The Wolfsberg Group's statement on effective monitoring of suspicious activity highlights the evolving strategies financial institutions (FIs) should adopt to combat financial crime was released on 1st July 2024. The statement underscores the importance of transitioning ... Read More →
Articles
Commentary section on AML/CFT.
Dealing with inconclusive name screening matches
A key aspect of AML/CFT compliance is name screening, which involves checking the names of individuals and entities against watchlists, containing multiple lists of sanctioned or high-risk individuals and organisations, usually obtained through a name screening database ... Read More →
G20 Adoption of Beneficial Ownership Principles Slow
In the fight against money laundering, terrorist financing, corruption, human trafficking, sanctions and tax evasion and other financial crimes, shell companies are a key instrument for beneficial owners in providing anonymity. However, a report by Transparency ... Read More →
Are Banks in Singapore De-risking Cryptocurrency Firms?
Singapore cryptocurrency firms are facing bank account closures, according to a news report by Bloomberg. By design, digital currency provides greater anonymity than traditional non-cash payment methods, which makes them attractive to money launderers and terrorists. In ... Read More →
6 Elements of an Effective AML/CFT Compliance Programme
Aligning an organisation's business processes with the relevant anti-money laundering / countering the financing of terrorism (AML/CFT) regulations and best practices is no easy feat to accomplish. The difficulty of it amplifies when the business is massive and ... Read More →
