Avoiding the next Wirecard scandal
Hindsight packs a powerful punch. Looking back at the Wirecard scandal, it seems remarkable that regulators, investors, suppliers and other stakeholders did not see the downfall of the German payment processing company coming. The Financial Times began investigating the
Onboarding commercial banking customers: automate to accelerate
It’s a well known fact that, in banking, opening a new commercial account is not a fast or simple task. In fact, it’s a notoriously difficult and sometimes painful process which is dotted with friction points for the customer
Compliance & conservation – joining forces to stop wildlife trafficking
Before 2020, illegal wildlife trafficking (IWT) was a relatively low priority area for law enforcement and financial crime task forces. Like the rest of the public, AML professionals too had bigger priorities, like organized crime, narcotics, and human trafficking,
The risk of DPRK labour in your supply chain
In its landmark report “Profits and Poverty: The Economics of Forced Labour” (2014), the International Labour Organization (ILO) outlined three areas of exploitation from human trafficking, the world’s 3rd largest criminal activity (by revenue) generating an estimated USD$150 billion
The onboarding conundrum – a poor experience for business customers and banks
The onboarding process for opening corporate accounts at banks is littered with friction points. But it’s not just the customers who are suffering, it’s also the banks themselves. It is evident just how difficult the onboarding process is for banks:
Cattle laundering poses problems for supply chain due diligence
For finding niches to exploit, financial criminals are experts. Much attention can be drawn to the use of small businesses as fronts, including barber shops or car washes as popularised by television serials, or indeed through larger institutions such
The future of beneficial ownership data: an interview with Thom Townsend
We caught up with Thom Townsend, Executive Director at Open Ownership, to discuss the company's 'Beneficial Ownership Data Standard', perspectives on the implementation of 5AMLD, and if the EU model for the transparency of corporate ownership has been emulated
What does the FinCEN files leak mean for KYC and AML?
Experts have branded failures in the US real estate anti-money laundering (AML) regime ‘madness’. They predict legislation is inevitable, and that rules and regulations will extend to cover real estate professionals. The banking industry has been reeling since, on September
‘Madness’ of US real estate AML regime will trigger new laws
Experts have branded failures in the US real estate anti-money laundering (AML) regime ‘madness’. They predict legislation is inevitable, and that rules and regulations will extend to cover real estate professionals. An unfavourable report on real estate geographical targeting orders
The ever evolving data challenge for effective Customer Due Diligence
Highly regulated institutions face many challenges now that there is an increased need to “know” their customers. Typically, companies need to go deeper and broader with onboarding, monitoring and AML investigations, driving up completion times and often requiring a
Wirecard, increasing risk, and banks’ need for KYCC
Banks use KYC to obtain data on their clients for onboarding and periodic review processes - a set of protocols to assist with gaining a better understanding of the exposure to risk within a book of customers. Conducting KYC
The Arachnys Data Source Series: South Africa
Continuously building out our source information, we look to give our clients the confidence to perform onboarding, screening and investigations for companies and individuals they do business with worldwide. The worldwide tag here is one of utmost importance. The material