Posts

Red Flags in AML/CFT

By
  Red flags in Anti-Money Laundering /Combating the Financing of Terrorism(AML/CFT)  are indicators of potential illicit activities and include unusual transactions, secretive clients, Politically exposed Persons(PEP) , High risk Jurisdictions , Complex Ownership Structures  and large cash transactions.  These warning signs, which do not automatically confirm wrongdoing, trigger further investigation and may lead to the submission of a Suspicious Transaction Report to the relevant Financial Intellegence Unit (FIU).   Following FATF guidance and local legislation, AML programs should ensure a risk-based model that reflects their threat landscape and regulatory environment, effectively highlighting any AML red flags. This should include suitable CDD Process, identifying customers for enhanced due diligence (EDD), Transaction Monitoring Solutions  and sanctions, PEPs, and adverse media screening. FATF red flags in the cap...
Post a Comment
Read more

Financial Inclusion & AML /CFT

By
  Affordable financial products and services—such as transactions, payments, savings, credit and insurance—help people manage risks, build wealth and invest in businesses. Financial inclusion means that individuals and businesses have access to and use affordable financial products and services that meet their needs, which are delivered in a responsible and sustainable way. Financial inclusion is a catalyst for achieving seven of the 17  Sustainable Development Goals  (SDGs) . It fosters economic growth and employment, promotes economic empowerment of women, and contributes to eliminating poverty. FATF on Financial Inclusion The FATF Recommendations set out a comprehensive and consistent framework of measures which countries should implement in order to combat money laundering and terrorist financing, as well as the financing of proliferation of weapons of mass destruction. Countries have diverse legal, administrative and operational frameworks and different financial sys...
Post a Comment
Read more