Blog
Listening – A Critical Skill for Compliance, Corporate Governance, Risk Assessment and Risk Mitigation
Over the past 17 years MSB Compliance Inc. has performed numerous independent BSA/AML and OFAC reviews of various types and sizes of MSBs, payment processors and banks. Jay Postma, CAMS, CFCS, President notes: “We’ve seen many organizations with strong compliance culture and effective compliance programs. And we’ve seen entities whose management ignored reported compliance issues, …
Read MoreArctic Intelligence launches 14-day free trial of AML Accelerate
Recently, Arctic Intelligence launched a 14-day obligation free trial of the multi-award winning money laundering and terrorism financing risk assessment and AML/CTF program/policy development platform, AML Accelerate. For the first time, Arctic Intelligence is enabling regulated businesses to experience for themselves how to easily identify money laundering and terrorism financing risks, assess the design and…
Read MoreCornerstone and Foundation: How Governance and Risk Assessment Fortify Your BSA/AML and OFAC Program
Your BSA/AML and OFAC compliance program needs a guiding structure and a robust foundation in order to stand tall, be strong and prove resilient against the evils of financial crime, money laundering and terrorist financing. That’s where governance and risk assessment come in. Think of them as the cornerstone and foundation of your compliance program,…
Read MoreDecember 2023 – New features & upcoming features
Event Management We have introduced “Events,” empowering our clients to create, track, and manage breaches, operational incidents, or near-misses. The platform enables real-time drillable dashboards and reports, allowing users to filter information by status, owner, event type, priority, due date, and more. In-Application Tutorial To enhance user experience, we have implemented a guided in-application tutorial…
Read MoreRisk Assessment: The Bedrock of Financial Services Compliance
In the current competitive and fast changing landscape of the financial services industry, effective risk assessment often gets relegated to the backburner and is overshadowed by desires to build fast and break things, capture as much market and mind share as possible, and grow income quickly to minimize capital burn and prove the business model. …
Read MoreProliferation Financing risks: What businesses need to know
Proliferation Financing (PF) forms part of the compliance landscape, like anti-money laundering and counter-terrorism financing (AML/CTF). However, it’s only recently that regulators have started to introduce tighter measures to help businesses identify PF risks. The UK is currently leading the way. And with an increased focus worldwide on enhancing risk regulatory measures, it’s likely that…
Read More7 tips for your next Independent Review of the AML/CTF Program
An independent review of the anti-money laundering (AML) and counter-terrorism financing (CTF) program helps assess an organisation’s compliance process to ensure whether it is meeting its legal and regulatory requirements. An independent review can also be a great way of identifying any potential weaknesses to help organisations update their compliance protocols and reduce risks, before…
Read MoreReviewing the UK’s AML/CTF regulatory and supervisory regime
Global financial systems are under significant threat from money laundering and terrorist financing, with the United Nations estimating that the amount of money laundered worldwide annually is between 2% to 5% of global GDP, equating between USD$800 million and USD$2 trillion. However, given the illicit nature of money laundering it is virtually impossible to estimate…
Read MoreThe three most common challenges compliance professionals face conducting their enterprise-wide financial crime risk assessments
Are you interested in digitising or automating your financial crime risk assessment? We speak to a lot of risk and compliance professionals who are responsible for conducting their enterprise-wide financial crime risk assessments. The three most common challenges we hear are: We have unpacked each of these three common challenges and explain how our solutions…
Read MoreThe importance of conducting risk assessments to identify and evaluate potential money laundering and terrorism financing risks.
In an increasingly interconnected world, the fight against money laundering (ML) and terrorism financing (TF) has become a top priority for governments, regulatory bodies, and financial institutions. Conducting effective money laundering and terrorism risk assessments is a crucial step in identifying and evaluating potential risks associated with these illicit activities. By understanding the vulnerabilities and…
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