Financial Institutions

Financial Institutions

A financial institution is any entity that engages in financial transactions. This includes banks, credit unions, insurance companies, investment firms and money service business among others.
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Fortifying Financial Institutions Against ML/TF: Identifying and Mitigating Money Laundering and Terrorism Financing Risks

Financial institutions are exposed to significant money laundering and terrorism financing (ML/TF). They are required to understand the risks and take appropriate measures to mitigate those risks.
Financial institutions can be exposed to money laundering in various ways including:
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Structuring and Smurfing: For financial institutions that accept cash, criminals may use multiple individuals, called "smurfs," to deposit small amounts of money into accounts in order to avoid detection by financial institutions' AML systems.
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Shell companies: Customers may request to open accounts in the name of shell companies to move and conceal the proceeds of illegal activities by creating complex ownership structures that make it difficult, in some cases impossible to identify the beneficial owner.
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Trade-based money laundering: Criminals may use false invoicing and other techniques to move money across borders between banks to conceal the origin of funds.
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Tax evasion: Customers may request account opening and transfer funds with the purpose to avoid paying taxes.
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Financial institutions are also contracting with multiple customers and third-party providers that may expose them to significant ML/TF risks.

Regulatory Compliance

Financial institutions must establish appropriate governance arrangements, anti-money laundering measures and risk management procedures to mitigate their risks.
Due Diligence is an essential requirement to ensure that a financial institution does not offer its services or is collaborating with a customer or party that is associated to any type of criminal activity.
Effective screening, PEP checks and identification of the beneficial owners are essential to assist a bank understand the risks associated before entering into a business relationship with a customer or a third party.
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Comprehensive Risk Management Solutions
PEP & Sanctions Checks
Safeguard your business with our comprehensive PEP and Sanctions Checks. Scan again daily updated datasets and stay aligned with global regulation.
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Sanctions Checks
Ensuring Compliance with Global Sanctions Regulations
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Adverse Media Checks
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Customer Identity Verification
Simplify your KYC procedures with our powerful Identity Verification solutions. Effortlessly meet KYC and AML/CTF obligations while strengthening your business's defenses against potential risks.
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Enhanced Due Diligence
Manage the risk of dealing with high risk customers
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Know Your Business
Our KYB checks offer thorough verification of business partners, enhancing your due diligence and strengthening your business network.
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Transaction Monitoring
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AML Consulting Service
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Compliance as a Business
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Visa Check
It is important to perform visa and right to work checks as part of the hiring process for several reasons
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Jurisdictional Risk Checks
Make informed decisions with our comprehensive Jurisdictional Risk Assessment. Safeguard your business while optimising opportunities in diverse markets.
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