Best Practices for AML Compliance Department Setup in 2025
Best Practices for AML Compliance Department Setup in 2025 Anti-Money Laundering (AML) Compliance is a team effort, and having the right set of minds on the team can make a
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Updated list of FATF high-risk countries and countries under increased monitoring: 21st February 2025
FATF List of High Risk Countries In the latest plenary, which concluded on 21st February 2025, Philippines was removed from the Financial Action Task Force (FATF) Grey List, Nepal &
What is Placement in Money Laundering?
Money Laundering is a global threat that is challenging the integrity of financial systems. The process involves three stages: Placement, layering, and integration. Out of these three stages, the placement
AML Compliance for Charities in Singapore: A Panoramic View
AML Compliance for Charities in Singapore: A Panoramic View Charities are social institutions that offer invaluable services to humanitarian causes to complement governmental and international efforts. However, their noble work
Roadmap to AML/CTF/CPF Audit Readiness
An independent Anti-Money Laundering / Counter-Terrorist Financing / Countering Proliferation Financing (AML/CTF/CPF) audit helps businesses evaluate the effectiveness of their AML/CTF/CPF Program and ensure compliance with AML/CTF/CPF laws and regulations
The role of shell companies in money laundering
Shell companies are a preferred avenue for financial criminals to hide their crimes. These include money laundering, fraud, evading sanctions, escaping taxes, and many others. To protect yourself from these
Global Warriors: International Organisations Battling Financial Crimes
Globalisation has made it easy for criminals to move illicit funds across the borders. It is essential that global standardised policies, procedures and practices exist to combat Money Laundering, Terrorist
Top Organisations Combatting Money Laundering: The Powerhouses of AML
Money Laundering (ML) is typically a transnational crime. This means that persons who commit crimes such as money laundering are more often than not located in different parts of the
Client Offboarding Best Practices to Strengthen AML Compliance
Client offboarding involves strategically terminating business relationships with a client. In the context of Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter Proliferation Financing (CPF) compliance, client
Behind the Veil: Common Methods of Money Laundering Uncovered
The methods used to launder money are constantly evolving with the use of technology. In India, it is necessary to keep up with the common typologies used in money laundering
A complete guide to effective customer due diligence
Companies are vulnerable to financial crimes and used as channels for facilitating or carrying out illegal activities, such as money laundering (ML), financing of terrorism (FT), and proliferation financing (PF)
Automated AML Compliance Software: Cutting Costs Without Cutting Corners
Key Takeaways Traditional AML/CFT compliance processes are inefficient and time-consuming Automated AML Compliance Software can help automate various compliance tasks like KYC, Screening, Risk Assessment, Transaction Monitoring, Regulatory Reporting, and
One-Stop Guide to Building a Strong AML/CTF/CPF Program
In a world where financial systems form the backbone of global commerce, protecting these systems from financial crimes is of utmost importance. In UK, Relevant Persons under the Money Laundering,
Lodging and Updating RORC information with ACRA: A Bird’s Eye View
Identifying the Ultimate Beneficial Owner (UBO) or Registrable Controller is an essential component of the Customer Due Diligence (CDD) process in Anti-Money Laundering (AML) compliance. The Accounting and Corporate Regulatory
Transforming Client Onboarding with Robust AML Procedures
Getting more clients and business growth are the primary goals of every business. With the increasing number of clients, a robust client onboarding mechanism can help businesses rule out the
The role of Re-KYC process in AML Compliance
The role of Re-KYC process in AML Compliance KYC is a critical AML compliance requirement for regulated entities in the UAE. It lets you know your customers better and gauge
The risk-based approach in Anti-Money Laundering Compliance
The risk based approach to AML – Anti-Money Laundering Compliance Money Laundering and Terrorist Financing are global threats. Governments across the globe have framed laws and regulations to counter Money
NIYEAHMA teams up as a knowledge partner with FACCTUM
NIYEAHMA teams up as a knowledge partner with FACCTUM to deliver state-of-the-art AML compliance software for Designated Non-Financial Businesses and Professions (DNFBPs) and Virtual Asset Service Providers (VASPS).DNFBPs and VASPs
ACRA AML/CFT Requirements Review (Inspection) of Public Accountants and Accounting Entities
ACRA AML/CFT Requirements Review (Inspection) of Public Accountants and Accounting Entities All accounting entities and public accountants in Singapore carrying out covered activities are required to undergo periodic ACRA inspections,
Excellence in EDD for high-risk customers: Common slip-ups You can’t Afford to Commit
This article provides insights into achieving excellence in EDD for high-risk customers and sheds light on the common slip-ups you can’t afford to commit to.Not all your customers are the
AML compliance for the luxury goods market in Singapore
AML compliance for the luxury goods market in Singapore Money laundering threats are a common stain on all kinds of luxury goods. Worldwide, financial criminals consider art, antiques, gems and
FATF travel rule compliance requirements for VDASPs in India
FATF Travel Rule is one of the advanced measures in the anti-money laundering regime to bring transparency around the electronic movement of the funds – whether wire transfer or transfer
Mitigating ML/TF risks associated with high-net-worth individuals
Mitigating ML/TF risks associated with high-net-worth individuals The ML/TF risks associated with high-net-worth individuals are high. Their relation to money laundering (ML) and terrorist financing (TF) is two-fold: Fraudsters and
Customer Due Diligence Requirement under IFSCA AML Guidelines
Customer Due Diligence Requirement Under IFSCA AML Guidelines As an international financial hub, the International Financial Service Centre in India provides a platform for businesses operating within to increase their
Why is Record-Keeping of Customer Identity and Transactions necessary?
Why is Record-Keeping of Customer Identity and Transactions necessary? Illicit financial activities, such as money laundering, financing terrorism, and proliferation financing (ML/FT and PF), hamper the integrity of the economy
AML measures for non-face-to-face customers
AML measures for non-face-to-face customers Financial institutions and DNFBPs have moved to the next level of customer service. One such aspect that they cover is non-face-to-face customer onboarding or transactions.
AML compliance vs AML risk management: Closely aligned despite striking differences
AML compliance vs AML risk management: Closely aligned despite striking differences Understanding AML compliance vs AML risk management is essential. In the realm of AML, businesses use compliance and risk
A guide To establishing an Effective AML/CFT Framework in your business
A guide To establishing an Effective AML/CFT Framework in your business Financial Institutions and Designated Non-Financial Businesses and Professions that do not abide by the Money-Laundering laws or regulations have
Counting on Compliance: The Vital Role of Accounting in AML
Counting on Compliance: The Vital Role of Accounting in AML With growing instances of money laundering and terrorist financing, the UAE AML laws are evolving, imposing more regulatory compliance and
Identity Verification for Partnership Firms
Identity Verification for Partnership Firms UAE has introduced stringent regulations to combat financial crimes such as money laundering and terrorist financing. These laws mandate that Financial Institutions, Designated Non-Financial Businesses
Choosing an apt AML Software for DPMS
Choosing an apt AML Software for DPMS Dealers in precious metals and stones are one of the Designated Non-Financial Businesses and Professions (DNFBPs) required to comply with anti-money laundering and
Importance of AML Regulatory Awareness amongst the DNFBPs
Importance of AML Regulatory Awareness amongst the DNFBPs Financial crime significantly threatens the integrity of countries and businesses. Given that Designated Non-Financial Businesses and Professions (DNFBPs) play a significant role
How can RegTech help streamline AML compliance?
How can RegTech help streamline AML compliance? To keep pace with the ever-evolving regulatory framework around anti-money laundering and the emerging sophisticated ways developed by financial criminals, the AML measures
TFS Self Assessment Checklist for SARs and STRs
TFS Self Assessment Checklist for SARs and STRs The Ministry of Economy has required Financial Institutions and DNFBPs to respond to their questionnaire on completing the TFS self assessment checklist
Navigating the AML Regulatory Framework in India
Navigating the AML Regulatory Framework in India The crime of money laundering poses a significant threat to the integrity of the economy in India. To promote a healthy and safe
Differences in AML requirements under UAE Federal Law, DIFC and ADGM Rulebooks
Differences in AML requirements under UAE Federal Law, DIFC and ADGM Rulebooks UAE’s battle against money laundering and other financial crimes is becoming stronger daily. Several robust federal and free
Top 10 mistakes to avoid while appointing an independent AML auditor
Appointing an independent AML auditor Appointing an independent AML auditor is one of the crucial functions of the senior management. Anti-Money Laundering audits are necessary to inspect the quality and
STR/SAR Filing on goAML Portal: Common lapses and best practices
STR/SAR Filing on goAML Portal: Common lapses and best practices The UAE AML regulations mandate the reporting entities to identify the suspicion related to money laundering, terrorism financing or proliferation
Proliferation Financing Institutional Risk Assessment by FIs, DNFBPs, and VASPs
Proliferation Financing Institutional Risk Assessment by FIs, DNFBPs, and VASPs Have you conducted an Enterprise-Wide Risk Assessment to identify the money laundering (ML) and terrorism financing (TF) risks to your
A Guide to Avoiding Common Mistakes in AML Compliance for VASPs
A Guide to Avoiding Common Mistakes in AML Compliance for VASPs With the rise of instances of money laundering in the virtual assets ecosystem, the UAE government introduced anti-money laundering
Guide to Beneficial Owner under Singapore AML regulations
Guide to Beneficial Owner under Singapore AML regulations Several terms and jargon are used when discussing anti-money laundering laws and the various compliance requirements. One of them is identifying the
Trade-Based Money Laundering: Concept, Red Flags, and Mitigation Measures
Trade-Based Money Laundering: Concept, Red Flags, and Mitigation Measures Money launderers use innovative methods to launder money, trying hard to evade the attention of the authorities and succeed in their
What Skills Should an AML Compliance Officer Possess?
What Skills Should an AML Compliance Officer Possess? Appointment of an AML Compliance Officer is mandatory as per Singapore AML rules and regulations. The AML laws provide that the regulated
Signs It’s Time to Review Your Enterprise-Wide Risk Assessment (EWRA)
Signs It’s Time to Review Your Enterprise-Wide Risk Assessment (EWRA) In recent times, where the regulatory frameworks and the risk trends are continuously evolving, it is essential for the regulated
Simplified Due Diligence by Dealers in Precious Stones and Precious Metals in Singapore
Simplified Due Diligence by Dealers in Precious Stones and Precious Metals in Singapore The AML regulations in Singapore provide for adopting a risk-based approach to mitigate the identified money laundering
Employee Due Diligence: A Crucial Element of Internal AML Framework
Employee Due Diligence: A Crucial Element of Internal AML Framework In the context of anti-money laundering (AML) compliance and its effectiveness, Employee Due Diligence is equally essential as Customer Due
Adverse Media Search: Strengthening Customer Due Diligence
Adverse Media Search: Strengthening Customer Due Diligence As we know, Customer Due Diligence is one of the important anti-money laundering measures, focused on identifying the customers and their beneficial owners
Top 10 AML compliance mistakes made by cash-intensive businesses
Top 10 AML compliance mistakes made by cash-intensive businesses Are you dealing more in cash in your business? Or working in a cash-only entity? Yours is a cash-intensive business, and
ACRA’s AML Compliance Review and Best Practices for RFAs
ACRA’s AML Compliance Review and Best Practices for RFAs Registered Filing Agents in Singapore must comply with AML/CFT obligations as provided in the ACRA (Filing Agents and Qualified Individuals) Regulations
12 best practices for setting up an AML compliance department
12 best practices for setting up an AML compliance department Who forms the heart of AML compliance in a regulated entity? The AML compliance department. It is a department dedicated
Know Your Transaction: Boosting AML compliance with KYT
Know Your Transaction: Boosting AML compliance with KYT We understand that KYC (Know Your Customer), the crucial aspect of AML compliance, identifies the customers with whom business transactions are executed.
Best practices when seeking third-party assistance in AML Compliance
Best practices when seeking third-party assistance in AML Compliance The Financial Institutions, Designated Non-Financial Businesses and Professions (DNFBPs) and Virtual Asset Service Providers (VASPs) have been identified as regulated entities
AML compliance best practices for real estate agents in UAE
AML compliance best practices for real estate agents in UAE The nature of the real estate business makes it vulnerable to money laundering risks. So, UAE includes real estate agents
The Threat of Luxury Watches in Financial Crimes: A Growing Concern
The Threat of Luxury Watches in Financial Crimes: A Growing Concern Luxury goods like gold jewellery, precious gems and stones, high-end watches, art and antiques, boats and yachts, and luxury
Mistakes to avoid during goAML registration
Mistakes to avoid during goAML registration Every regulated entity – a Financial Institution, Designated Non-Financial Business and Profession (DNFBP) and a Virtual Asset Service Provider (VASP) is required to access
Navigating the AML regulatory changes: Elevating the Compliance
Navigating the AML regulatory changes: Elevating the Compliance AML regulations keep evolving. Authorities update them to factor in the changes in international AML requirements and newer sophisticated methods invented by
What is Integration in Money Laundering?
What is Integration in Money Laundering? We all understand that the instances of money laundering are increasing day by day. This warrants the development and implementation of strong measures to
AML/CFT Remedial Action Plan (RAP) Implementation Steps and Best Practices
AML/CFT Remedial Action Plan (RAP) Implementation Steps and Best Practices As a part of its supervisory function, the relevant Supervisory Authority conducts investigations on the level of AML/CFT compliance of
Why is AML training critical for your employees?
Why is AML training critical for your employees? Awareness of money laundering threats and mitigating measures is essential for any company to safeguard the business from being exploited by financial
Practices to streamline Sanctions Compliance and the FFR and PNMR Reporting on goAML
Practices to streamline Sanctions Compliance and the FFR and PNMR Reporting on goAML Compliance with Targeted Financial Sanctions is an inevitable aspect of AML regulations. So are the reporting obligations.The
Comprehensive AML policies, procedures, and controls: Bolstering AML efforts
Comprehensive AML policies, procedures, and controls: Bolstering AML efforts Do you have a sound and robust plan to comply with the UAE AML regulations?Are you well-prepared to prevent, mitigate, or
Why is address verification important under AML Customer Due Diligence
Why is address verification important under AML Customer Due Diligence Customer Due Diligence is a critical aspect of the Anti-Money Laundering (AML) Program, aiming to identify the customer and the
FATF Travel Rule and Know Your Corresponding VASPs: Key Compliance Requirements for VASP in UAE
FATF Travel Rule and Know Your Corresponding VASPs: Key Compliance Requirements for VASP in UAE The acceptance of virtual assets is rapidly increasing worldwide, including in the UAE. This has
Managing the AML Inspections under UAE AML Laws
Managing the AML Inspections under UAE AML Laws The authorities are making various efforts to combat financial crimes – money laundering and terrorism financing and safeguard the stability and integrity
Sanctions Screening Requirements under IFSCA (AML, CFT and KYC) Guidelines, 2022
Sanctions Screening Requirements Under IFSCA (AML, CFT And KYC) Guidelines, 2022 The International Financial Services Centres Authority (Anti-Money Laundering, Counter-Terrorist Financing and Know Your Customer) Guidelines, 2022, provides detailed guidance
Common mistakes to avoid while submitting a Real Estate Activity Report
Common mistakes to avoid while submitting a Real Estate Activity Report The UAE AML regulations mandate that real estate agents/brokers and lawyers/law firms furnish a Real Estate Activity Report (REAR)
Common Mistakes by Chartered Accountants in AML Compliance
Common Mistakes by Chartered Accountants in AML Compliance Chartered Accountants (CAs) manage accounting, auditing, and financial reporting services for clients, set up a company, assist in operating and managing the
AML Case Management Software: Significant element of AML Compliance
AML Case Management Software: Significant element of AML Compliance With changing times where automation is impacting every aspect of business, anti-money laundering is no exception. The regulated entities in UAE
Suspicious Transactions around Precious Metals and Stones: Timely Identification and Reporting
Suspicious Transactions around Precious Metals and Stones: Timely Identification and Reporting To prevent the misuse of the precious metals and stones sector, the UAE authorities have brought the sector under
AML Risk Assessment before launch of a new product or service
AML Risk Assessment before launch of a new product or service The regulated entities in the UAE are required to assess the overall exposure of the business to financial crimes.
How to update the AML Policies, Procedures, and Controls in line with UAE AML Laws?
How to update the AML Policies, Procedures, and Controls in line with UAE AML Laws? In the present times, where the money laundering and terrorism financing typologies are evolving every
Right AML Solution to foster Corporate Service Providers’ AML Function
Right AML Solution to foster Corporate Service Providers’ AML Function With emerging financial crime typologies and ever-changing regulatory requirements, the regulated entities, including the Corporate Service Providers, need robust AML
Exploring unusual transaction trends for VASPs under UAE AML Regulations
Exploring unusual transaction trends for VASPs under UAE AML Regulations With the growing acceptance of virtual assets (used to store the value, medium of exchange, for investment purposes, etc.), criminals
Sanctions Compliance by VASPs in UAE: Safeguarding the Virtual Asset segment against financial crimes
Sanctions Compliance by VASPs in UAE: Safeguarding the Virtual Asset segment against financial crimes The overall Anti-Money Laundering compliance landscape covers implementing measures to comply with the Sanctions regime. Even
Enhanced Due Diligence by Dealers in Precious Metals and Stones: EDD for High-Risk Customers
Enhanced Due Diligence by Dealers in Precious Metals and Stones: EDD for High-Risk Customers Precious metals like gold, silver, platinum, and precious stones such as diamonds, sapphires, pearls, etc., are
AML lapses by Senior Management: Staying cautious to foster AML Compliance
AML lapses by Senior Management: Staying cautious to foster AML Compliance The role of senior management of the regulated entity is very crucial in ensuring compliance with the AML regulatory
A Comprehensive Guide to AML Customer Risk Assessment for DNFBPs in UAE
A Comprehensive Guide to AML Customer Risk Assessment for DNFBPs in UAE As per UAE AML regulations and to cope with the ever-evolving financial landscape, the regulated entities – Financial
Uncovering the ML/FT Red Flag Indicators for IFSCA-regulated Entities
Uncovering The ML/FT Red Flag Indicators For IFSCA-Regulated Entities The regulated entities operating from the GIFT City must follow the IFSCA (Anti-Money Laundering, Counter Terrorist-Financing and Know Your Customer) guidelines,
Conducting Independent AML Audits in DNFBPs: A Comprehensive Handbook
Conducting Independent AML Audits in DNFBPs: A Comprehensive Handbook In recent years, anti-money laundering (AML) regulations have become increasingly important for the non-financial sector in the United Arab Emirates. The
Role of an AML Compliance Officer in a real estate agent or brokerage firm in UAE
Role of an AML Compliance Officer in a real estate agent or brokerage firm in UAE Real Estate is considered one of the typologies criminals exploit to launder illicit money.
AML Governance for VASPs in the UAE: Building trust and strengthening compliance
AML Governance for VASPs in the UAE: Building trust and strengthening compliance Virtual assets are increasing their acceptance and significance in the financial system of the UAE. However, with this
AML Compliance Requirements for Law Firms in UAE
AML Compliance Requirements for Law Firms in UAE With the increase in financial crimes, the introduction and implementation of anti-money laundering and combating the financing of terrorism (AML/CFT) regulations is
What is smurfing in money laundering? Smurfing technique, risks, and protective measures
What is smurfing in money laundering? Smurfing Technique, Risks, and Protective Measures One of the widely used money laundering techniques, smurfing, poses a high risk to Financial Institutions worldwide. Smurfing
Reliance on Third Parties for Customer Due Diligence
Reliance on Third Parties for Customer Due Diligence The regulated entities operating in the International Financial Services Centres (IFSC) in India are required to comply with the IFSCA (Anti Money
How to ensure effective Suspicious Activity Reporting?
How to ensure effective Suspicious Activity Reporting? In UAE, Anti-Money Laundering and Combating of Financing of Terrorism (AML/CFT) measures and regulations are critical to identifying potential risks and timely reporting
Shining the business conduct with LBMA’s Global Precious Metals Code, 2022
Shining the business conduct with LBMA’s Global Precious Metals Code, 2022 London Bullion Market Association (LBMA) has issued LBMA’s Global Precious Metals Code, 2022, laying down the highest standards for
How to Detect High-risk Customer and Safeguard Your Business
How to Detect High-risk Customers and Safeguard Your Business Money laundering and terrorism financing are significant threats to the integrity of the global economy. Various countries have implemented regulatory anti-money
The Vital Role of an AML Compliance Officer in Safeguarding VASPs in the UAE
The Vital Role of an AML Compliance Officer in Safeguarding VASPs in the UAE With the increasing acceptance of virtual assets, Virtual Asset Service Providers (VASPs) also continue to grow
Explaining the Concept of Designated Transactions Under the PSPM Act 2019
Explaining the Concept of Designated Transactions Under the PSPM Act 2019 Individuals and entities engaged in money laundering (ML), terror financing (TF), and proliferation financing (PF) activities frequently use precious
Customer Lifecycle Management and AML Compliance in the Digital World
Customer Lifecycle Management and AML Compliance in the Digital World Customer lifecycle management(CLM) has become automated, quick, and efficient in the digital world. This risk assessment environment is different from
What is Placement in Money Laundering?
Money laundering is all about hiding the source and nature of the illicit funds to make them appear as if they were obtained from some legitimate activities. The process of
Implement a Transaction Monitoring Program to strengthen the AML Efforts
Implement a Transaction Monitoring Program to strengthen the AML Efforts As money laundering and terrorism financing is an ongoing process, so do regulated entities need to deploy Anti-Money Laundering and
What is Layering in Money Laundering?
The idea of money laundering is simple in principle. The person who has received some illicit gains or funds will try to ensure they can use these funds freely without
Understanding WMD Proliferation and Proliferation Financing (PF)
What is Weapons of Mass Destruction (WMD) Proliferation and Proliferation Financing (PF)? Weapons of Mass Destruction (WMD) Proliferation refers to the illegal manufacture, acquisition, possession, development, export, trans-shipment, brokering, transport,
How employee engagement enhances AML compliance program
How employee engagement enhances AML compliance program Compliance with AML rules is mandatory for Financial Institutions, Virtual Asset Service Providers (VASPs) and some Designated Non-Financial Businesses and Professions (DNFBPs). Achieving
What Skills Should an AML Compliance Officer Possess?
What Skills Should an AML Compliance Officer Possess? Every profession and professional requires specific skills, knowledge, and accreditations to operate professionally, and an AML Compliance Officer is not an exception
Customer Identification – A Critical Component of AML Compliance
What is Money Laundering? Money Laundering is the process that hides the origin of illegally obtained money and runs it through banking or any other legit financial institution to make
Money Laundering risk associated with nominee shareholders and directors
Money Laundering risk associated with nominee shareholders and directors There is a significant Money Laundering risk involved with Nominee Shareholders and Directors as they are misused by criminals to conceal
TFS Implementation Criteria: Ownership, Control, and Acting on behalf of a Designated Person
TFS Implementation Criteria Targeted Financial Sanctions are restrictions imposed on Designated Persons from the financing of terrorism and proliferation perspective, mandating the business organizations not to make any funds or
Avoiding AML Compliance Mistakes: Senior Management Edition
Avoiding AML Compliance Mistakes: Senior Management Edition As the senior management of a regulated entity, you must avoid AML compliance mistakes to abide by the law and counter Money Laundering
A comprehensive AML Guide for ADGM companies
A comprehensive AML Guide for ADGM companies The Financial Services Regulatory Authority (FSRA) supervises Abu Dhabi Global Market (ADGM) entities. FSRA has issued rules and guidelines for implementing AML and
A Guide to Avoiding the Top 6 AML Record-Keeping Mistakes
A Guide to Avoiding the Top 6 AML Record-Keeping Mistakes AML record-keeping is one of the most crucial obligations of the regulated entities. The entities need to ensure that they
Adverse media and social media checks under AML compliance
Adverse media and social media checks under AML compliance Customer Due Diligence (CDD) is the most critical element of an AML compliance framework. The purpose of conducting CDD is to
AML Transaction Monitoring: A powerful tool to detect financial crimes
AML Transaction Monitoring: A powerful tool to detect financial crimes Ever received a call from your bank to confirm if you have conducted a specific high-value transaction? If yes, then
The ABC of AML screening: 8 common mistakes you can’t afford to make
The ABC of AML screening: 8 common mistakes you can’t afford to make AML screening helps assess the risks of an existing or potential customer for your business. These risks
Use of Digital ID for Customer Due Diligence -New Guidance issued by CBUAE for LFIs
Use of Digital ID for Customer Due Diligence -New Guidance issued by CBUAE for LFIs The Central Bank of the UAE (CBUAE) has issued new Guidance on anti-money laundering and
10 Mistakes To Avoid In Defining Risk Appetite For A Solid Risk-Based Approach
10 Mistakes To Avoid In Defining Risk Appetite For A Solid Risk-Based Approach In the world of Anti-Money Laundering, risk appetite is the amount of Money Laundering (ML), Terrorism Financing
Understanding the Predicate Offences to prevent money laundering
Understanding the Predicate Offences to prevent money laundering No significant financial crime can be executed without resorting to the smaller crimes, as generally, there exists a network of crime to
Best Practices for Selecting a Name Screening Software
Best Practices for Selecting a Name Screening Software As a regulatory requirement, regulated entities in India must perform screening of their existing and potential customers. The customers are screened for
Uncovering the Red Flags of NFT-Related Money Laundering
Uncovering the Red Flags of NFT-Related Money Laundering With the increased acceptance of artwork using Non-Fungible Tokens (NFTs), comes the increased risk of money laundering and terrorism financing, induced by
Best practices for identifying and implementing the right AML controls
Best practices for identifying and implementing the right AML controls The challenges of money laundering are rising day by day. These and other financial crime threats are affecting many aspects
Staying cautious while appointing an AML Principal Officer in India
Staying cautious while appointing an AML Principal Officer in India AML regulations in India, whether it is the Prevention of Money Laundering Act, 2002 (PMLA) or the IFSCA (AML, CFT,
What is NFT money laundering and how to combat it?
What is NFT money laundering and how to combat it? Technology has entered every field of work. The art field is the latest to have been impacted by technology in
Strengthening the KYC process by averting these 12 common mistakes
Strengthening The KYC Process By Averting These 12 Common Mistakes With the rise in financial crimes, Know Your Customer (KYC) has become a critical part of the anti-money laundering (AML)
A guide to sanction and PEP screening in customer onboarding process
A guide to sanction and PEP screening in customer onboarding process Sanctions are basically the penalties imposed on institutions or organizations that fail to comply with laws and regulations. Government
AML Measures when Dealing with High-Risk Customers under IFSCA AML Guidelines
AML Measures when Dealing with High-Risk Customers under IFSCA AML Guidelines The regulated entities operating in the International Financial Service Centre (IFSC) are required to identify and assess the money
Crypto money laundering and how to combat the same
Crypto money laundering: Money laundering is on the rise globally. Money launderers and financial criminals are increasingly exploiting technological advancements to conduct financial crimes. They are misusing loopholes in regulations
Detecting structured transactions under PMLA and IFSCA (AML, CFT, & KYC) Guidelines, 2022
Detecting structured transactions under PMLA and IFSCA (AML, CFT, & KYC) Guidelines, 2022 One of the standard techniques criminals use to launder illegally obtained money is through structuring. In this
Top 10 mistakes to avoid while conducting ML/FT Enterprise-Wide Risk Assessment
Top 10 mistakes to avoid while conducting ML/FT Enterprise-Wide Risk Assessment Enterprise-Wide Risk Assessment is an essential ingredient of an AML compliance program, enabling regulated entities to stay wary of
AML Customer Risk Assessment: Identifying The ML/FT Risk
AML Customer Risk Assessment: Identifying The ML/FT Risk In accordance with the Prevention of Money Laundering Act, 2002 (PMLA) and the IFSCA (AML, CFT, and KYC) Guidelines, 2022, the reporting
What is trade-based money laundering?
What is trade-based money laundering? Trade-based money laundering is one of the most common forms of money laundering. It is an easy way exploited by criminals to launder money between
High-Risk Country Reporting – HRC and HRCA
High-Risk Country Reporting – HRC and HRCA With increased monitoring emphasized on transactions with persons or entities hailing from high-risk countries, the Ministry of Economy provides for filing of a
A guide to Enhanced Due Diligence – Element of AML Compliance framework
A guide to Enhanced Due Diligence – Element of AML Compliance framework Enhanced Due Diligence (EDD) is one of the critical elements of the entire customer onboarding journey, forming part
A deep dive into the AML compliance requirements for the real estate sector in the UAE
AML compliance requirements for the real estate sector in the UAE The real estate sector is one of the main non-financial sectors that are highly vulnerable to money laundering activities.
What is Proliferation and Proliferation Financing?
What is Proliferation and Proliferation Financing? Along with the risk assessment pertaining to money laundering and financing of terrorism, it is obligatory on the part of DNFBPs to assess the
Risk indicators for DPMS – Strategic Analysis by UAE FIU
Risk indicators for DPMS – Strategic Analysis by UAE FIU Given the fact that precious metals and stones are being highly exploited by criminals to launder money given their size
What are FATF Blacklist and Grey list countries?
What are FATF Blacklist and Grey list countries? The Financial Action Task Force (FATF) is an independent agency that works internationally to prevent money laundering and financing. It provides several
Decentralized Finance (DeFi) and AML implications in UAE
Decentralized Finance (DeFi) and AML implications in UAE The scope of Decentralised Finance is growing rapidly as the concept of virtual assets is being widely accepted across the globe. Decentralized
Why gold is still the second-best mode for money launderers
Why gold is still the second-best mode for money launderers Other than using Gold for Money Laundering, the uses of gold are wide-ranging and well-documented. Since ancient times, gold has
What is terrorist financing?
What is terrorist financing? Terrorist financing is one of the most complex and troublesome financial crimes across the world. The potential and level of impact of terrorist funding have increased
Importance of AML/CFT measures
Importance of AML/CFT measures As the world economy is growing and the entire globe is coming together as an integrated society, two vices are trying to take a toll on
Red Flag Indicators For AML/CFT
Red Flag Indicators For AML/CFT AML UAE, with its vast experience and on the basis of the AML/CFT guidelines, has systematically prepared Red flag indicators for AML/CFT pertaining to different
Best practices for KYC compliance
Best practices for KYC compliance KYC is an abbreviated version of Know Your Customer. It is basically an important function that helps assess the risk-bearing power of your customers and
Know Your Business (KYB) – Key element of AML compliance
What is Know Your Business (KYB)? Know Your Business or KYB is the process of identifying the authenticity of a business with which the company deals. It might be suppliers,
Socio-economic impact of money laundering
Socio-economic impact of money laundering Money laundering is a crime that involves occupying money through illegal means. Corrupt anti-money laundering regimes in various countries allow terrorists and money launderers to
Dealers in Precious Metals and Stones Report (DPMSR)
What is Dealers in Precious Metals and Stones Report (DPMSR)? Ministry of Economy issued a Circular (No. 08/AML/2021 dated 02 June 2021), instructing the dealers in precious metals and stones
What are AML compliance requirements in DIFC?
What are AML compliance requirements in DIFC? Dubai is a financial hub and an epicenter for trade activities in the Middle East and Gulf region. Thousands of businesses, along with
Why is an Independent AML Audit Necessary
Why is an Independent AML Audit Necessary The AML/CFT legal framework is constantly changing and evolving. It necessitates a continuous check and assessment of the AML policies and procedures. An independent
Accurate AML Compliance with KYC Automation
Accurate AML Compliance with KYC Automation Know Your Customer of KYC, as we call it, is the fundamental criterion for starting a business relationship with a customer. A robust KYC
AML Training to the Employees: Strengthening the AML Compliance
AML Training to the Employees: Strengthening the AML Compliance Financial criminals are developing sophisticated methods of laundering funds and exploiting various legitimate business organizations. To tackle this, the entities must
The Role of Sanctions in Achieving International Peace and Security
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