Financial Crime & AML
Blogs
Understanding OFAC and other sanctioning bodies
Sanctionsare deeply political at their core. It is why businesses face such significant penalties if they fail to implement them.Politically exposed persons(PEPs) and their relatives and close associates (RCAs) are often the subject of such sanctions or ma
The Pandora Papers Reveal a Broken System
The FinCEN Files revealed money laundering to be a systemic problem, but the Pandora Papers and therecent resignationby the Financial Action Taskforce (FATF) chief, David Lewis, suggest a much more broken system, where regulators are barely tipping the ice
The 5 Most Pressing AML Challenges
One of the biggest problems with fighting financial crime is that the introduction of new regulations has done little to address the issue. Financial institutions devote significant resources to managing compliance risk and adhering to guidelines instead o
Tackling the Financial Crime Challenge in Asia-Pacific
The APAC region, home to over 40+ regulators, is one of the most complex jurisdictions in terms of regulatory compliance. Over the last ten years, the region, as a whole, has levied a total of $609 million in AML, KYC and sanctions fines, according to Fene
Embracing a New Approach to KYC Client Reviews
Anti-Money Laundering (AML)andKnow Your Customer (KYC)regulations dictate that financial institutions must ensure that they know their clients and verify their identities with appropriate data and documentation that proves that their clients are who they s
Middle East in Focus: A Changing Compliance Landscape
In research soon to be published by Fenergo, it finds that financial institutions across the world have been fined approximately US$26 billion for anti-money laundering and sanctions-related violations over the last 10 years. This research anticipates that
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