PRESENTATION ON THE 4 AML DIRECTIVE AT THE ADVOC MEETING IN SOFIA 6.5.16
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The regulator has recently reiterated their intention to carry out further thematic and enforcement work in financial crime. However, many firms still have a fragmented approach to managing the risks of money laundering.
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• Governance arrangements: as the foundation for effective communication and issue resolution
• Risk management: the difficulties of negotiating the right level of due diligence for higher risk customers and what tools can be used to help with this process
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Key changes:
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4. The risk based approach
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With a zero tolerance level in Money Laundering and associated large regulatory penalties for non compliance, Banks and other Financial Institutes are spending immense time, effort and money to achieve compliance. Needless to say, it is still not enough. The Black Swan can enter into any Financial Institute’s Branch on any given day and sting the Bank by surprise.
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Awaiting your valuable nominations/enquiries to make the programs mutually beneficial and successful. Please email manoj.jain@riskpro.in or contact at 98337 67114 for more details.
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Let the experts guide you on the best practices in Anti Money Laundering
Perspective from RBI, FIU- IND, Income Tax and more
Global regulations around AML/KYC
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Manoj Jain, Director and Co Founder, Riskpro India
Hemant Seigell, Director, Riskpro India
R Muralidharan, ex DGM - Risk Management, Bank of Maharashtra
Hemlatha Mohan, ex Country Head ORM, ING Vysya Bank
Prasanna Rath, ex Head of Risk, TAIB Bank, Bahrain
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The regulator has recently reiterated their intention to carry out further thematic and enforcement work in financial crime. However, many firms still have a fragmented approach to managing the risks of money laundering.
The responsibility for preventing financial crime is shared across the firm from the back office to the boardroom. Firms need to take a company-wide approach to tackling money laundering to ensure they are complying with regulation and managing risks effectively.
Bovill’s briefing looked at Anti-Money Laundering (AML), covering:
• Governance arrangements: as the foundation for effective communication and issue resolution
• Risk management: the difficulties of negotiating the right level of due diligence for higher risk customers and what tools can be used to help with this process
• Systems and controls: ensuring that these are fit for regulatory purpose and are appropriately maintained within your firm.
FOURTH ANTI MONEY LAUNDERING DIRECTIVE (EU) 2015/849’’
4th AML Directive enacted on 25.06.2015
Key changes:
1. Beneficial Ownership
2. Coverage of the gambling sector and tax crimes
3. Definition of Politically Exposed Persons (PEPs)
4. The risk based approach
5. Cash payments
6. Sanctions
7. Third country equivalence
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‘Treasury Centre’ – Financing Company
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This document provides an overview of money laundering and financing of terrorism. It defines money laundering and outlines the three main stages of the money laundering process: placement, layering, and integration. It also discusses the global scale of money laundering, common predicate crimes, and legal and illegal sources of terrorist financing. Challenges in combating money laundering are presented, along with an overview of international anti-money laundering organizations and initiatives.
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- Breach notification rules
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- Changes to consent
- Processor liabilities
- Role of the Data Protection Officer
A recording of this webinar is available here: https://www.youtube.com/watch?v=bEvXj2nhPd0
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Money laundering refers to disguising illegally obtained money to make it appear legitimate. It involves three steps - placement, layering, and integration. Criminals like drug dealers, mobsters, corrupt politicians, and terrorists engage in money laundering to hide the source and destination of funds from illegal activities. Key causes of money laundering include tax evasion, increasing profits from crime, and limited risks of exposure. Money laundering distorts economies, increases corruption and crime, undermines financial market integrity, and risks countries' reputations.
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The document discusses money laundering, including its definition, process, and risks. It defines money laundering as the process of converting illegal funds into legitimate funds and assets. The money laundering cycle involves placement, layering, and integration of funds to obscure their criminal origin. Risks to banks from money laundering include reputational, legal, operational, and concentration risks. Know-your-customer (KYC) norms and monitoring of suspicious transactions are important measures to deter money laundering.
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1. Regulators are trying to balance AML/CFT compliance with expanding access to financial services for lower-income groups through measures like tiered know-your-customer (KYC) rules.
2. Mobile technology and partnerships between financial institutions are enabling new channels like mobile money that can help overcome infrastructure weaknesses, though interoperability issues remain.
3. National identification systems have significantly improved AML/CFT processes for customer onboarding in countries that have implemented them.
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