In today’s world of financial crime compliance, there is a concerted effort from regulators to push the limits at least in the minds of many know your customer (KYC) and anti-money laundering (AML) practitioners on KYC requirements.
Today, when one hides the identity of the true owner of funds, the only conclusion – the only perception – that will be reached is that the funds were the result of some nefarious activities. Gone are the days when the true owner of the funds can hide …
The last quarter of 2020 saw the U.S. Treasury issuing an advisory to art market participants alerting them of the high risks to which their industry is exposed – in particular, the risks relating to money laundering and sanctions evasion.
Audience questions and our presenter’s answers from the FinScan January 30, 2020 webinar, “Challenges and Best Practices of AML Screening — Part 1: The Importance of Data.”
The quality of data is extremely important in compliance — it can mean the difference between effective screening and producing unnecessary false positives. Quality data increases the efficiency of screening processes and allows for better matching…
How does customer verification differ between a land-based casino and an online operator? Online, this takes place when the customer signs up. Historically, the verification process wouldn’t necessarily occur until certain thresholds were reached…
Every industry faces unique challenges when it comes to maintaining compliance with anti-money laundering regulations. Joel Borsh, Vice President, North America of FinScan, the compliance brand of Innovative Systems, Inc. works with large gaming…
Audience questions and our presenter’s answers from the FinScan webinar, “Cannabis & Financial Institutions: It’s Time to Update Your AML/KYC Procedures to Effectively Manage Risks & Opportunities”…
Is there a difference in how Brokers, Insurers, and Reinsurers meet sanctions compliance requirements? The correct answer is that there should be no difference in approach at all. However, in reality, this is not the case. In my view, the current…
There are countless ways data can become “bad” data. Whether it is due to siloed data sources across the enterprise, inflexible legacy systems that were not built to interact with modern day technology, lack of budget or resources to clean up years…
