What is Enhanced Due Diligence (EDD)? Enhanced Due Diligence (EDD) is a risk-sensitive form of Customer Due Diligence (CDD). Enhanced Due Diligence (EDD) is applied to the higher-risk customers and requires more detailed information about the customer in addition to the basic Customer Due Diligence (CDD) requirements. High-risk customer means that those who are associated [...]

Name Screening and Blacklist Filtering in AML Compliance What is Name Screening in banking?Name screening in the banking industry refers to a risk assessment method used for checking if the potential or existing customers have any relation to risky financial activities or are listed in the sanction and blacklists. Name screening is an important step [...]

Anti-Money Laundering Program AML (Anti-Money Laundering) is a platform and the database-independent solution developed to analyze and report suspicious financial transactions. In the fight against money laundering and combatting terrorism financing, Anti-Money Laundering AML program is a safe, cost-effective solution with its supporting structure of national and international standards and rules.The Anti-Money Laundering program is [...]

Machine Learning (ML) in Anti-Money Laundering (AML) The crime of money laundering is one of the most important threats to the financial industry, therefore financial institutions equip themselves with technologically powerful and intelligent analytical tools to combat money laundering. Machine learning is one of the most effective ways in financial institutions’ anti-money laundering (AML) efforts. [...]

Global PEP and Sanction Lists Politically Exposed Persons (PEPs)A politically exposed person (PEP) is an individual with a prominent public function posing high-risk in terms of vulnerability to corruption. PEPs hold important positions and influence in the society therefore, they are prone to be abused for the purposes of criminal activity such as money laundering, [...]

Risk Management and Anti-Money Laundering Compliance For the past decades, the integration effects of globalization with the financial payments systems have brought financial crimes such as fraud, tax evasion and money laundering to the international context. Lack of advanced measures for AML/CTF in undeveloped parts of the world are more vulnerable to such financial crimes.Currently, [...]

Politically Exposed Person (PEP) & Relatives-Close Associates (RCA) What is Politically Exposed Person (PEP)?Politically Exposed Person (PEP) is an individual holding an important public function and therefore having a risky position for being vulnerable to corruption and to get involved in criminal financial activities such as money laundering, bribery and terrorist financing. Politically Exposed Persons [...]

AI in AML Anti Money Laundering Compliance AI-powered technology improves AML Anti Money Laundering programs to be more compatible, efficient, and effective solutions for analyzing and detecting suspicious transactions of high-risk accounts.Current transaction monitoring programs process huge amount of data in seconds therefore system is prone to False Positive results which may lead lower operational [...]

False Positive Reduction in AML Transaction Monitoring Transaction monitoring and screening are one of the essential steps of a successful anti-money laundering (AML) process. It is fully under the responsibility of the financial institutions to detect unusual or suspicious transactions, therefore they need to ensure that they employ a sufficient transaction monitoring and sanction screening [...]

Regulatory Bodies in Turkey: MASAK and BRSA (BDDK) Financial Crimes Investigation Board (MASAK) is a financial intelligence unit under the Ministry of Treasury and Finance. The main duties of MASAK are to prevent money laundering crime, to process the collected information, to develop measures, to conduct research on it, and present it to the necessary [...]