Customer Due Diligence Checklist — 4 Steps to Improve Your CDD Financial institutions are entitled with applying due diligence procedures on their customers to make sure that they are not involved in any activities related to financial crimes. A legitimate and strong Customer Due Diligence (CDD) program is essential to protect the reputation [...]
Financial Cyber Crime: How the System is Failing the Victims Financial Cyber Crime Having the Widest Coverage Among All Industries Cyber threats and attacks may differ in their purpose, method and impact; however, the most common ones are malware, hacking, phishing, data extortion and distributed denial of service (DDoS). The attackers’ ultimate aim is to [...]
High Intensity Financial Crime Area (HIFCA) High Intensity Financial Crime Areas (HIFCA) or High Risk Money Laundering and Related Financial Crime Areas are defined in the United States as the locations that specially pose a high risk of money laundering or financial crime. As the High Intensity Financial Crime Area (HIFCA) programs aim to support [...]
The Central Bank of Bahrain (CBB) The Central Bank of Bahrain (CBB) was published by the 2006 CBB and Financial Institutions Law on September 6, 2006 and serves as a public corporate entity. The main responsibilities of the CBB are ensuring the financial and monetary stability of the Kingdom of Bahrain.The predecessor of the Central [...]
2020 AML Fines and Penalties 2020 AML fines and penalties generally includes policies, laws and regulations to prevent financial crimes. AML is a worldwide term for preventing money laundering. There are global and local regulators established in the world to prevent financial crimes, besides each country has a different 2020 AML fines and penalties. Organizations [...]
Kuwait Capital Markets Authority Kuwait Capital Markets AuthorityThe CMA Act created a new independent organization, the Kuwait Capital Markets Authority, which provides a new regulatory framework for establishing CMAs, targets, bases of objectives and bridging the legal gap.The CMA Act is considered to be the most complex legislation enacted in recent Kuwait history. The rudimentary [...]
Know Your Customer (KYC) Best Practices - Corruption, Crime & Compliance Know Your Customer (KYC) is a compulsory process for the banks and other financial institutions when opening a new account or on regular basis used for identification and verification of customer’s identity. If a customer fails in meeting the minimum KYC requirements, banks and [...]
Digital Onboarding and Anti Money Laundering (AML) Digital Onboarding Technology for Financial Institutions Onboarding process plays a vital role in financial institutions’ customer acquisition and loyalty. Therefore, keeping it simple, fast and user-friendly is the key for success. The digitalization of the onboarding experience removed the physical limitations and the complicated processes for [...]
Anti-Money Laundering (AML) Compliance FinTech and InsurTech How Fintechs do AML compliance?Just as all the financial institutions, FinTechs are entitled to comply with the AML regulations as they are faced with the financial crime risks too. Together with the improvements in the technology, the criminal activities in the financial environment started to become more digitalized [...]
Office of Foreign Assets Control (OFAC) Regulations The Office of Foreign Assets Control (OFAC) is the financial intelligence and enforcement agency of the United States Treasury Department. OFAC imposes sanctions about the matters of economy and trade by taking US foreign policy and national security goals as the reference. The sanctions are applied to those [...]
