Global Financial Compliance

Global AML Regulatory Bodies: 1. Financial Action Task Force (FATF) – Sets global Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) standards. 2. Egmont Group – Fosters international cooperation among Financial Intelligence Units (FIUs). 3. Wolfsberg Group – Provides AML guidelines for financial institutions. Country-Specific AML Regulators: United States: 1. Financial Crimes Enforcement Network (FinCEN) – Primary regulator for AML enforcement. 2. Office of Foreign Assets Control (OFAC) – Enforces sanctions related to AML. United Kingdom: 1. Financial Conduct Authority (FCA) – Supervises AML compliance. 2. National Crime Agency (NCA) – Oversees the UK Financial Intelligence Unit (UKFIU) and manages Suspicious Activity Reports (SARs). European Union: 1. European Banking Authority (EBA) – Develops EU-wide AML guidelines. 2. Europol – Supports AML enforcement across the EU. 3. Financial Intelligence Units (FIUs) – Each EU country has its own FIU for AML enforcement. Canada: 1. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) – Enforces AML regulations. Australia: 1. Australian Transaction Reports and Analysis Centre (AUSTRAC) – Oversees AML compliance. India: 1. Financial Intelligence Unit - India (FIU-IND) – Monitors AML activities. 2. Reserve Bank of India (RBI) – Enforces AML regulations for banks. China: 1. Anti-Money Laundering Bureau of the People’s Bank of China (PBOC AMLB) – Regulates AML compliance. Singapore: 1. Monetary Authority of Singapore (MAS) – Ensures AML/CFT compliance. 2. Suspicious Transaction Reporting Office (STRO) – Singapore’s FIU. Hong Kong: 1. Joint Financial Intelligence Unit (JFIU) – Responsible for AML enforcement. United Arab Emirates (UAE): 1. UAE Financial Intelligence Unit (UAE FIU) – Manages AML reporting. 2. Central Bank of the UAE (CBUAE) – Supervises AML compliance. Germany: 1. Financial Intelligence Unit (FIU) Germany (Zentralstelle für Finanztransaktionsuntersuchungen - FIU DE) – Enforces AML laws. France: 1. Tracfin (Traitement du renseignement et action contre les circuits financiers clandestins) – French FIU responsible for AML oversight. Switzerland: 1. Money Laundering Reporting Office Switzerland (MROS) – Oversees AML compliance. Japan: 1. Financial Services Agency (FSA) – Regulates AML compliance. 2. Japan Financial Intelligence Center (JAFIC) – Japanese FIU. South Africa: 1. Financial Intelligence Centre (FIC) – Enforces AML regulations. Brazil: 1. Financial Activities Control Council (COAF) – Regulates AML compliance. Russia: 1. Federal Financial Monitoring Service (Rosfinmonitoring) – Responsible for AML enforcement. Saudi Arabia: 1. Saudi Arabia Financial Intelligence Unit (SAFIU) – Oversees AML enforcement.

Regulations for AML (Anti-Money Laundering) and KYC (Know Your Customer)vary by country but generally follow international guidelines set by organizations like the Financial Action Task Force (FATF). Below are key regulations across major jurisdictions: 1. Global Standards - FATF Recommendations– Set international AML/CFT (Countering the Financing of Terrorism) standards. -Basel Committee on Banking Supervision– Provides guidelines for risk management in financial institutions. 2. United States - Bank Secrecy Act (BSA) (1970)– Requires financial institutions to report suspicious activities to FinCEN (Financial Crimes Enforcement Network). - USA PATRIOT Act (2001)– Strengthened AML regulations, including enhanced due diligence (EDD). - Anti-Money Laundering Act (AMLA) (2020) – Expanded reporting requirements and increased penalties for non-compliance. 3. European Union (EU) - EU Anti-Money Laundering Directives (AMLD 1-6) – Introduced risk-based approaches, beneficial ownership registers, and enhanced transaction monitoring. - General Data Protection Regulation (GDPR) – Ensures customer data protection in KYC processes. 4. United Kingdom - Proceeds of Crime Act (POCA) (2002)– Criminalizes money laundering and mandates suspicious activity reporting. - Money Laundering Regulations (MLR) (2017, updated in 2022) – Implements EU AML directives post-Brexit. 5. Asia-Pacific - Singapore– The Monetary Authority of Singapore (MAS) enforces AML/KYC rules under the Financial Advisers Act. - Hong Kong– The Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) mandates customer due diligence (CDD). - India – The Prevention of Money Laundering Act (PMLA) is the primary AML law. 6. Middle East & Africa - UAE – The Financial Action Task Force (FATF) standards are implemented through the Central Bank’s AML/CFT regulations. - South Africa – The Financial Intelligence Centre Act (FICA) mandates KYC compliance. Key AML/KYC Requirements - Customer Due Diligence (CDD)– Identify and verify customers before establishing a business relationship. - Enhanced Due Diligence (EDD) – For high-risk customers, such as politically exposed persons (PEPs). - Suspicious Activity Reporting (SAR)– Mandatory reporting of suspicious transactions. - Transaction Monitoring– Continuous monitoring of customer transactions for unusual patterns. #amlkyc #antimoneylaundring #regulatory #fatf #fica #pmla #amlo #mlr #poca #amld #gdpr #sar #edd #cdd #peps

Is KYC risk assessment becoming more complex by the day? 🤔 With stricter global regulations and increasingly sophisticated financial crime tactics, it's a challenge we can't afford to overlook. I recently found a guide from iDenfy that offers practical insights and actionable strategies for compliance professionals. Even better, it's completely free, not even a gated content page, and you can directly get it from my post! It explores some of the biggest hurdles in our field, like: 📌 Managing regulatory requirements across multiple jurisdictions 📌Tackling high onboarding volumes without sacrificing accuracy 📌 Minimizing false positives and false negatives in risk assessments 🪡 What caught my attention is how it emphasizes modern, tailored solutions. For example, you can: ➡️ Adjust risk levels based on specific industries (think gambling, fintech, or healthcare) ➡️ Assign custom risk weights for better compliance alignment ➡️ Use no-code tools to create rules that meet your unique needs with ease 🛡️ Another highlight for me was its focus on countering emerging fraud risks, like synthetic identities, deepfakes, and hidden ownership structures. It explains how technologies like AI and biometric verification can help us stay ahead of these threats. 🌐 Beyond the tools and technologies, the guide stands out for its practical, risk-based approach to global compliance. Whether you're improving cross-border operations or automating workflows, the strategies feel grounded and relevant. If you’re looking for valuable insights to optimize your compliance processes, I think you’ll find this resource very useful. Sometimes, small changes in how we assess and manage risk can lead to big results! 💪 Are you passionate about an AML-related topic? 🤔 Would you like to write about it and reach over 23k compliance professionals? 🔥 If so, just send me a message to work out the details! 🙂 #compliance #financialcrime #moneylaundering #aml Viktor Domantas Darius Robert

#Blockchain | #VirtualAssets | #Compliance : The Financial Action Task Force (FATF) Annual Report 2023-2024 details the work of the Financial Action Task Force in combating money laundering, terrorist financing, and proliferation financing. It highlights achievements in areas like asset recovery, beneficial ownership transparency, and virtual asset regulation. For the first time, the FATF has released a list of jurisdictions with significant virtual asset service provider (VASP) activity, highlighting the measures they have taken to promote and enforce global compliance with FATF standards. The report also addresses emerging risks like cyber-enabled fraud and misuse of crowdfunding platforms. Key initiatives include strengthening partnerships with regional bodies, enhancing training programs, and conducting mutual evaluations to ensure global implementation of FATF standards. The report emphasizes the importance of a coordinated global response and provides insights into FATF's leadership, governance, and strategic priorities. Ultimately, FATF aims to create a more secure and transparent financial system.

AML Regulatory Bodies: Global AML Regulators • Financial Action Task Force (FATF) – Sets global AML/CFT standards • Egmont Group – International cooperation among FIUs • Wolfsberg Group – AML guidelines for financial institutions Country-Specific AML Regulators United States • Financial Crimes Enforcement Network (FinCEN) – Primary AML regulator • Office of Foreign Assets Control (OFAC) – Sanctions enforcement United Kingdom • Financial Conduct Authority (FCA) – AML supervision European Union • European Banking Authority (EBA) – EU-wide AML guidelines • European Union Agency for Law Enforcement Cooperation (Europol) – AML enforcement • Financial Intelligence Units (FIUs) in each EU country Canada • Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) – AML enforcement Australia • Australian Transaction Reports and Analysis Centre (AUSTRAC) – AML compliance India • Financial Intelligence Unit - India (FIU-IND) – AML monitoring • Reserve Bank of India (RBI) – AML enforcement for banks China • Anti-Money Laundering Bureau of the People’s Bank of China (PBOC AMLB) – AML regulation Singapore • Monetary Authority of Singapore (MAS) – AML/CFT enforcement • Suspicious Transaction Reporting Office (STRO) – Singapore’s FIU Hong Kong • Joint Financial Intelligence Unit (JFIU) – AML enforcement UAE • Financial Intelligence Unit (UAE FIU) – AML reporting • Central Bank of the UAE (CBUAE) – AML supervision Germany • Financial Intelligence Unit (FIU) Germany (Zentralstelle für Finanztransaktionsuntersuchungen - FIU DE) – AML enforcement France • Tracfin (Traitement du renseignement et action contre les circuits financiers clandestins) – FIU for AML Switzerland • Money Laundering Reporting Office Switzerland (MROS) – AML oversight Japan • Financial Services Agency (FSA) – AML compliance • Japan Financial Intelligence Center (JAFIC) – FIU South Africa • Financial Intelligence Centre (FIC) – AML enforcement Brazil • Financial Activities Control Council (COAF) – AML compliance Russia • Federal Financial Monitoring Service (Rosfinmonitoring) – AML enforcement Saudi Arabia • Saudi Arabia Financial Intelligence Unit (SAFIU) – AML enforcement

For anyone starting in AML/KYC, understanding the global regulatory framework is crucial. Here are 15 key terms that define compliance practices worldwide: 📌 Core AML/KYC Concepts: 1️⃣ Anti-Money Laundering (AML)– A set of global laws and controls designed to prevent criminals from disguising illegal funds as legitimate assets. (FATF, FinCEN, EU AML Directives) 2️⃣ Know Your Customer (KYC)– The process of verifying customer identity and financial behavior to prevent illicit activities. (FATF Recommendation 10, FinCEN KYC Rule) 3️⃣ Customer Due Diligence (CDD)– The required checks to assess the risk a customer poses, including identity verification, financial background, and transaction behavior. (FATF, Basel Committee, EU AML Regulations) 4️⃣ Enhanced Due Diligence (EDD)– Additional investigation required for high-risk customers, including PEPs, offshore companies, and high-value transactions. (FATF Recommendation 12, EU 6AMLD) 5️⃣ Politically Exposed Person (PEP)– An individual in a public position who may be vulnerable to corruption, requiring EDD and ongoing monitoring. (FATF, FCA, SEBI, MAS) 6️⃣ Suspicious Activity Report (SAR) / Suspicious Transaction Report (STR)– A mandatory report submitted by financial institutions when suspicious activity is detected. (FinCEN, FIU, FCA, MAS, SEBI) 7️⃣Financial Action Task Force (FATF)– The international body that sets global AML/CFT standards and evaluates compliance among member countries. 8️⃣Ultimate Beneficial Owner (UBO)– The true individual who ultimately owns or controls a business, even if hidden behind corporate layers. (EU AML Directives, FATF Recommendation 24) 9️⃣Sanctions Screening– The process of checking individuals and entities against global watchlists (OFAC, UN, EU, UK, SEBI) to prevent transactions with sanctioned parties. 🔟 Source of Wealth (SOW) & Source of Funds (SOF)– Requirements to establish how a customer obtained their wealth or the origin of their funds. (FATF, Basel, FCA, EU Directives)

Want to crack your next Corporate KYC interview? Master this — it covers 80% of what global compliance teams ask. Whether you’re aiming for a role in a global bank, fintech, or cross-border compliance, one thing is universal: Corporate KYC is critical — and it’s where most interviews go deep. In a world of increasing regulatory pressure and complex ownership structures, companies are expected to comply with global standards from regulators like: 🌐 FATF (Global) 🇺🇸 FinCEN (USA) 🇬🇧 FCA (UK) 🇪🇺 EU AML Directives (Europe) 🇮🇳 RBI/SEBI (India) Here’s what you must know to ace a Corporate KYC interview in a global context: ✅ Entity Identification – COI, business licenses, tax IDs, company registry data ✅ Authorized Signatory KYC – verify who has control to operate the account ✅ Ultimate Beneficial Ownership (UBO) – identify individuals with 25%+ ownership or significant control (as per FATF guidance) ✅ Purpose & Nature of Business – Know what the entity does, its risk exposure, and funding sources ✅ Sanctions, PEP, and Adverse Media Screening – Against lists like OFAC, UN, EU, HMT ✅ Risk Assessment – Assign Low/Medium/High risk based on industry, geography, structure, etc. ✅ Ongoing Due Diligence – Especially for high-risk entities or those in sensitive jurisdictions If you’re preparing for a Corporate KYC interview for a global role, drop “CKYC-Global” in the comments or DM me. I’ll share a free international KYC/UBO checklist I’m putting together — perfect for interviews or onboarding prep.

As financial crime grows more complex and regulatory scrutiny intensifies, the need for robust, agile #FCC technology solutions has never been greater. Our Leading 50™ Financial Crime and Compliance (FCC) Technology Providers 2025 report ranks the top Financial Crime and Compliance tech providers globally offering a comprehensive, data-backed view of the evolving compliance technology landscape. What’s inside: ✅Ranking based on scale, innovation, coverage, and growth momentum ✅Deep dives into emerging trends like FRAML convergence, AI/ML, and cloud-native compliance platforms ✅Regional insights across North America, EMEA, APAC, and LATAM ✅Standout providers in crypto compliance, digital ID, transaction monitoring, and more Whether you’re a bank, FinTech, RegTech, or tech provider—this report is your strategic guide to navigating FCC transformation. Read on: https://okt.to/bCJudl Get in touch: Ronak Doshi Kriti Gupta Dheeraj Maken Rahul Mittal #FinancialCrime #ComplianceTech #FCC #AML #FraudPrevention #RegTech #EverestGroup Fenergo LexisNexis Risk Solutions Lucinity NICE Actimize Signzy Mitek Systems Encompass Corporation Quantexa WorkFusion Tookitaki Napier AI ThetaRay Bureau Kharon Xapien Fincom Flagright smartKYC Cleareye.ai AP Solutions IO Alertspeed Salv Acuminor RZOLUT (rey-zo-lute) Facctum Fraudfinder Oracle LSEG Risk Intelligence SymphonyAI GBG Plc Moody's Corporation ComplyAdvantage Jumio Corporation Featurespace Feedzai Verafin

FATF’s new report highlights the rising threat from ever more sophisticated state and non-state money attempting to avoid sanctions, finance terrorism, and generally misbehave. It's a surprisingly gripping read featuring bad actors that resemble James Bond movie villains. Note: I originally posted this a couple days ago. In hindsight I felt that the image accompanying the post was offensive (particularly the booby-bitcoin-Bond-beauty) and realized that I left off a few important implications. So I deleted it and am following up with this new version. Within the payments industry there is often loud grumbling about the compliance burden placed on both bank and non-bank providers. This FATF report is an important reminder of why we perform compliance screening. We all need to pay more attention in a macro-economic and geopolitical environment characterized by increasing fragmentation; slow-responding regulatory frameworks and uneven enforcement; and rapid adoption of new technologies that can easily outpace and outmaneuver monitoring and compliance. Background: What is FATF? The Financial Action Task Force (FATF) is an inter-governmental entity founded by the G7 in 1989 that has members representing 40+ jurisdictions and regions. Its purpose is to safeguard the integrity of the global financial system by setting and enforcing global standards that help countries detect, deter and disrupt money-laundering, terrorist financing and related threats (e.g. financing of weapons of mass destruction, the term of art is “proliferation financing”). Situation: It’s frightening! State-backed actors (most notably North Korean-linked networks as evidenced by the $1.5 billion ByBit hack, but also Russian intermediaries, sanctioned Iranian entities) are exploiting vulnerabilities in financial infrastructure by hiding behind layers of shell companies, third-country banks, and crypto wallets. Four risk typologies jump out: 1️⃣ Enlisting intermediaries to evade sanctions (front/shell companies, complex correspondent bank relationships, transiting through geographies with regulatory loopholes) 2️⃣ Obscuring beneficial ownership and exploiting unlicensed “shadow banking” networks 3️⃣ Using virtual assets other emerging financial technologies with unclear regulations or inadequate monitoring practices 4️⃣ Preying on sectors with immature controls, e.g. maritime & shipping (AIS spoofing, ship-to-ship transfers, falsifying documents) In an era in which U.S. policy makers pulled back on the Corporate Treasury Act, the EU AML Authority initiative is moving slowly, and only 40 of 138 jurisdictions are compliant with the travel rule for virtual assets, effective mitigation seems elusive. The report recommends interagency and international cooperation, real time monitoring, increasing the breadth of data inputs for monitoring, tracking funds through public blockchains, and public-private partnerships to share actionable information. What do you recommend?

👾 The Financial Action Task Force (FATF) has published its fifth update on the implementation of its standards for #VirtualAssets (VAs) and #VirtualAssetServiceProviders (#VASPs). This report assesses global compliance with the #FATF’s Recommendation 15 (R.15) and its Interpretative Note, which were revised in 2019 to enhance #antimoneylaundering and #counterterroristfinancing (#AML/ #CFT) measures for VAs and VASPs. Key findings include: ⚫ Global Compliance: Approximately 75% of jurisdictions remain partially or non-compliant with FATF standards, showing negligible improvement since April 2023. ⚫ Jurisdictional Progress: While some jurisdictions with significant VA sectors have made progress, many still struggle with fundamental requirements, such as risk assessment and supervisory inspections. ⚫ Travel Rule Implementation: The Travel Rule remains inadequately implemented, with nearly one-third of surveyed jurisdictions not having enacted necessary legislation. ⚫ Emerging Risks: The use of VAs for illicit activities, including by North Korea and other criminal entities, continues to pose significant challenges. ⚫ Private Sector Developments: Positive advancements include increased VA transaction volumes using Travel Rule compliance tools. The FATF urges all jurisdictions to expedite the implementation of its standards and will continue to provide support and monitor developments in the sector.