Tag Archive for customer due diligence
EU Methodology for Identifying High-Risk Third Countries
The 5th EU Anti-Money Laundering Directive, in force as of 11 July 2018, includes amendments to the 4th AML Directive, among them improvements in the assessment of high-risk third countries. Moreover, the EU Commission has recently published a relevant methodology for identifying such countries with strategic deficiencies in combating money laundering and terrorist financing.
Politically Exposed Persons (PEPs) and Customer Due Diligence in Asia
Customer Due Diligence in Asia has gained prominence over recent years, with a growing set of regulations that have come into force. International Anti-money laundering standards recommended by the Financial Action Task force (FATF) have provided a framework for member jurisdictions to lay out the requirements for the prevention and combat of money laundering and terrorist financing, which is particularly…
Reinforcing Integrity Risk Management – “Customer Due Diligence” Requirements Reworked
One of Risk Management’s most important cogwheels, for the purpose of investigating and detecting a wide range of reputational risks and economic crimes, is the due diligence process. As described in former articles published on Global Risk Affairs, due diligence requirements are largely anchored in legislation dealing with the prevention of money laundering, fraud, corruption…
Integrity Due Diligence – Towards an integrated approach to Compliance (II)
Corporations and institutions can attain a strategic and competitive advantage by pursuing an integrated approach to integrity due diligence. By assessing the trustworthiness and reliability of customers, business partners and any third parties, organisations ensure the fulfilment of compliance requirements, whilst concurrently facilitating a concerted effort to combat money laundering, fraud and corruption (‘MLFC’) –…
Integrity Due Diligence – Towards an integrated approach to Compliance (I)
The serious impact and long-term effects of economic crimes, such as money laundering, corruption and fraud (‘MLFC’), may not seem to be as apparent as those resulting from hard security threats. These crimes do, however, pose some of the most menacing risks currently facing governments, institutions and corporations. The following article aims to discuss an…