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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

Article, Singapore

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

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

Article, 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 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 MLTF risks associated with high-net-worth individuals

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

How-can-RegTech-help-streamline-AML-compliance-2

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

KYC Automation

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

Record Keeping of Customer Identity

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

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

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

man-finger-abRisks analyze, low riskout-press-analysis-push-button-focus-blue-led-concept-image-illustration-risk-management-assessment

The risk based approach to AML – 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

A guide To establishing an Effective AML-CFT Framework

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

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

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 n

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

AML Regulatory Awareness

Importance of AML Regulatory Awareness amongst the DNFBPs

Article, Singapore

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?

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

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

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

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

AML Audit

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

STRSAR Filing on goAML Portal Common lapses and best practices

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

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

12 best practices for setting up an AML compliance department

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

Beneficial Owner

Guide to Beneficial Owner under Singapore AML regulations

Article, Singapore

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

Trade-Based Money Laundering: Concept, Red Flags, and Mitigation Measures

Article, Singapore

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

Skills should an AML Compliance Officer possess

What Skills Should an AML Compliance Officer Possess?

Article, Singapore

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

Enterprise-Wide-Risk-Assessment-EWRA

Signs It’s Time to Review Your Enterprise-Wide Risk Assessment (EWRA)

Article, Singapore

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

Article, 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 - N

Employee Due Diligence: A Crucial Element of Internal AML Framework

Article, Singapore

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

Map lying on wooden table

Adverse Media Search: Strengthening Customer Due Diligence

Article, Singapore

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

Article, Singapore

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

ACRAs-AML-Compliance-Review-and-Best-Practices-for-RFAs

ACRA’s AML Compliance Review and Best Practices for RFAs

Article, Singapore

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

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

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

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

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

Threat of Luxury Watches in Financial Crimes

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 N

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

A businessman uses a DMS to manage clipboard tasks, checklists,

Navigating the AML regulatory changes: Elevating the Compliance

Article, Singapore

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

Group of people working out business plan in an office

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

Remedial Action Plan

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

AML Employee training Niye

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

Sanctions Compliance and the FFR and PNMR Reporting on goAML

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

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

address verification important under AML Customer Due Diligence

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

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

AML Inspections under UAE AML Laws

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

Agreement

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

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

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

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

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

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

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 Services

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

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

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

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

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

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

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

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

AML-Compliance-for-real-estate

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

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

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

Employee-training-on-effective-suspicious-activity-reporting

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

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

Employee-training-on-effective-suspicious-activity-reporting

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

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

detect high-risk customers

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-q6avtkg9tzxioudzfyq11sm0d6vrelzs0uncho3tm4

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

Mobile banking concept. Hand holds smartphone with abstract icons of bank and financial services

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

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

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

Transaction Monitoring Program

Implement a Transaction Monitoring Program to strengthen the AML Efforts

Article, Singapore

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

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 Proliferation and Proliferation Financing

Understanding WMD Proliferation and Proliferation Financing (PF)

Article, Singapore

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,

Leader of team

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

justice and law concept. Male judge in a courtroom the gavel, w

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

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

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

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

How could you make such a mistake?

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

AML-Guide-for-ADGM-companies

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

Article, Singapore

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

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

Transaction Monitoring

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

ABC of AML Screening 1

The ABC of AML screening: 8 common mistakes you can’t afford to make

Article, Singapore

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

ID Verification CDD

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

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

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

Predicate Offences

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

Developers use augmented reality dashboard icons with responsive

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

NFT Redflags

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

Article, Singapore

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

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,

NFT money laundering

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

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)

guide to sanction and PEP screening

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

High-Risk Customers

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

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

structured transactions

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

Article, Singapore

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

customer risk ass

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

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

Enhanced Due Diligence

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.

proliferation and proliferation financing

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

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?

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

Why gold is still the second-best mode for money launderers

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What is terrorist financing

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Importance of AML/CFT measures

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Red Flag Indicators For AML/CFT

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Socio-economic impact of money laundering

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Dealers in Precious Metals and Stones Report (DPMSR)

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What are AML compliance requirements in DIFC

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Independent AML Audit

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Strengthening the AML Compliance

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Role of Sanctions

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Enhanced Due Diligence: Navigating the measures to manage high-risk under Singapore AML Laws

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Article, Singapore

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AML Implications for Politically Exposed Person (PEP)

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KYC Transformation From Manual KYC Checks

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Corporate Registry: Powerful tool in fighting money laundering and other financial crimes

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risk-based approach in Anti-Money Laundering Compliance

The risk-based approach in Anti-Money Laundering Compliance

Article, Singapore

The risk-based approach in Anti-Money Laundering Compliance The principal AML regulation in Singapore, viz., Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 and various guidelines issued

10 Organizations Working to Fight Financial Crimes

10 Organizations Working to Fight Financial Crimes and Prevent Money Laundering

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Know Your Business: An critical element of Customer Due Diligence

Know Your Business: An critical element of Customer Due Diligence

Article, Singapore

Know Your Business: An critical element of Customer Due Diligence The regulated entities deal with clients of different natures – individuals or legal persons. Further, the legal person could be

A Quick Guide to AML Compliance

A Quick Guide to AML Compliance

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Navigating the Sanctions and PEP Screening under Singapore AML Laws

Navigating the Sanctions and PEP Screening under Singapore AML Laws

Article, Singapore

Navigating the Sanctions and PEP Screening under Singapore AML Laws The Financial Institutions and the Designated Non-Financial Businesses and Professions (DNFBPs) must apply appropriate due diligence measures when establishing a

What are the responsibilities of the FIU- Financial Intelligence Unit under the UAE Anti-Money Laundering Law?

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Targeted Financial Sanctions

Targeted Financial Sanctions (TFS): Legal Requirements in UAE

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Decoding the three stages of Money Laundering process

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Suspicious Transaction Reports (STRs) filing with goAML portal of FIU UAE

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The Challenges of The Sanction Screening Process

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Economic Sanctions

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Significance of Employees’ contribution to foster AML Compliance

Significance of Employees’ contribution to foster AML Compliance

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How do you do a Sanction Screening

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How do you do a Sanction Screening? Customer Screening is a critical element in the AML compliance. According to the Cabinet Resolution, no 74 of 2020, financial institutions and Designated

Role of FATF

Role of FATF: The Financial Action Task Force

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Money Laundering and Terrorism Financing Risks in NPO

Money laundering and terrorism financing risks in Non-Profit Organisations (NPO)

Money Laundering and Terrorism Financing Risks in NPO Non-Governmental organisations NGOs or NPOs- Non-Profit Organisations play a critical role in a crisis and contribute significantly to resolving issues and disputes.

Money Laundering Fines and Penalties in UAE

Money Laundering Fines and Penalties in UAE AML compliance is mandatory for financial institutions, Designated Non-Financial Businesses and Professions (DNFBP), and other regulated entities. The UAE Ministry of Economy announced

Decoding AML Program Implementation in IFSC Entities

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Find The Best Anti-Money Laundering Software

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Best Practices for Anti-Money Laundering Compliance

Checklist for AML Compliance: Best Practices for Anti-Money Laundering Compliance

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Micro money laundering The New Kid on the Block

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Key Terms and Concepts in the AML Compliance Program- Strengthening the AML Foundation

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Article, Singapore

Key Terms and Concepts in the AML Compliance Program The Singapore authorities have introduced a solid regulatory framework around Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). These AML/CFT

AML Enterprise-Wide Risk Assessment- Factors to be considered by the Regulated Entity in IFSC

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AML Periodic inspection

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AML Program Failure: Decoding the Causes and Corrective Measures

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Article, Singapore

AML Program Failure: Decoding the Causes and Corrective Measures The AML Program, commonly called “AML Compliance Program” is a critical component of AML compliance efforts. Failure of the AML Program

The Complete Guide to the Ultimate Beneficial Owner Verification

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Ultimate Beneficial Owner (UBO) Verification As per the KYC onboarding and remediation process, customers must be verified for Ultimate Beneficial Ownership. It is necessary to comply with AML/ CTF sanctions

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AML Principal Officer under PMLA: Significance, Role, and Skills Required

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The Dark Connection Between the Dark Web and Money Laundering

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The Dark Connection Between the Dark Web and Money Laundering Governments are taking strict action against criminals involved in the trade of illegal drugs and identity theft. They are trying

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What are the causes of the failure of AML programs, and how to strengthen the AML Compliance Program?

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The Complete Guide to AML Policies and Procedures under PMLA

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The Complete Guide to AML Policies and Procedures under PMLA With rising instances of money laundering and financing of terrorism (ML/FT), governments worldwide are implementing rigorous Anti-Money Laundering (AML) and

Top 15 Anti-Money Laundering Podcasts

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Top 15 Anti-Money Laundering Podcasts Podcasts are a great way of obtaining knowledge and getting updated on the latest information on your chosen subject at your convenience. AML professionals can

Understanding the Layering Stage of Money Laundering

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Article, Singapore

Understanding the Layering Stage of Money Laundering Money laundering is a global issue that is badly affecting the world at large. Understanding how money laundering activities occur is pertinent to

What-is-AML-Compliance-Department-Blog

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Top 5 methods Criminals use to Launder money

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Top 10 Books on Anti-Money Laundering

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Anti-Money Laundering Framework For Virtual Assets

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AML Compliance Officer Role and Responsibilities

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What should the MLRO report contain

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Importance of Identity Verification

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How can UAE businesses be AML Compliant

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global-aml-regulations

A complete guide to global AML Regulations

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What are the Important terms in the AML-CFT Compliance Program

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Know about AML Compliance

Know about AML Compliance

Know about AML Compliance Money Laundering is a global concern, as it weakens the economy and targets its socio-economic structure. Criminals use modern technologies and new techniques to launder money.

Know the Differences between KYC and AML

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How do Criminals Launder Money using Video Games

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AML Compliance in a Cost-Effective Manner

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AML Compliance in a Cost-Effective Manner Businesses need agility to keep pace with the customers’ evolving demands. Similarly, AML compliance requires quick responses and services to ensure the rules and

Blockchain helps in AML Compliance

How Blockchain helps in AML Compliance

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AML Compliance with the help of Big Data

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AML Compliance with the help of Big Data Big Data has revolutionized the world of technology and benefits industries with valuable data and insights. Large volumes of data can be

Art Used to Hide Money Laundering

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Why should companies perform Background Checks

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importance of aml training

Importance of AML Training

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Automated AML Compliance Software Cost-Efficient Solution to Stay AML Compliant

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Money laundering is messing up the world of Cryptocurrency

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AML and CFT requirements for trusts and company service providers in the UAE

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AML requirements for lawyers, notaries, and legal professionals in the UAE

AML requirements for lawyers, notaries, and legal professionals in the UAE

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A detailed guide of AML compliance requirements for auditors and accountants in the UAE

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Terrorism Financing and CFT measures in Singapore

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Article, Singapore

What is terrorism financing or terrorist financing? Terrorism Financing refers to illicit money being laundered and used to finance terrorist activities. Terrorism is a global issue, and money laundering facilitates

AML Compliance Requirements for Jewellers in UAE

AML Compliance Requirements for Jewellers in UAE

AML Compliance Requirements for Jewellers in UAE The industry of gems and jewellery, and precious metals and stones is a key contributor to the UAE’s economy. But, it is also

Enhanced Money Laundering Risks In The Real Estate Sector

Enhanced Money Laundering Risks In The Real Estate Sector

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Role of Technology In Anti-Money Laundering Compliance

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A Brief Guide to PEP and PEP Screening

A Brief Guide to PEP and PEP Screening

Article, Bahrain

A Brief Guide to PEP and PEP Screening PEP screening is the verification process for politically exposed persons (PEPs). It is a critical part of the anti-money laundering compliance process.

The best AML Framework under Singapore AML Regulations

The best AML Framework under Singapore AML Regulations

Article, Singapore

The best AML Framework under Singapore AML Regulations Money Laundering is a global concern. Companies worldwide are adopting stringent customer verification methods to prevent the misuse of their company for

All You Need To Know About The Ultimate Beneficial Owner (UBO)

All You Need To Know About The Ultimate Beneficial Owner (UBO)

All You Need To Know About The Ultimate Beneficial Owner (UBO) Several terms and jargon are used repeatedly when we talk about Anti-money laundering laws and their various requirements and

What is Money Laundering

What is Money Laundering?

Article, Singapore

What is Money Laundering? Money laundering is a process of passing illegally obtained money into the financial system by fraudulently showing the sources of such funds to be legal. The

Importance of AML CFT measures

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

AML Defense Mechanism for Jewellers in Bahrain

Article, Bahrain

AML Defense Mechanism for Jewellers The Ministry of Industry, Commerce and Tourism has issued a guide, “AML Defence mechanism for Jewellers, Bahrain”, to help them understand their responsibilities for Prevention