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financial action task force
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Real-Time AML: The Technology Is Ready, but Is the Industry?
Published By:
Fiserv
Published Date: Sep 14, 2017
Sanctions screening and fraud prevention solutions use real-time detection to prevent terrorist financing and financial crime; whereas anti-money laundering (AML) primarily follows an “observe and report” process. Such a process is all that is currently required by many regulators. Increasingly though, international compliance teams are choosing to stop transactions before they are executed – based on suspicions of money laundering activity. More and more, the industry has been asking itself if this approach of rejecting suspicious activity is a more effective strategy to prevent money laundering. This paper explores where and why AML real-time detection might make sense as a new paradigm for global financial institutions.
Tags :
aml
,
anti-money laundering
,
compliance
,
regulatory compliance
,
financial crime
,
financial crimes
,
financial action task force
,
fatf
Lifting the Veil – Why Understanding Beneficial Ownership Is Now Essential for AML Compliance
Published By:
Fiserv
Published Date: Sep 14, 2017
Global anti-money laundering (AML) standards have long required that understanding beneficial ownership be a part of a financial institution’s AML program. Beneficial ownership outlines the identity of individuals with a controlling interest in a privately held company, enabling a financial institution to understand the ultimate beneficiary of a financial transaction. Identifying beneficial ownership can be a complex process, but it’s one that institutions must conquer if they are to remain in compliance with industry rules and legislation.
Tags :
anti-money laundering
,
aml
,
aml software
,
anti-money laundering software
,
beneficial ownership
,
risk management
,
aml requirements
,
complex ownership structures
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