General

What does an anti-money laundering (AML) analyst do?

An anti-money laundering (AML) analyst or officer basically investigates, monitors and manages suspicious financial activity. They are key personnel within a business to ensure all AML requirements are strictly followed, and to prevent businesses, companies, entities, or institutions from being subject to regulatory compliance issues from governing bodies. What is AML? ‘Anti-money laundering’ refers to…

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All you need to know about anti-bribery and corruption programs

What is bribery? Bribery is most commonly defined as “anything of value given, offered, promised, accepted, requested or authorised with the intent that a person who is trusted or expected to act in good faith or with impartiality, performs that function improperly or in order to obtain or retain an advantage in the course of…

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What is an anti-money laundering (AML) compliance program and what are you required to do?

To combat money laundering, terrorist financing and other financial crimes, it is critical for your business, company, organisation or entity to develop an anti-money laundering compliance (AML) program. An AML program specifies how the reporting entity identifies, mitigates and manages the risk of its business being misused to facilitate money laundering or terrorism financing. It…

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What is anti-money laundering (AML) and who does it affect?

‘Anti-money laundering’ refers to all policies and regulations that are in place to prevent the abuse of legitimate financial systems to hide or disguise the proceeds of crime. It prevents criminals from recovering illegal gains of their crimes, as well as using the money for future criminal activity.   Why is it important? It is…

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Facing the Reg Tech wave in financial crime

Though it has been stated that regtech is the new fintech, it is different in one fundamental aspect: it is not there to compete but to facilitate GRC frameworks in organisations and to make them more efficient. According to Richard Gluyas at The Australian, Treasurer Scott Morrison said that “The automation of compliance with regtech…

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FATCA: Commencement date delay announced

On 24 October 2012, the Internal Revenue Service (IRS) released Announcement 2012-42 Timelines for Due Diligence and Other Requirements Under FATCA, which delays certain deadlines under the Foreign Account Tax Compliance Act (FATCA).In essence, the announcement provides new timelines for Foreign Financial Institutions (FFIs) and United States Financial Institutions (USFIs) to complete due diligence and…

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FATCA: Spotlight on the Model IGA

In February 2012, when the US Treasury Department issued the proposed Foreign Account Tax Compliance Act (FATCA) regulations, it was accompanied by a joint statement by five European countries that announced their intention to become FATCA Partner countries by signing a memorandum of understanding (MOU) with the US Treasury Department.In late June 2012, Switzerland and…

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FATCA Round-Up

This article provides an update on the Foreign Account Tax Compliance Act (FATCA) as at October 2013. www.financialcrimesconsulting.com. Click here to view the original full article.

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