Onfido – The Risks of Not Carrying out Background Checks

Through carrying out background checks, employers have the ability to verify a candidate’s identity, history and suitability for a job role. Checking a candidate’s identity is the most fundamental form of check. This involves simply verifying that a candidate is who they say are; in other words, making sure that they are […] Continue Reading »

KYC & AML Global Watchlists

What KYC & AML Global Watchlists should you refer to when compiling your datasets? Know Your Customer (KYC) compliance requirements frequently require identity checks against known or suspected money laundering, terrorist, or other persons considered high risk. The following should be a start when compiling your datasets to check for […] Continue Reading »

14th Annual FIBA AML Compliance Conference – February 20-21, 2014 – Miami

  Does your financial institution have a well-defined culture of compliance? What does that even mean in terms of policies and procedures, controls, audit, hiring and training? These are questions compliance personnel should consider in the current enforcement environment. Financial institutions are being subjected to heightened scrutiny as a result […] Continue Reading »

AUSTRAC typologies and case studies report 2013

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regulator and specialist financial intelligence unit (FIU). AUSTRAC’s purpose is to protect the integrity of Australia’s financial system and contribute to the administration of justice through its expertise in countering money laundering and the financing […] Continue Reading »

Egypt – Know Your Customer (KYC) Rules

  Egypt is not considered a regional financial center or a major hub for money laundering. Egypt has a large informal cash economy, and many financial transactions are undocumented or do not enter the banking system. Cash remains by far the preferred means of payment in Egypt and, despite efforts […] Continue Reading »

Kyrgyzstan – Know Your Customer (KYC) Rules

  The Kyrgyz Republic (Kyrgyzstan) operates largely on a cash economy and with decentralized accounting systems, which makes money laundering difficult to detect. The banking sector is small and the Kyrgyz Republic is not a regional financial center. A significant percentage of the country‘s GDP comes from remittances from abroad, posing […] Continue Reading »

Tajikistan – Know Your Customer (KYC) Rules

  Tajikistan operates largely on a cash economy and with decentralized accounting systems, which makes money laundering difficult to detect. Furthermore, deficiencies in Tajikistan‘s recently enacted AML/CFT law increase Tajikistan‘s vulnerability to money laundering and terrorism financing. Criminal proceeds laundered in Tajikistan derive from both foreign and domestic criminal activities […] Continue Reading »

Uzbekistan – Know Your Customer (KYC) Rules

  Uzbekistan operates largely on a cash economy and with decentralized accounting systems, which makes money laundering difficult to detect. Furthermore, deficiencies in Uzbekistan‘s recently-enacted AML/CFT law pose significant risks of money laundering and terrorism financing. Uzbekistan is not an important regional financial center and does not have a well-developed […] Continue Reading »

Turkmenistan – Know Your Customer (KYC) Rules

  Turkmenistan is not an important regional financial center. There are only five international banks and a small, underdeveloped domestic financial sector. Foreign companies operate three casinos in Turkmenistan, which under certain conditions could become vulnerable to financial fraud and money laundering. Given Turkmenistan‘s shared border with Afghanistan, money laundering […] Continue Reading »