Tag: financial institutions
Seven key insights into the US’s beneficial ownership reporting requirements
In a stride towards combating financial crimes, the US introduced the CTA, designed to peel back the layers of secrecy often associated with business...
Navigating cybersecurity and AML: Strategies for financial firms
Money laundering and financial crimes pose large risks to financial firms, both from a reputational and regulatory perspective. These criminal activities can manifest in...
New era of US sanctions: Preparing for a decade of enhanced...
As we move into the latter half of 2024, the landscape of international relations is increasingly fraught with challenges, from escalating global conflicts to...
New Independent Science Based Taxonomy (ISBT) enhances sustainable investment
In the realm of sustainable finance, the clarity and credibility of categorising economic activities have received a substantial boost with the introduction of the Independent Science Based Taxonomy (ISBT).
The critical role of perpetual KYC in modern risk management
In today’s rapidly changing regulatory environment, financial institutions are under increasing pressure to manage risks effectively.
A transformative approach that has gained traction is Perpetual...
Streamline KYC and AML processes with Muinmos’s AI solutions
In the dynamic world of finance, client onboarding challenges abound, driven by the need to balance enhanced customer experiences against stringent compliance requirements.
EBA issues new guidelines to enforce travel rule
The European Banking Authority (EBA) today announced the introduction of new Guidelines concerning the 'travel rule' for fund and crypto asset transfers.
How the ECCTA is reshaping costs for UK financial institutions
In October 2023, the UK implemented the Economic Crime and Corporate Transparency Act (ECCTA), setting stringent identity verification (IDV) mandates for shareholders, directors, and...
Navigating the complexities of off-channel communications in finance
In recent years, off-channel communications have come under the intense scrutiny of regulators like the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). This scrutiny is largely due to the risks these unmonitored communications pose, ranging from compliance issues to gaps in record-keeping that can affect investor protection.
Napier AI’s call for smarter CDD practices in HM Treasury’s latest...
Napier AI has responded to a consultation from HM Treasury, the UK government's economic and finance ministry, on enhancing the effectiveness of the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). These regulations require businesses to identify and prevent money laundering and terrorist financing.
