Understanding Third-Party Risk and Its Importance for Businesses
In today’s interconnected business world, third-party risk management (TPRM) has become a critical focus for organizations. As companies increasingly depend on external vendors for essential services ranging from suppliers and contractors to cloud service providers and outsourced IT solutions, the need for robust risk management strategies has never been more pressing. While third-party partnerships are […]
TD Bank’s $3 Billion Settlement for AML Failures
The $3 billion settlement involving TD Banks and U.S. regulators serves as a stark reminder of the critical importance of robust anti-money laundering (AML) practices. With over $670 million laundered through its accounts, TD Bank’s systemic compliance failures highlight the risks when financial institutions prioritize growth over regulatory obligations. The settlement illustrates the far-reaching consequences […]
Why Due Diligence Has Become Vital in Today’s Business Environment
Due diligence has become an indispensable component of business operations in an era marked by rapid technological advancements, complex regulatory landscapes, and heightened stakeholder expectations. Whether involved in mergers and acquisitions, partnerships, or day-to-day operations, organizations must conduct thorough due diligence to mitigate risks, ensure compliance, and drive sustainable growth. Here are several reasons why […]
The Importance of Compliance for SMEs to Achieve Global Growth and Success
In today’s interconnected world, small and medium-sized enterprises (SMEs) are increasingly looking to expand beyond their local markets and tap into global opportunities. However, entering international markets comes with its own set of challenges, particularly in the realm of compliance. Ensuring adherence to international compliance standards is not just a regulatory requirement but a strategic […]
Leveraging Investigations to Combat Financial Crimes
In the fight against money laundering and terrorism financing, investigations are crucial in uncovering illicit activities and holding perpetrators accountable. Bank Negara Malaysia (BNM) has identified two major offences frequently committed by financial institutions that contribute to the proliferation of such criminal activities – failure to conduct Customer Due Diligence (CDD) and sanctions screening upon […]
Safeguarding Your Finances in a Risky Landscape
In today’s fast-paced financial world, the allure of quick and substantial returns can sometimes cloud our judgment. However, amidst promising opportunities lie hidden dangers, as illustrated by the recent case in Malaysia where a group of investors lost RM 2.4 million to a fraudulent scheme. This is a poignant reminder of the importance of staying […]
11 UAE Banks Fined for Insufficient Compliance on AML and CFT Rules
Arab News reported on 1 February that 11 banks in UAE have been fined at least USD 12.4 million for their lack of compliance on rules concerning money laundering and the terrorism financing. The fine imposed by the Central Bank of the UAE on 24 January was in accordance to Article 14 of the Federal […]
US Anti-Money Laundering Act of 2020
On 1 January 2021, the US Congress has enacted its most significant but important revisions to the US AML laws. The Anti-Money Laundering Act of 2020’s major reforms include the following: Creating a national registry that tracks the beneficial ownership information of certain US entities – Companies affected will be required to provide information to the […]
ECB Head calls for Bitcoin’s regulation
According to Reuters news site, European Central Bank President Christine Lagarde has reportedly urged for the global regulation of cryptocurrency, Bitcoin, after she cited instances where Bitcoin had been used for money laundering purposes and other financial criminal activities. As Bitcoin gains wider recognition and also investment from corporations, financial institutions and the general public, […]
Top 5 Compliance Related Trends and Challenges in 2021
Government agencies and large corporations alike depend on compliance laws to maintain ethical and legal boundaries. Unfortunately, for those in this field, there will be more challenges ahead (as we’ll explain later). Public and private organisations around the world face new laws and regulations, as well as increasingly stringent penalties and enforcement. Violations can lead […]
