by Antony BellingallFirst published in Fintech Magazine on 14 November 2021, available here. KYC (know your customer) and AML (anti-money laundering) compliance has become a fact of life for all financial institutions. On-boarding new customers and maintaining existing ones requires a cottage industry of continuous monitoring and reporting using sanction lists (for example HM […]
By Duncan Edwards, Senior Advisor
Once upon a time because that’s how all the best fairy tales begin, there was this financial institution (FI) that thought they knew everything and that they were amongst the best there could be….
By Duncan Edwards Senior Advisor Here at Idenfo, not only do we create and sell leading edge on-boarding and anti-money laundering systems, but we also provide process risk and assurance reviews. These are extremely important, after all, you don’t want the Regulator or Auditors to turn up to check your new system and also find […]
By Duncan Edwards Senior Advisor Risk is double-edged; no one makes money without taking risks, but do not manage risk and you will certainly lose money. But the thing is, risks are like icebergs – only the tip is clearly visible, so you need to understand all risks if you are to manage them effectively. […]
a look ahead to the impact of the UK’s impending departure from the EU by Zorez Haider Legal and Compliance Analyst With the Brexit deadline fast approaching, there is set to be major changes in the UK’s ability to fight financial crime. Companies will have to navigate a much more disparate and fast changing legal […]
a look at the impact of AI on AML and KYC processes by Zorez Haider Legal and Compliance Analyst Artificial Intelligence (AI) is fundamentally changing the way we are fighting financial crime. New technologies are allowing institutions to gain a better understanding of their customer’s activities, helping to more quickly and efficiently fight financial crime. […]
Controls during the Covid19 lockdown by Yawer Shameem Head of Compliance Advisory – Pakistan The past few weeks of lockdown in response to the Covid19 pandemic has everyone (individuals as well as corporations) stick to the basics, cutting down on what is not considered essential or urgent. Companies in the financial services sector at this […]
A look at the legal history in the US and Pakistan by Yawer Shameem Head of Compliance Advisory – Pakistan The US example The seizure of wealth by law enforcement as an additional tool of crime prevention gained popularity in early 20th century especially in the US during the prohibition period in the 1930s. […]
How will KYC (Know Your Customer) compliance now evolve? The fallout from Covid19 will not only hit us now but will be with us for many years. While the forthcoming economic downturn and increased governmental intervention in our lives are evidential, other impacts such as the emotional traumas of much reduced horizons and the societal […]
Recently, stock brokers in Pakistan have expressed concerns to the Security and Exchange Commission of Pakistan (SECP) about their inability to dedicate sufficient resources to meet financial reporting requirements, develop a sound compliance system and meet FATF standards. A recent article in the Business Recorder explains that, “the AML/CFT requirements have evolved over time and […]
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