What is the Difference Between Due Diligence and Enhanced Due Diligence? Within the intricate domain of regulatory conformity, enterprises adhere to two fundamental processes – Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) – to assess and alleviate risks associated with their clientele. While CDD involves standard information gathering to evaluate business [...]
What is AI Powered Enchanced Due Diligence? Embarking on the intricate journey of due diligence, the integration of artificial intelligence (AI) marks the dawn of a new era characterized by unparalleled efficiency and precision. In the contemporary landscape of business decision-making, grappling with the exponential growth of digital data, conventional manual review methods [...]
What is a Sanctions List? A Sanctions List comprises individuals, companies, or countries subjected to restrictive measures due to connections with terrorism, weapons proliferation, or other illicit activities. The goal is to block assets and restrict trade for foreign policy and national security objectives. In the fight against financial crime, companies use sophisticated [...]
What is a Sanction Screening Service? A Sanction Screening Service serves as a specialized tool utilized by companies to uphold compliance with Anti-Money Laundering and Know-your-customer regulations. Its primary function revolves around the identification of potential financial crimes by scrutinizing customer data against extensive sanctions lists. These lists encompass individuals, organizations, and countries [...]
What are the AML Risk Management's 3 Steps? In the dynamic landscape of Anti-Money Laundering (AML) risk management, organizations adhere to a strategic framework comprising essential steps. Recognizing risk assessment as a cornerstone for AML compliance, financial institutions adopt a proactive, risk-based approach with a focus on robust Know Your Customer (KYC) processes. [...]
What are KYC and AML Checks? Within the banking sector, Know Your Customer (KYC) and Anti-Money Laundering (AML) checks are integral procedures that collectively enhance the integrity and security of financial transactions. KYC orchestrates a through validation process implemented by financial institutions to verify customers' identities, involving a comprehensive examination of supplied information [...]
Customer Due Diligence Checklist & How Can You Improve CDD? Customer Due Diligence (CDD) plays a vital role in risk management, providing a safeguard for individuals and businesses against potential engagement in illicit activities and financial crimes. Operating within the Know Your Customer (KYC) framework, CDD entails the identification of customers and the [...]
What is the Difference Between Embargos and Sanctions? Embargos are a sеt of intеrnational mеasurеs that arе usеd to influеncе thе bеhavior of a country. Thе primary objеctivе of еmbargos is to rеstrict thе importation or еxportation of cеrtain goods, usually in rеsponsе to human rights or sеcurity concеrns. Sanctions arе a morе [...]
What is the Bank Secrecy Act (BSA)? Bank Secrecy Act (BSA) is a United States law. The purpose is to prevent criminals from using banks for money laundering. Banks must provide authorities with records. This occurs when people make suspicious money transactions above $10,000. The law facility authorities' understanding of these transactions. How [...]
What is Money Laundering Through the Football Sector? Recently, football has gone beyond just a sport and become a global sector. With the growing economy of football as a sector, the investment of money into it has also increased, of which some of this investment has criminal connections. The FATF conducted research to [...]
