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AML and Financial Crime

 

Preventing Financial Crimes
August 6, 2020
Preventing Financial Crimes
Money laundering has become a global concern over the past several years. In response, the U.S., Cayman Islands Monetary Authority and the EU are taking steps to increase AML efforts in their jurisdictions, and it is likely that other countries will follow suit in the coming years.
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AML and Financial Crime
CIMA Continues Focus on AML
December 12, 2019
CIMA’s Continued Focus on AML
The Cayman Islands Monetary Authority (“CIMA”) has made significant changes to its Anti-Money Laundering (“AML”) regulations in recent years, including updating the definition of Financial Service Provider (“FSP”) making private investment vehicles, such as hedge funds, private equity funds, and real estate funds domiciled in Cayman Islands, subject to Cayman Island’s AML regime. 
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AML and Financial Crime
Emerging Internal Audit Risks
December 6, 2019
Emerging Internal Audit Risks
Regulators increasingly expect internal audit teams to continually develop and enhance their audit plans in the face of new risks. An internal audit team must be proactive to stay one step ahead of emerging risks.
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AML and Financial Crime
Customer Due Diligence: Preparing for Focus in U.S. Regulatory Examinations
November 22, 2019
Customer Due Diligence: Preparing for Focus in U.S. Regulatory Examinations
The customer due diligence (CDD) rule went into effect May 11, 2018. Now that firms have had sufficient time to make any necessary changes needed to implement the rule, it is likely that regulators will focus on CDD implementation within examinations.
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AML and Financial Crime
Relationship of Trust: The Audit Committee and Internal Audit
October 25, 2019
Relationship of Trust: The Audit Committee and Internal Audit
The Institute of Internal Auditors (IIA) published a position paper on September 19, 2019 about the importance of Relationships of Trust - Building Better Connections Between the Audit Committee and Internal Audit. The position paper highlights the critical relationship between internal audit and the audit committee.
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AML and Financial Crime
Robotic Process Automation for AML Compliance
October 18, 2019
Robotic Process Automation for AML Compliance
Robotic Process Automation (RPA) refers to the use of software to perform repetitive, routine tasks that are considered monotonous and uninteresting to humans.In its simplest definition, RPA is:
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AML and Financial Crime
7 Vital Components of an Internal Audit Charter
October 4, 2019
7 Vital Components of an Internal Audit Charter
The Institute of Internal Auditors (IIA) published a new position paper on September 19, 2019 about the importance of an Internal Audit Charter and how it enhances the effectiveness of the Internal Audit function.
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AML and Financial Crime
Data Retention Challenges During an AML System Migration
September 19, 2019
Data Retention Challenges During an AML System Migration
Today, many financial institutions are changing the anti-money laundering (AML) technology platform they use to perform required compliance processes, such as transaction monitoring and sanctions screening. Once the process has started, there are important considerations around data migration that must be managed correctly.
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AML and Financial Crime
Detecting Trafficking of Fentanyl and Other Synthetic Opioids
September 5, 2019
Detecting Trafficking of Fentanyl and Other Synthetic Opioids
FinCEN published an advisory to remind financial institutions of their due diligence and other Bank Secrecy Act obligations regarding the illicit financial schemes and mechanisms related to the trafficking of fentanyl or other synthetic opioid drugs. By complying with these obligations, financial institutions can help combat the opioid drug epidemic the U.S. is currently facing.
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AML and Financial Crime
FATF-Identified Jurisdictions with AML/CFT Deficiencies
August 22, 2019
FATF-Identified Jurisdictions with AML/CFT Deficiencies
The Financial Crimes Enforcement Network issued an advisory to remind financial institutions that updates the FATF made to their list of jurisdictions that have strategic AML/CFT deficiencies may affect their obligations with respect to these jurisdictions and that they should consider the impact these updates have on the institution’s risk-based approach.
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AML and Financial Crime
Six Ways Financial Organizations Stumble Over KYD for Financial Crime Technology
August 5, 2019
Six Ways Financial Organizations Stumble Over KYD for Financial Crime Technology
Effective AML compliance requires a data governance program to address the acquisition and management of the data – also known as “know your data” or KYD. This is a hot topic for financial institutions monitoring client transactions for money laundering, terrorist financing, or other forms of financial crime.
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AML and Financial Crime
Exposure Draft About Revising Their Three Lines of Defense Model
July 22, 2019
IIA Releases an Exposure Draft To Revise Their Three Lines of Defense Model
On June 17, 2019, The Institute of Internal Auditors (the IIA) released an Exposure Draft (the Draft) on a study being conducted to review and modernize the Three Lines of Defense Model (3LoD). The Draft has been released for public comments from June 20, 2019 and September 19, 2019 and reflects the thoughts and analysis of a working group, chaired by Jenitha John, Vice Chairman of The IIA Global Board of Directors; and Chief Audit Executive, FirstRand Ltd.
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AML and Financial Crime

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