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KYC Utilities: The Promised Silver Bullet for Nordic Banks?
The Nordic banking landscape has witnessed significant upheaval over the past few years, moving from an untarnished reputation for having the safest financial institutions in the world to being mired in a number of complex, global money-laundering scandals
Sibos 2024 – A Wrap Up
“The industry is struggling to balance providing adequate protection to the bank, the industry and society while at the same time remaining efficient and customer friendly. It is critical we get that balance right,” said Carlos Infesta Fernandez, Global He
The Need for Digitalization in Energy and Commodities Trading
In today’s competitive landscape, it is increasingly important for energy and commodities trading firms to provide a positive counterparty experience. Otherwise, they risk losing deals. Competitors with better, more efficient processes are creating more en
Understanding Ultimate Beneficial Owners (UBO) for Compliance
Unlike abeneficial owner, which may include intermediaries or legal entities with indirect stakes, a UBO is the ultimate individual at the top of the ownership chain—typically holding a significant stake (25% or more) or exercising effective control.
How to Break Through Data Silos in Banking with Automated Transaction Monitoring
These silos occur when crucial information is confined to specific systems, departments, or processes, creating inefficiencies that hinder compliance efforts. For banks and financial institutions, this problem is particularly acute when managing regulatory
How Can Asset Servicing Firms Create a Competitive Edge in 2024
The asset servicing sector faces an increasingly unstable and unpredictable environment, owing to rising fee pressures, a vastly evolving technology landscape, expanding regulations and an unstable macroeconomic background. As their clients (fund managers)
Designated for Delisting: the UAE’s Impending Exit from FATF’s Grey List
In October 2023, it was reported that the United Arab Emirates (UAE) was set to be removed from the “grey list” maintained by theFinancial Action Task Force(FATF), as the country had “substantially” moved towards implementing compliance reforms.
Why FinCrime Regulation is Imminent for US Investment Advisors
In early February 2024, US Treasury Secretary, Janet Yellen, noted that the US Treasury Department plans to issue a proposed rule applying requirements for anti-money laundering (AML) on investment advisers. These plans were further backed up by anannounce
Understanding Risk and Compliance in Banking
Risk and compliance in banking refers to the processes and frameworks banks use to identify, manage, and mitigate financial, operational, and regulatory risks while ensuring adherence to laws, regulations, and internal policies.
AML Across Borders: the US and China Join Forces to Stop Financial Crime
On April 6th, 2024, the United States and China agreed to start a forum to cooperate on anti-money laundering (AML) efforts in the two countries’ financial systems. The agreement came after two days of talks in China's southern export hub of Guangzhou, whe
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