Financial Crime Compliance | Training | Advisory
Most people who have encountered this term Hawala or Hundi may not fully grasp the meaning of it. Nowadays, we link these terms to money laundering or financial crime, however, they have roots in financial history before even the word money laundering was coined. Background The Hawala or Hundi are the same. In this paper,…
Trade-Based Money laundering accounts for “hundreds of billions” of dollars worldwide. So this article aims to describe all the components of trade-based money including its remediation. WHEN? Trade-Based Money Laundering started to raise its head in 1967 when the government of Colombia passed Decree-Law 444, which established restrictions on foreign exchange and foreign commerce. The…
You must know that regulatory bodies take punitive action against any organization that does not provide training to employees regarding AML/CFT. But do you know that regulatory bodies also take remedial measures against the organization that does not provide training to the employees that are not effective? So this article focus on how do you…
Congratulations, you have now completed more than 50% of the work in AML/CFT. You have done Money laundering and Terrorism financing risk assessment developed policies and manuals. Now, before you start implementing it, let’s do some housekeeping that is to say manage your reporting structure. Go to the previous article by clicking here.,if you have…
From the previous article, we have come to known that why different regulatory bodies want to implement goAML and why they are pushing different financial sectors to implement them. However, the problem occurs when the expectation of regulatory bodies does not match with the reality of financial institutions. We are going to share some problems…
If you are in the financial institution sector, you must have heard the term GoAML. This two-part article series will explain what is GoAML, why was it introduced, what are nuts and bolts behind it. What is goAML? GoAML application is one of out of many solutions provided by UNODC to combat worldwide financial crime…
If you are following my articles series , you must by now have known the difference between the AML/CFT policy and AML/CFT procedures. If you have missed out any of them please go through them by following this link: AML/CFT policy is brief introduction of all control measures that you are going to apply in…
Welcome to part 3 of our article series which is all about creating policies and procedures regarding AML/CFT. Once you have done a risk assessment of your organization and identified the various risks that are present in your organization, it is time for risk mitigation that is to implement different control measures to reduce the…
As mentioned in the previous article series, we are going to look at the practical example of the risk assessment through the application of Microsoft Power BI. We have also made a video tutorial for this that can be found at the end of this article. However, we suggest you go to this article first…
Look before you leap. John Heywood (c.1497-1580) We have been hearing this quote time and again but we keep forgetting it repeatedly and suffering consequences. Following two examples will be able to justify the aforementioned fact: Organization drafting policies before doing AML/CFT risk assessment. This is the same as driving in the dark being blindfolded….
