Out of the 22 predicate crimes that the European Union’s sixth anti-money laundering directive describes, human trafficking is the most prevalent. 25% of banks already reported and investigated financial crime linked to human trafficking. Yet, 61% of financial service professionals find spotting signs of human trafficking hard. Imagine how many cases of human trafficking have […]
Prevent fines and reduce workload by applying an alert shaping process. Rising Expectations Regulatory fines in the financial industry spark an action-reaction process. A financial institution – most commonly banks – receive a fine for not upholding regulatory compliance, then suddenly financial institutions everywhere raise the budget for their compliance department, or at least begin […]
Being a banker isn’t easy. And it hasn’t been ever since the 2008 financial crisis. That year almost the entire world lost faith in the ethics and integrity of banks. Bankers were dubbed as greedy money grabbers. More than ten years have passed, the public opinion hasn’t changed much and banks are still suffering from […]
Why it is just as hard as AML monitoring AML and sanctions are usually mentioned in the same breath. But while they are closely associated, they’re not the same. Admittedly, sanctioned entities could very well also be involved with money laundering, but this isn’t always necessarily the reason such entities appear on a sanctions list. […]