Enterprise-wide AML/CTF Risk Assessment Solutions for Financial Services businesses

Asset managers, hedge fund managers, and fund managers all face money laundering risks because of the large amounts of money they handle and the complexity of their operations.

One of the primary ways that money laundering can occur in these industries is through the use of complex financial transactions. These can involve the use of offshore accounts, the movement of money through multiple accounts and jurisdictions, and the use of complex financial instruments such as derivatives.

Another way that money laundering can occur in these industries is through the use of shell companies. These are companies that exist only on paper and have no real business operations. They can be used to disguise the origin of funds and to make it difficult for law enforcement agencies to track the movement of money.

The money laundering and terrorism financing (ML/TF) risks associated with asset managers, hedge fund managers and fund managers includes (but is not limited to):

• High-net-worth individuals that are wealthy and powerful, may be reluctant, unwilling or uncooperative in providing them with appropriate documentation, details of the intended nature of transactions or explanations about the origins of their wealth.
• High-net-worth individual clients are likely to have many accounts in more than one jurisdiction, either within the same company or group, or with different companies making it hard to understand the full-picture (which may be intentional).
• The transfers, transactions and trades in funds and other assets by high-net-worth individual clients often involve high value transactions, requiring rapid transfers to be made across accounts in different countries and regions of the world.

To mitigate money laundering risks, asset managers, hedge fund managers and fund managers are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks. 

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

In addition to regulatory requirements, asset managers, hedge fund managers and fund managers may also implement additional measures to reduce money laundering risks, such as conducting enhanced due diligence on high-risk customers, limiting the use of cash transactions, and requiring senior management to approve high-risk transactions.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for asset managers, hedge fund managers and fund managers, if you would like to learn more contact us or book a demo.

Financial institutions such as banks, building societies, credit unions, and mutual banks are particularly vulnerable to money laundering due to their role in handling large volumes of cash and facilitating financial transactions.

Banks, building societies, credit unions, and mutual banks provide products and services to individuals and non-individual customers, including; private and public companies, trusts, partnerships, associations, registered co-operatives, non-profit and charities, and government bodies.

Banks, building societies, credit unions, and mutual banks offer a diverse range of products and services, from simple products like basic bank account facilities, savings and investment products, and loan and credit products, right through to complex products, like trading in derivatives, warrants, repos and options to commercial business customers.

The money laundering and terrorism financing (ML/TF) risks associated with banks, building societies, credit unions, and mutual banks includes (but is not limited to):

• A high risk that illicit funds will be placed into the financial system through cash and cheque deposits or wire transfers
• Movement of funds (layering) through multiple (and often rapid) trades, transactions and transfers between accounts to disguise the origin from the initial placement into the financial system
• The provision of products and services through client, account and transactions to cash-intensive businesses, which pose higher risks of laundering the proceeds of crime
• The provision of loans, which are paid back faster than indicated/expected through lump-sum payments or early termination
• The provision of trading accounts in equities, bonds, derivatives or other complex instruments makes trades hard to follow.

To mitigate money laundering risks, banks, building societies, credit unions, and mutual banks are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for banks, building societies, credit unions, and mutual banks and our Risk Assessment Platform, allows larger more complex businesses to fully configure the methodology, risk models and control libraries and much more.  If you would like to learn more contact us or book a demo.

Cash in Transit (CIT) is the movement of physical cash from one location to another, typically involving the use of armoured vehicles and security personnel. This process presents a high risk of money laundering as it involves the transportation of large amounts of cash, which can be difficult to trace and easy to conceal.

As well as legitimate businesses, money launderers may use Cash in Transit service providers to move funds acquired through illicit activities, such as drug trafficking, fraud or illicit trafficking in arms, wildlife or people.  Organised criminal networks may use Cash in Transit service providers to move proceeds from legal activities to evade taxes or hide their wealth.

Overall, the risk of money laundering in Cash in Transit is considered high, but it can be managed through effective risk-based controls and a collaborative approach between financial institutions, cash management companies, and law enforcement agencies.

To mitigate money laundering risks, Cash in Transit service providers are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Cash in Transit service providers, if you would like to learn more contact us or book a demo.

Money laundering is a serious risk that can affect both corporate finance and private equity.

In corporate finance, money laundering can occur when companies accept payments or investments from individuals or entities that are involved in illegal activities. This can be especially problematic when companies are not aware of the illicit nature of the funds, as they can unwittingly become involved in criminal activities.

Private equity firms can also be vulnerable to money laundering risks. Private equity firms raise funds from investors and use those funds to invest in companies or other assets. If the source of the funds is not properly vetted, the private equity firm may inadvertently become involved in money laundering activities.

To mitigate money laundering risks, Corporate Finance and Private Equity businesses are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers,  ensuring that the sources of funds of investors and counterparties is legitimate, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Corporate Finance and Private Equity businesses, if you would like to learn more contact us or book a demo.

Money laundering risk is a significant concern for businesses that deal with cryptocurrencies and digital currencies, such as Digital Currency Exchanges (DCEs), that provide services to trade in or that facilitate the exchange (i.e., buying and selling) digital currencies for FIAT currencies (i.e. legal tender whose value is backed by the Government that issued it).  

Other services that are caught by AML/CTF laws include the provisions of “digital wallet” services that allow customers to hold digital currencies, and in some countries digital currency to digital currency exchanges are also subject to AML/CTF laws.

These types of businesses have been identified as attractive targets for money laundering activities due to the anonymity and decentralised nature of these currencies. Cryptocurrencies and digital currencies are often used as a means of transferring funds across borders without detection, as they allow for transactions to be made without the involvement of traditional financial institutions. 

Organised criminal networks may use cryptocurrencies to anonymously move funds obtained through illegal activities, such as drug trafficking, fraud or the illicit trafficking in arms, wildlife or people.

The money laundering and terrorism financing (ML/TF) risks associated with Cryptocurrency and Digital Currencies includes (but is not limited to):

• Convertible virtual currencies that can be exchanged for real money or other virtual currencies
• Increased anonymity compared to traditional non-cash payment methods
• Virtual currency systems can be traded on the Internet, and are generally characterised by non-face-to-face customer relationships
• Permit anonymous funding (cash funding or third-party funding through virtual exchanges that do not properly identify the funding source)
• Permit anonymous transfers, if sender and recipient are not adequately identified

To mitigate money laundering risks, Cryptocurrency or Digital Currency Exchange businesses are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers,  ensuring that the sources of funds of investors and counterparties is legitimate, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Cryptocurrency or Digital Currency Exchange businesses, if you would like to learn more contact us or book a demo.

Fintech, like any other financial industry, faces money laundering risks through the nature of the products and services they offer to individual and non-individual customers.

Fintech companies, such as Buy Now, Pay Later, Neo-Banks, Peer-to-Peer Lenders, Payday Lenders, Money Remittance or Payment Providers, are particularly vulnerable to money laundering risks because they operate in a digital environment that allows for rapid movement of funds across borders. They often offer services that allow users to transfer money quickly and easily, and these services can be exploited by organised criminal networks seeking to launder their illicit funds.

The money laundering and terrorism financing (ML/TF) risks associated with Fintechs includes (but is not limited to):

• There is a high risk that the proceeds of crime will pass through the products and services offered by fintechs at the layering and integration stages of the money laundering process
• The non-face-to-face provision of accounts or transactions in products and services presents a particular area of risk

To mitigate money laundering risks, Fintechs are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers,  ensuring that the sources of funds of investors and counterparties is legitimate, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Fintechs, if you would like to learn more contact us or book a demo.

Money laundering through Foreign Exchange or Money Remittance Businesses (MSBs) is a serious risk as these types of businesses can be particularly attractive to criminals because they offer a way to move funds across borders quickly and relatively easily, while also providing a degree of anonymity and flexibility.

There are several ways that money laundering can occur through Foreign Exchange or Money Remittance Businesses (MSBs), one common method is known as "structuring," where large sums of money are broken up into smaller transactions to avoid detection.  

Another common method is through the use of "smurfing," where multiple individuals or entities are used to move funds around in order to avoid detection. For example, a criminal might use a network of individuals to deposit and withdraw funds from foreign exchange accounts or money remitters, in order to make it more difficult for authorities to track the origin and destination of the funds.

The money laundering and terrorism financing (ML/TF) risks associated with Foreign Exchange and Money Remittance Businesses (MSBs) includes (but is not limited to):

• Due to the number of transactions and intermediaries each transaction does not always have a single and clear set of documentation which identifies the end-to-end remittance chain
• Remittance businesses may receive instructions over the phone or by other non-face to face methods, so they may not always know for whom they are acting
• The use of intermediaries and the possible aggregation of remittances into one payment may mean that money is coming in from many sources and no one person or organisation may have responsibility for knowing the identity of all the sources.

To mitigate money laundering risks, Foreign Exchange and Money Remittance Businesses (MSBs) are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers,  ensuring that the sources of funds of investors and counterparties is legitimate, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Foreign Exchange and Money Remittance Businesses (MSBs), if you would like to learn more contact us or book a demo.

Financial planners and advisers can pose a risk for money laundering as they provide their customers, who are typically high-net-worth individuals, family offices, companies and trusts, with financial advice such as domestic and international investments, establishment of complex financial structures and the movement of funds across borders.

Financial planners and advisers either only give advice or they act on behalf of their customers in dealing with a product provider and they may be asked to set up complex financial structures, such as trusts or shell companies, that can be used to launder money and if they are not careful, could unwittingly assist money launderers.

The money laundering and terrorism financing (ML/TF) risks associated with Financial Planners includes (but is not limited to):

• Criminals may seek to conduct their financial activity through a financial planner or adviser to provide a layer of anonymity by disguising their involvement
• Criminals may seek out financial planners and advisers as gatekeepers to the financial system to create an impression of respectability and legitimacy
• Criminals may seek the assistance of financial planners and advisers to obscure who really owns or controls the funds and assets (i.e., the ultimate beneficial owner)
• Criminals may ask financial planners and advisers to facilitate the movement of funds across borders which is a common tactic used by money launderers to disguise the source and ownership or funds.

To mitigate money laundering risks, Financial Planners are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers,  ensuring that the sources of funds of investors and counterparties is legitimate, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Financial Planners, if you would like to learn more contact us or book a demo.

Insurance companies may face money laundering risks due to the large amounts of money involved in insurance transactions and the potential anonymity of policyholders.

The money laundering and terrorism financing (ML/TF) risks associated with Insurance Companies includes (but is not limited to):

• Criminals may use fraudulent or stolen identities to purchase insurance policies and pay premiums using illicit funds, which is known as premium payment fraud
• Criminals may structure transactions in a way that avoids triggering reporting requirements, such as by making multiple small premium payments instead of a single large payment
• Criminals may use insurance policies to place and conceal illicit funds, such as by purchasing policies with cash or using policies as collateral for loans
• Criminals may use third parties, such as shell companies, to conceal the true ownership of insurance policies and disguise the source of funds.

To mitigate money laundering risks, Insurance Companies are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers,  ensuring that the sources of funds of investors and counterparties is legitimate, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Insurance Companies, if you would like to learn more contact us or book a demo.

Investment Managers may be at risk of money laundering because they have access to large amounts of capital, and they may work with clients who are looking to hide their assets.

Investment Managers may be involved in both discretionary and advisory management of segregated portfolios of assets, such as equities, derivatives, cash, property.  

Discretionary Investment Managers are given powers to decide upon investment decisions (i.e., which equity or derivative products to select) and to undertake transactions within the portfolio as necessary, according to an investment mandate agreed between the firm and the customer.

Advisory Investment Manager relationships differ in that, having determined the appropriate investment strategy (i.e., risk appetite and portfolio mix), the Investment Manager has no power to enter into a transaction without the customer’s authority.  In some cases, the customer will execute their own transactions acting on the advice of their Investment Manager.

The money laundering and terrorism financing (ML/TF) risks associated with Investment Managers includes (but is not limited to):

• Criminals may facilitate inbound and outbound funds transfers via the use of third-party intermediaries such as a custodian or fund administrator
• There may be unexpected inflows and outflows of third party payments
• Offshore trusts and companies may be used as investment vehicles by customers
• Politically exposed persons (PEPs) and customers from higher risk jurisdictions

To mitigate money laundering risks, Investment Managers are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers,  ensuring that the sources of funds of investors and counterparties is legitimate, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Investment Managers and our Risk Assessment Platform, allows larger more complex businesses to fully configure the methodology, risk models and control libraries and much more.  If you would like to learn more contact us or book a demo.

Leasing and Hire Purchase Financing businesses can potentially be used as a method for money laundering, as it involves the transfer of funds and assets between parties. 

The money laundering and terrorism financing (ML/TF) risks associated with Leasing, Hire Purchase and Debt Financing businesses includes (but is not limited to):

• Lease hire purchase agreements often involve large sums of money, and the use of cash payments can make it difficult to trace the source of the funds. Cash payments may also be used to avoid detection by regulatory authorities
• Some lease hire purchase financing structures can be complex and involve multiple parties and jurisdictions, making it easier for criminals to hide the true nature of their transactions and the source of their funds
• Lease hire purchase agreements can be structured in a way that makes it difficult to identify the true owner of the asset being financed. This lack of transparency can make it easier for criminals to hide their illicit activities
• Criminals may use false or fraudulent information to obtain lease hire purchase financing, such as misrepresenting the value or ownership of an asset.

To mitigate money laundering risks, Leasing and Hire Purchase Financing businesses are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers,  ensuring that the sources of funds of investors and counterparties is legitimate, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Leasing and Hire Purchase Financing businesses, if you would like to learn more contact us or book a demo.

Money laundering risks exist for all types of financial institutions, including non-bank financial institutions who may be more vulnerable to money laundering due to their less-mature and less-regulated status and lower levels of oversight compared to traditional banks.

Non-bank financial institutions, which include non-bank lenders, online lenders, peer-to-peer lenders, and other alternative financial services providers, may be used by money launderers to move funds anonymously and avoid detection. 

These lenders often offer faster and more flexible lending services, which can be attractive to money launderers looking to quickly move large sums of money.

To mitigate money laundering risks, Non-Bank Financial Institutions are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers,  ensuring that the sources of funds of investors and counterparties is legitimate, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Non-Bank Financial Institutions, if you would like to learn more contact us or book a demo.

Payment processing service providers connect merchants to the broader financial system so they can accept credit and debit card payments from customers. Payment processing service providers also connect merchants, consumers, card brand networks and financial institutions.

Payment processing service providers can pose a risk for money laundering because it provides a means for individuals and entities to move illicit funds through the financial system. Money launderers can use various payment methods, such as wire transfers, online payments, credit cards, and even cryptocurrencies to disguise the true source and ownership of their funds.

The money laundering and terrorism financing (ML/TF) risks associated with Payment Processing Service Providers includes (but is not limited to):

• A lack of transparency as payment processing can obscure the true source and destination of funds, making it difficult for financial institutions to trace and monitor transactions

• Many payment service providers’ business model relies on non-face to face business relationships and transactions, which present ML/TF risks due to increased impersonation fraud risk and the chance that customers may not be who they say they are

• Payment processing service providers can handle a high volume of transactions in a short period, making it difficult to detect and investigate suspicious activity

• Money launderers can use complex payment structures, such as layering, to disguise the true nature of their transactions

• Money launderers can use third-party processors to move funds, making it harder to track and investigate their activities.

To mitigate money laundering risks some Payment Processing Service Providers are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers,  ensuring that the sources of funds of investors and counterparties is legitimate, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Payment Processing Services, if you would like to learn more contact us or book a demo.

Stockbrokers may be vulnerable to money laundering risk because they deal with large sums of money and handle securities transactions on behalf of their clients. Additionally, the securities industry has been identified as a high-risk sector for money laundering due to the potential for anonymity, complex transactions, and the global nature of the industry.

Stockbrokers carry out transactions in securities with market counterparties, as agents for customers.

Some stockbrokers deal with high volumes of low value customer transactions, whereas others direct their services towards higher net worth customers, and thus have fewer customers.

Whilst stockbroking might be regarded as being of lower risk compared to many financial products and services, the risk is not as low as providing investment management services to the same types of customer from similar jurisdictions.

The money laundering and terrorism financing (ML/TF) risks associated with Stockbroking businesses includes (but is not limited to):

• Stockbroking customers may adopt a variety of trading patterns making the identification of unusual behaviour difficult
• Customers can quickly buy and sell in the markets which may create breaks in the audit trail
• Stockbrokers offering no advice and may have little or no knowledge of a particular customer’s motives
• Customers are also free to spread their activities across a variety of brokers for perfectly valid reasons, and often do. Each broker may therefore actually have have a lack of transaction history from which to identify unusual behaviour
• Many firms provide stockbroking services on a non- face-to-face basis, including via the internet

To mitigate money laundering risks Stockbrokers are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers,  ensuring that the sources of funds of investors and counterparties is legitimate, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Stockbrokers, if you would like to learn more contact us or book a demo.

Superannuation, retirement, and pensions funds are attractive targets for money launderers because they are large pools of money that can be moved around the financial system and invested in various ways.

Superannuation, retirement and pension fund products and services present various levels of vulnerability, for example, lower risk products include eligible rollover funds and defined benefits funds where they do not allow members to make contributions or at the other end of the spectrum higher risk products include accumulation funds and post-preservation accounts, which allow relatively easier movement of funds.

The money laundering and terrorism financing (ML/TF) risks associated with the Superannuation, Retirement and Pension Fund businesses includes (but is not limited to):

• Extremely large number of member accounts (with low levels of member engagement) and volume of transactions
• Voluntary contributions to accumulation accounts by members, where the source of money is difficult to verify
• Payments to members and outgoing rollovers that are vulnerable to fraud and illegal early release
• A growing reliance on online delivery of products and services, resulting in less face-to face interaction with customers
• The use of third parties and intermediaries
• Money laundering can occur when funds are stolen or fraudulently obtained and then funnelled into a superannuation or retirement account. This can happen through identity theft, embezzlement, or other fraudulent activities
• Superannuation, retirement, and pensions funds invest in a range of assets, such as stocks, bonds, and real estate. These investments can be used to launder money by creating complex structures to hide the source of the funds
• Funds invested in foreign countries can be particularly vulnerable to money laundering because of differences in regulatory standards and the ease with which money can be moved across borders.

To mitigate money laundering risks Superannuation and Pension Fund Providers are required to implement anti-money laundering and counter-terrorism financing (AML/CTF) programs. 

These programs must include conducting enterprise-wide money laundering risk assessments (EWRA) to identify and assess the risks and vulnerabilities associated with customers, channels, products and services, business, environmental and geographic risks.  

AML/CTF programs must also contain procedures for identifying and verifying the identity of customers,  ensuring that the sources of funds of investors and counterparties is legitimate, monitoring customer transactions, and reporting suspicious activity to regulatory authorities.

Arctic Intelligence’s AML Accelerate Platform has been purposely tailored for Superannuation and Pension Fund Providers, if you would like to learn more contact us or book a demo.