Designated Non-Financial Businesses and Professions (DNFBPs) and Virtual Assets Service Providers (VASPs) in the UAE need to ensure that customer risk arising from potential money laundering (ML), financing of terrorism (FT), and proliferation financing of weapons of mass destruction (PF) is adequately addressed. Adverse Media Screening is one such customer risk mitigation measure that helps DNFBPs and VASPs identify negative information about their customers through the information available in the public domain. This blog discusses the steps, best practices, and benefits of implementing a suitable adverse media screening in any business to curb ML/FT and PF risks. Read the entire blog here: https://lnkd.in/dMwNWKdB #AML #AMLCFT #AMLCompliance #AntiMoneyLaundering #DNFBPs #Compliance #Risk #AdverseMediaScreening #AdverseMedia #NegativeNewsScreening #AMLSoftware #AdverseMediaScreeningSoftware
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Effective implementation of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures is crucial for DNFBPs and VASPs operating in the UAE. For this purpose, DNFBPs and VASPs must draft and implement their internal AML/CFT policies and procedures to ensure compliance with the UAE AML/CFT Laws. This article delves into the essential components and best practices necessary for crafting robust AML/CFT policies and procedures. It aims to provide a comprehensive understanding of how DNFBPs and VASPs can mitigate risks associated with money laundering, financing terrorism, and proliferation financing while ensuring compliance with UAE federal regulations. For a better understanding, check out the entire blog now! Article Link: https://lnkd.in/dd_mQ_R8 #AML #AMLCFT #AMLCompliance #AntiMoneyLaundering #DNFBPs #Compliance #Risk #AMLPolicy #AMLCFTPolicy
Crafting Effective AML/CFT Policies: Best Practices for UAE DNFBPs and VASPs
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ABM Digital Training - Equipping Your Team to Fight Financial Crime. The UK takes Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) regulations seriously. Does your business know how to comply? Our AML/CFT training helps businesses of all sizes: ✅ Understand their AML/CFT obligations ✅ Identify and report suspicious activity ✅ Conduct effective Customer Due Diligence (CDD) ✅ Minimize the risk of financial crime Why Choose ABM Digital Training? ➤ Flexible online learning: Train your team anytime, anywhere. ➤ Expert-led content: Stay up-to-date with the latest regulations. ➤ Engaging and interactive format: Keep your team motivated. ➤ Certification upon completion: Demonstrate your commitment to compliance. Don't wait! Protect your business and reputation. Enroll your team in AML/CFT training today! https://lnkd.in/gTST3-es #AML #CFT #UKCompliance #ABMDigitalTraining #FinancialCrime #OnlineLearning
AML/CFT Training Requirements for UK Businesses
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Hey folks ! 🔍 What’s the Primary Goal of an AML/CFT Program? Let’s Discuss! When we think of Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT), the ultimate objective often sparks debate. A robust AML/CFT program addresses multiple priorities—but if you had to pick one primary goal, what would it be? Here are some perspectives: a) To protect the organization against money laundering, terrorism financing, and financial crimes. b) To report suspicious activities to the relevant authorities. c)To educate employees on legal obligations, internal policies, and risk mitigation strategies. d) To ensure compliance with laws and regulations, avoiding hefty penalties. Each aspect is critical, but which one truly stands out as the core purpose ? 💡Your opinion matters! Let me know in the comments: - Which of these options resonates most with you as the primary goal? - Or do you believe all of them are equally important and interconnected? Let’s spark a conversation on how we, as professionals, can collectively strengthen AML/CFT programs. 🌍✨ #AML #CFT #Compliance #RiskManagement #FinancialCrimes
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Let's be honest, the KYC process may feel a little invasive, nosey, or outright unnecessary. "Why do I have to prove that I'm me?!?" It is absolutely necessary once you understand both sides. With new data leaks happening weekly, keeping our info private seems like a thing of the past. The next best step? Ensuring the info submitted is authentic. Yes, it's annoying to prove your own info, but it's far more frustrating when someone else uses your data. KYC helps protect us from that. #KYC #DataSecurity #PrivacyProtection
Strategic Sales & Business Development Executive | Strategy Development & Execution | Channel Partnership Sales
The Know Your Client (KYC) process helps against money laundering and prevents the financing of terrorist activities. It is a mandatory process required by many countries to ensure that the customers are actually who they are claiming to be... https://lnkd.in/ehhEWHyS #KYC #KYB #AML #governance #risk #compliance #OFAC #BSA #sanctionsscreening #sanctions #fraudprevention #FATF #IDverification #riskassessment #CDD #EDD #antimoneylaundering #GlobalRADAR #riskmanagement
Know Your Client (KYC)
corporatefinanceinstitute.com
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The Know Your Client (KYC) process helps against money laundering and prevents the financing of terrorist activities. It is a mandatory process required by many countries to ensure that the customers are actually who they are claiming to be... https://lnkd.in/ehhEWHyS #KYC #KYB #AML #governance #risk #compliance #OFAC #BSA #sanctionsscreening #sanctions #fraudprevention #FATF #IDverification #riskassessment #CDD #EDD #antimoneylaundering #GlobalRADAR #riskmanagement
Know Your Client (KYC)
corporatefinanceinstitute.com
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Timeline for the New AML/CFT Regulation, the 6th AML/CFT Directive, and the Future EU AML/CFT Supervisor A new AMLR will take effect on July 10, 2027, establishing uniform, directly applicable rules across all Member States. This regulation covers a wide range of aspects, including the scope of obliged entities, customer due diligence, beneficial ownership transparency, and reporting obligations, and expands the scope to include Crypto-Asset Service Providers hashtag #CASPs. Also, the future Directive on the mechanisms to be implemented by Member States hashtag #AMLD6 aims to harmonize the practices for detecting and mitigating money laundering and terrorist financing risks. As a reminder, Member States have three years from its entry into force to transpose its provisions into national law. Finally, based in Frankfurt, the AMLA will start its operation in 2025 and will be in charge of supervising directly a pre-defined number of SOEs, which shall be selected among the obliged entities hashtag #OEs as defined under the AMLR, and act as an indirect supervisor for the non-selected obliged entities hashtag #NSOEs and more generally as AML/CFT supervisor for the whole financial sector. #AML #EURegulations #FinancialSecurity https://lnkd.in/eGPNpDCE
Le nouveau règlement LBC/FT, la sixième directive LBC/FT et le futur superviseur LBC/FT de l’UE (uniquement en anglais)
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Understanding Name Screening in AML/CFT Frameworks In today's financial landscape, effective name screening is crucial to safeguarding institutions against financial crimes like money laundering and terrorism. Implementing thorough name screening practices in Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) frameworks can significantly reduce risk. Here’s a quick breakdown of key components for effective name screening: 1️⃣ What is Name Screening? A process designed to identify individuals or entities that pose potential risks. 2️⃣ Key Objectives Prevent financial crimes, ensuring safety and compliance. 3️⃣ Regulatory Requirements Compliance with local and international regulations is mandatory. 4️⃣ Screening Sources Using multiple databases for comprehensive checks. 5️⃣ False Positives Management Reducing unnecessary alerts to focus on real threats. 6️⃣ Integration with Systems Seamlessly incorporating screening into existing compliance workflows. 7️⃣ Ongoing Monitoring Regular updates to maintain accuracy and effectiveness. 8️⃣ Training and Awareness Educating teams on the importance and impact of name screening. By understanding these steps, organizations can better protect themselves and contribute to a safer financial environment. With FPM AML-CHECK®, you can keep up with regulatory demands and maintain a proactive stance on risk management. Don’t let compliance be a burden. With FPM AML-CHECK®, responding accurately within 24 hours of a notification becomes simple, efficient, and worry-free. FPM AML-CHECK® offers an advanced screening solution to help financial institutions in Pakistan combat financial crimes, with a comprehensive database of domestic and Foreign Politically Exposed Persons (PEPs). Recognized for excellence and endorsed by the NBFI and Modaraba Association of Pakistan, our award-winning AML solution ensures robust compliance. For more information, contact us at: WhatsApp: 0301-1157150 / 51 Email: haris@fpmamlcheck.com Website: fpmamlcheck.com #Compliance #AML #CFT #FinancialCrime #RiskManagement #NameScreening #RegulatoryCompliance #AntiMoneyLaundering
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Understanding Name Screening in AML/CFT Frameworks In today's financial landscape, effective name screening is crucial to safeguarding institutions against financial crimes like money laundering and terrorism. Implementing thorough name screening practices in Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) frameworks can significantly reduce risk. Here’s a quick breakdown of key components for effective name screening: 1️⃣ What is Name Screening? A process designed to identify individuals or entities that pose potential risks. 2️⃣ Key Objectives Prevent financial crimes, ensuring safety and compliance. 3️⃣ Regulatory Requirements Compliance with local and international regulations is mandatory. 4️⃣ Screening Sources Using multiple databases for comprehensive checks. 5️⃣ False Positives Management Reducing unnecessary alerts to focus on real threats. 6️⃣ Integration with Systems Seamlessly incorporating screening into existing compliance workflows. 7️⃣ Ongoing Monitoring Regular updates to maintain accuracy and effectiveness. 8️⃣ Training and Awareness Educating teams on the importance and impact of name screening. By understanding these steps, organizations can better protect themselves and contribute to a safer financial environment. With FPM AML-CHECK®, you can keep up with regulatory demands and maintain a proactive stance on risk management. Don’t let compliance be a burden. With FPM AML-CHECK®, responding accurately within 24 hours of a notification becomes simple, efficient, and worry-free. FPM AML-CHECK® offers an advanced screening solution to help financial institutions in Pakistan combat financial crimes, with a comprehensive database of domestic and Foreign Politically Exposed Persons (PEPs). Recognized for excellence and endorsed by the NBFI and Modaraba Association of Pakistan, our award-winning AML solution ensures robust compliance. For more information, contact us at: WhatsApp: 0301-1157150 / 51 Email: haris@fpmamlcheck.com Website: fpmamlcheck.com #Compliance #AML #CFT #FinancialCrime #RiskManagement #NameScreening #RegulatoryCompliance #AntiMoneyLaundering
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Australia has expanded its AML/CTF regime to include real estate agents, lawyers, accountants, and precious metals dealers. These reforms, part of the Tranche 2 legislation, aim to close loopholes exploited by criminals to launder illicit funds. The newly regulated sectors must now implement robust reporting and compliance measures and this extension aligns Australia with global AML standards. The Australian Parliament passed AML & CTF Amendment Bill 2024 (Cth) (the Bill) on 29 November 2024. As well as simplifying the current AML/CTF regime, the Bill expands the regime’s application to services provided by certain high-risk businesses and professions (‘Tranche 2 entities’), including: real estate professionals and developers; professional services providers such as lawyers, accountants, insolvency and restructuring practitioners, consultants; and dealers in precious metals and stones. When the Tranche 2 entities’ provisions commence on 1 July 2026, the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML/CTF Act) will apply to approximately 70,000 additional businesses, bringing the total reporting entities to 90,000. The Tranche 2 entities amendments to the AML/CTF Act aim to close regulatory gaps and bring Australian law in line with international standards set by the Financial Action Task Force. Currently, the absence of AML/CTF requirements for Tranche 2 entities is seen as a weakness in Australia’s AML/CTF framework, leaving these industries vulnerable to money laundering and terrorism financing risks. Under the new Law, i)- Businesses offering a designed service will need to enrol with AUSTRAC. ii)-AML/CTF policies must be in place before a business can provide designated services, and the business must conduct a risk assessment of its ML/TF/PF risk. iii)-Businesses providing a designated service must appoint an AML/CTF compliance officer to oversee the operation of the entity’s AML/CTF policies and updates. iv)- Tranche 2 entities will need to conduct initial customer due diligence, which includes the collection and verification of a customer’s identity as well as customer risk rating. v)-Tranche 2 entities will need to collect, review and update ‘Know Your Customer’ (KYC) information, as well as monitor their customers for unusual transactions and behaviours that may give rise to a suspicious matter reporting obligation. They will also be required to conduct enhanced customer due diligence for high risk customers (such as politically exposed persons). vi)- Tranche 2 entities will be required to report certain matters to AUSTRAC, including suspicious matter reports, threshold transaction reports and international value transfer services. vii)-Tranche 2 entities will need to keep certain records of the designated services provided to customers.
Navigating the AML/CTF reforms: Extending the regime to Tranche 2 entities
corrs.com.au
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Yesterday, 19th June 2024, the AML Package was published In the Official Journal of the EU! 🏛 Through the Regulation establishing the AML Authority (Reg. (EU) 2024/1620), a new supervisory framework will be created. The authority, based in Frankfurt am Main, will directly and indirectly supervise the financial sector, but also oversee the non-financial sector. The Authority should assume most of its tasks and powers by 1 July 2025 and start the direct supervision in 2028. 📖 With the Single Rulebook (Reg. (EU) 2024/1624), all rules currently applying to the private sector through the 5th AML/CFT Directive will be harmonized. Eventually, no more discrepancies will exist in the AML/CFT framework applicable to the financial (and non-financial) sector of the Member States. It will apply as of 10th July 2027. 🛠 Finally, the AMLD6 (Dir. (EU) 2024/1640) aims at streamlining the tasks of supervisors and FIUs, to make the cross-border cooperation smoother and swifter. Member States have 3 years from its entry into force to transpose it in their national legislation. For further details: https://lnkd.in/dCY8HRai For the final texts: - The Regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLAR): https://lnkd.in/dPFFWd6Y - The Regulation (EU) 2024/1624 (EU « single rulebook »): https://lnkd.in/d7iDki6v - The Directive (EU) 2024/1640 (AMLD6): https://lnkd.in/ddbzq7Mw Deloitte #DeloitteLu #AMLCFT #AMLD6
The new AML/CFT Regulation, the sixth AML/CFT Directive and the future EU AML/CFT supervisor
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