The Dubai Financial Services Authority (DFSA) The Dubai Financial Services Authority is the financial regulator of the Dubai International Financial Center (DIFC), a special economic zone in Dubai, United Arab Emirates. This agency is separate from the United Arab Emirates Securities and Commodities Authority, and its jurisdiction includes the United Arab Emirates, which is generally [...]
Customer Due Diligence (CDD) What is Customer Due Diligence (CDD)?Customer Due Diligence (CDD) is a process which involves the collection and evaluation of the informations; such as full name, birth place, birth date or marital status, about the customers - or potential customers - in order to be used by the financial entities. It collects [...]
Digital Onboarding and AML Compliance All governments work with regulatory agencies to combat money laundering and financing of terrorism. Financial institutions must follow certain measures and regulations to prevent money laundering. It is very difficult for banks, FinTechs and other financial institutions to use traditional methods for customer with manual methods and according to these regulations. [...]
Know Your Customer (KYC) What is Know Your Customer (KYC)?Know Your Customer (KYC) is a process by verifying the identities of customers. It should be applied before or during onboarding new customers. By implementing the Know Your Customer procedures, banks, FinTechs and other FIs aim to prevent risky situations and ensure compliance. By conducting Know [...]
Anti-Money Laundering (AML) Regulations 1. Anti-Money Laundering (AML) DefinitionAnti-Money Laundering (AML) includes policies, laws, and regulations aimed at preventing financial crime. AML is a worldwide term for money-laundering prevention. There are global and local regulatory authorities established around the world to prevent financial crimes. Each country has a different AML policy, therefore banks and all [...]
Anti-Money Laundering (AML) / Counter-Terrorism Financing (CTF) Compliance What is Anti Money Laundering Compliance?Anti-Money Laundering (AML) Compliance is a process that consists of the laws, regulations, and policies for identifying and preventing financial crimes. The clients are protected against any sanctions, PEPs (Politically Exposed People) lists, and global watch lists.What is the Counter-Terrorism Financing (CTF) [...]
Trade-Based Money Laundering (TBML) What is Trade-Based Money Laundering?Trade-Based Money Laundering is a money-laundering scheme that emerged and became appealing to financial criminals with the increased Anti – Money Laundering controls. Through Trade-Based Money Laundering, criminals can go ahead with their money-laundering operations by benefiting from the leaks in the regulations of cross-border trade. Trade-Based [...]
Sanctions Screening What is Sanctions Screening?Sanctions are the measures taken by a country towards another country, a regime, or a coalition due to violation of international law. On the other hand, sanction screening is software that provides help to financial institutions in terms of identifying and detecting financial crimes. The Sanction Screening list includes people, [...]
Transaction Monitoring AML Compliance Transaction Monitoring is a software that helps financial institutions monitor customer’s account transactions constantly.What does Transaction Monitoring do? Transaction Monitoring fights financial crimes such as money laundering in financial institutions. Transaction monitoring software helps companies comply with AML / CFT regulations by monitoring client accounts to report suspicious transactions.What are transaction monitoring [...]
Financial Crime Regulations Financial Crime RegulationsFinancial Crime, which has increased with globalization, shows that no economic problem remains within the country's borders. Despite, the qualitative and quantitative changes in financial crime regulations as a result of developing technology with globalization, there has been a significant increase in the anti-financial crime revenues provided by these tools. [...]
