DX Weekly - 01/11/2022
DX Compliance
AML Transactions Monitoring & SAR Reporting Platform. Born & Bred for digitally native.
This week is about?ICICI Bank's AML compliance failures, a Trade-Based Financial Crime Guide, the FAFT Blacklist and Graylist Update and the International Monetary Fund Financial Sector Assessment.
In addition, you will learn about the use of AI in Transactions Monitoring, AML Checks for Accountants and Auditors as well as AML Technology and RegTech.
Read on to find out more.?
Take care,
Your DX Compliance Team ??
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ICICI Bank cited for AML compliance failures
ICICI Bank has failed its anti-money laundering (AML) and Bank Secrecy Act (BSA) programs in the past, but has begun corrective actions to address its deficiencies.
The Office of the Comptroller of the Currency (OCC) has ordered ICIC Bank's New York branch to make sweeping changes to its AML BSA compliance programs. However, no fine will be imposed once the improvements are completed.
Trade-Based Financial Crime Guide
The MENA Chapter of the GCFFC and the MENA Financial Crime Compliance Group recently published the Trade-Based Financial Crime - Middle East and North Africa guide.
It is intended to raise awareness of TBFC risks among compliance professionals, regulators, customs officials and law enforcement agencies. It aims to create a common understanding of how the trade system can be abused, what methods are available to detect this abuse, and how authorities can use this information to prevent further instances of trade-related financial crime.
FAFT Blacklist and Graylist Update
In the last few days, Financial Action Task Force (FATF) announced some changes to the high risk countries on the blacklist and graylist. E.g., Pakistan has been removed from the Graylist.
Find the current listing of countries and more information in our update on high risk countries.
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International Monetary Fund Financial Sector Assessment
Ireland faces significant and increasing threats from foreign criminal proceeds. While domestic money laundering (ML) threats are well understood by the authorities, Ireland faces significant and increasing threats from foreign criminal proceeds.?
As an international financial center, Ireland is exposed to inherent transnational money laundering and terrorist financing (ML/TF) risks.
The ML risks facing Ireland include illicit proceeds from foreign crimes (e.g., corruption, tax crimes).
AI in AML: The use of AI in Transactions Monitoring
AI uses advanced computational techniques to obtain insights from different types, sources, and quality of data to “autonomously” solve problems and execute tasks.
The FATF emphazises that artificial intelligence and machine learning has great potential for combating money laundering and terrorist financing. This is because it allows computer systems to be trained to “learn from data” without the need for extensive human intervention.
Artificial intelligence can detect money laundering in several ways using specialized algorithms. There are many different approaches and techniques, e.g.: Predicting customer behavior to identify suspicious changes in behavior, detection of anomalies and outliers to find potential high-risk customers as well as setting thresholds intuitively (for transaction monitoring rules).
Checks for Accountants and Auditors
Accountants and auditors are key players in the financial system. As such, they play an important role in ensuring that services are not used for criminal purposes.
To protect yourself, you need to make sure your anti-money laundering (AML) procedures are watertight. Accountants and auditors around the world need to check their client base against AML checks to take a risk-based approach, comply with the law, and protect your reputation.
AML Technology and RegTech
Money laundering and other financial crimes are prevalent all over the world. As new regulations are put in place, the criminals adapt to this to find new ways around them. Anti-money laundering (AML) systems must be as effective and efficient as possible to reduce the risk of these crimes.
AML Technology is software that supports the anti-money laundering process. It is a form of computer program used by financial institutions to analyze customer data and detect suspicious transactions.
Questions?
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