???Protecting Against Fraud: FAQs for Fraud
In this issue, we explore essential topics. We are going to discover how to easily check the UN Sanction List, protect your finances from check fraud, and gain insights into the Philippines' financial Institutions' adoption of enhanced due diligence for PEPs. Furthermore, stay informed about the latest developments as OFAC Imposes Sanctions on Key Hamas Officials and Financial Facilitators following recent attacks.
Stay updated and alert with AML updates. ??
How To Check The UN Sanction List?
The United Nations plays a crucial role in maintaining global peace and stability, with sanctions being a key diplomatic and economic tool. The UN Sanction List, or the UNSC Consolidated List, is a comprehensive record of individuals, groups, organizations, and entities under UN measures, including asset freezes, travel bans, and arms embargoes, designed to curtail their activities and influence.?
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FAQs for Fraud?
Fraud has transformed in response to the digital era, posing fresh hurdles for both individuals and businesses. Fraudsters continually develop deceptive methods, underscoring the importance of individuals remaining informed and alert. You are going to find common inquiries and their corresponding answers concerning fraud.
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Recent News
The Financial Action Task Force (FATF) held its fourth Plenary meeting under the Presidency of T. Raja Kumar of Singapore from October 25th to 27th, 2023, at the FATF headquarters in Paris. Delegates from more than 200 jurisdictions and international organization observers participated in discussions focused on critical issues related to money laundering, terrorism financing, and proliferation financing.?
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The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on ten individuals and entities tied to Hamas in response to a recent terrorist attack on Israeli civilians. The action aims to disrupt Hamas's financial network, which includes a concealed investment portfolio and holds accountable key members and facilitators operating in Gaza, Sudan, Turkey, Algeria, Qatar, and other countries.
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In a bid to combat money laundering and illicit financial activities, Philippine financial institutions have reaffirmed their commitment to stringent CDD practices, especially in regard to PEPs. Updated guidelines stress the importance of a proactive, risk-based approach to identifying and monitoring individuals with significant political influence in compliance with the 2018 Implementing Rules and Regulations (IRRs) of the Anti-Money Laundering Act of 2001.
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