposed Persons (PEPs) 🎥 Watch the recording today and boost your AML/CFT/CPF compliance with robust EDD strategies! 🌍 https://lnkd.in/daefxd6q #AMLUAE #AMLCFT #riskbasedapproach #PEP #highrisk #riskassessment #proliferationfinancing #namescreening #CRA

Designated Non-Financial Businesses and Professions (DNFBPs) and Virtual Asset Service Providers (VASPs) in UAE must efficiently manage Money Laundering (ML), Financing of Terrorism (FT), and Proliferation Financing (PF) risks emanating from their customers. One effective approach to detecting and mitigating these risks is Adverse Media Screening, which helps DNFBPs and VASPs identify negative information about their customers from publicly accessible sources. Our latest eBook is a comprehensive guide to understanding Adverse Media Screening detailing key insights on the steps, best practices, and benefits of implementing Adverse Media Screening to reduce ML/FT and PF and separating risk-relevant negative news from materially unrelated adverse news for focused risk mitigation.   #AML #AMLCFT #AMLCompliance #AntiMoneyLaundering #DNFBPs #Compliance #Risk #AdverseMediaScreening #AdverseMedia #NegativeNewsScreening #AMLSoftware #AdverseMediaScreeningSoftware

Are you a financial crime fighter? If you are involved in #FinancialServices, then you have to get tough on money launderers and similar transgressors.   My latest contribution to FAnews Magazine-Online is based on a presentation to the recent DocFox Africa ‘Fighting Financial Crime Conference’.   The day kicked off with a detailed look at Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulatory environment, and compliance with same.   SA's progress in strengthening its AML-CFT framework, the significance of the Financial Intelligence Centre Act (FICA), and the country’s ongoing efforts to get off the Financial Action Task Force (FATF) (#FATF) #GreyList were on the agenda.   Manet Basson, MD at FTI Consulting highlighted the need for full business support for #ComplianceOfficers.   “Compliance officers without full business support are fighting a losing battle,” Basson said. She also reiterated that compliance went way beyond avoiding fines to mitigating the real risks posed by financial crimes.   Check out the full article if you want more background on improving your #CompliancePractices, and making a significant dent in financial crimes.   https://lnkd.in/dkP6UDYP   #Compliance #AML #CFT #FinancialCrime #RiskManagement #Regulation #FICA #POCA #POCDATARA #FinancialServices

We congratulate our winner for the GRC EMPLOYER Awards of the Year category, in the just concluded 2024 GRC & Fin Crime Prevention Achievement(MICROFINANCE BANK) Award category, and the Winner is; Olutayo Akande AAT,ACA You are most deserving of this award, Hearty Cheers!. Cc; FinaTrust Microfinance Bank #FinancialCrimePrevention #Governance #Risk #Compliance #Regulations #GRC #Advisory #Regulatorybodies, #FIMC, #finatrustbank #riskmanagement #exploremore #explorepage

ACAMS - Anti-Money Laundering/Countering the Financing of Terrorism Compliance Programs - Conducting and Responding to Investigations - Investigations Initiated by the Financial Organization - SAR Decision-Making Process The decision to file a Suspicious Activity Report (SAR) involves evaluating aggravating and mitigating factors discovered during the investigative process. Financial organizations should establish procedures documenting the considerations for determining SAR filings. Trained personnel should have clear protocols for escalating findings to an authorized individual for the filing decision, which must be documented with supporting reasoning. Reporting SARs to regulatory agencies or law enforcement within specified timeframes is typically required. Certain jurisdictions mandate reporting SAR-related information to senior management or the board of directors, including the number of reports filed, monetary amounts involved, and notable trends. Notification to leadership may be necessary for addressing significant or ongoing risks, leading to potential organizational adjustments. ⏲ More to come each 12:00 pm UAE time OR +4 GMT. 🔔 Thanks for Keeping following #ACAMS #CAMS #training #education #moneylaundering #antimoneylaundering #FATF #FIU #KYC #AML #CFT #SAR

We congratulate our finalists for the 2024 GRC & Fin Crime Prevention Lifetime Achievement Awards category as we joyfully unveil them to you. Now for the Lifetime Achievement Awards, the finalists are; Obiageli “Oby” Ezekwesili, Prof. Itse Sagay and Nuhu Ribadu We look forward to announcing the winner of this award. In the meantime, remember to go on and register for the Summit via this link, https://lnkd.in/d8QfeH5b We look forward to hosting you. #FinancialCrimePrevention #Risk #Compliance #Regulations #GRC #Advisory #Regulatorybodies #FIMC #FITC #Nigeria #compliance #management #SEC #FMAN #CIS #business #africa #investmentbanking #fraudprevention #antibribery #anticorruption #riskmanagement #riskeducator #sanctionscanner #grcfincrimesystems #grcsystems #compliance #management #SEC #FMAN #business #africa #investment #government #governementparastatals #ndic #bank #efcc #naicom #law

In line with the Financial Intelligence Analysis Unit (FIAU) Malta's strategy milestone to improve international cooperation and hold a stronger position internationally, our Director Alfred Zammit and a team from our Supervision section met with Lara de Carvalho Ribeiro – Head of the AML/CFT Inspection Unit, Joana Branco – Manager of the AML/CFT Risk Assessment and Planning Team, Ricardo Lebres – Advisor working in the AML/CFT Inspection Unit and Pedro Souto – Data analyst expert working in the Planning and Control Unit of the Legal Enforcement Department representing the Banco de Portugal. The aim was to exchange information on our risk assessment framework and methodology. #amlcft #internationalcooperation #strongertogether

The Financial Action Task Force (FATF) has updated its risk-based guidance on beneficial ownership and transparency of legal arrangements to help stakeholders from the public and private sectors that are involved in trusts or similar legal arrangements to assess and mitigate money laundering and terrorist financing risks. It sets out practical guidance on how to understand and assess the money laundering and terrorist financing risks associated with trusts and similar legal arrangements.  It explains the FATF’s requirements to obtain adequate, accurate and up-to-date beneficial ownership information for express trusts and similar legal arrangements, and highlights mechanisms to verify this information. The FATF will assess countries’ implementation of these requirements during its upcoming round of mutual evaluations. #fatf #beneficialownership #antimoneylaundering #ubo #risk #compliance

The #FATF has removed the UAE from the #greylist. So, does this mean that we need to update our risk assessments, JRAs and CRAs to reflect a low risk scoring for UAE and customers having links to the UAE? No. Why? 1. The UAE is still on the #EUCommission list of #highrisk countries as of today. 2. Jurisdictional risk assessments should not only consider AML/CFT shortcomings (non-reputable jurisdictions) but consider other factors which go beyond this sphere, such as level of #transparency and #ruleoflaw, level of #corruption, levels and type of #crimes, #BaselIndex and more (high-risk jurisdictions).