KPMG Bahamas’ Post

🚨 CySEC Identifies Key Weaknesses in AML and Risk Management Practices 🚨 Recent findings by CySEC have highlighted several deficiencies in how regulated entities handle CDD, EDD, and overall risk management. 🚫 Key issues flagged include: - Overly generic client risk assessments: failing to account for risks posed by clients' transactions, countries of origin, and operations. - Incomplete customer economic profiles: due to missing critical data like source of funds, income size, and wealth. - Failure to assess adverse reputational information: leading to incorrect risk assessments of customers and beneficial owners. 💡 This is exactly where the Muinmos Platform comes in. Our solution automatically pulls relevant data from trusted sources, weighs it according to your policies, and ensures real-time, full compliance. Say goodbye to manual errors and outdated processes! 👉 Want to stay ahead of regulatory expectations? Let’s chat about how Muinmos can support your compliance efforts. #AML #Compliance #RiskManagement #CDD #EDD #Muinmos #RegTech https://lnkd.in/dMuBTVEs

Professionals working with regulated entities need to be aware of anti-money laundering (AML) practices so they can identify and mitigate risks. Our new AML General Awareness Certificate course covers the basics, including: ✳️ Types of financial crime and its risks ✳️ The role of compliance and three lines of defense ✳️ Risk management programs and customer due diligence Sign up today! https://bit.ly/49qmnFo #FinancialCrime #AML #AntiMoneyLaundering #Awareness

Dr Jonathan Phyall introduced the discussion on Governance through a presentation during which he emphasised that AML/CFT compliance is a shared responsibility and delved into the importance of having roles and responsibilities clearly laid down. He also focused on how good communication lines among the Board of Directors, Money Laundering Reporting Officer (MLRO), Risk Managers, Compliance Officers and Internal Auditors contribute towards good corporate governance. This was followed by a panel discussion between Dr Phyall, Mr Daniel Abela, Ms Angela Fleri Soler, Dr Etienne Borg Cardona and Dr Manfred Galdes. The discussion, moderated by Dr Rakele Cini, revolved around the importance of the tone at the top, the need for the Board of Directors to find the right balance between looking into the compliance obligations and the performance of an organisation, and the need for the MLRO to be involved in the process related to the risk appetite framework of the organisation. #MIA #FIAU #CitadelInsurance #ThomsonReuters #FinXP #AML #Laundering #NRA #Malta #Event #Conference #Accounts #Professional #Network #National #Risk #Assessment

Register for our next anti-money laundering webinar which takes place on 13 November: https://lnkd.in/e7r9tbym Michelle Giddings and Sandy Price will discuss and take questions on: 💡 Our approach to anti-money laundering supervision. 💡 The most common findings we saw during our quality assurance monitoring. 💡 Recommendations for robust AML procedures that facilitate effectiveness and compliance. 💡 How to prepare your firm-wide risk assessment. 💡 Common risks and mitigation highlighted in our latest thematic review on the firm-wide risk assessment. #icaewRegulation #aml

Rethinking Experts’ Perceptions in Money Laundering Risk Assessment: This paper examines the factors that influence experts’ risk assessments of money laundering in the context of anti-money laundering (AML) measures. Employing a mixed-methods approach, a survey was first administered to 1497 AML risk assessment experts, followed by semi-structured interviews with nine selected AML experts. The study’s findings suggest that AML experts often heavily rely on their organization’s established risk response frameworks, sometimes at the expense of not exercising independent judgment. Personal biases, including preconceived notions about risk and fear of facing repercussions for independent judgment, significantly influence risk assessments. Based on these results and guidance from the literature, it is proposed a new decision framework aimed at shedding light on the mediating strategies employed by AML experts during risk assessment. The proposed framework offers valuable insights into the role of expert judgment in assessing money laundering risk for AML-regulated entities, with a particular focus on financial institutions aiming to enhance their risk assessment frameworks. #compliance #antimoneylaundering #transactionmonitoring #aml For more information: https://lnkd.in/dpqTqK6P

I’m happy to share that I’ve obtained a new certification: Combating Financial Crime from Alison. I gained valuable insights into key areas, including AML/CFT regulations in Europe and the UK, The five European AML directives, The role and responsibilities of MLROs in matrix management, Risk profiling for entities, Financial risk management, and Principles of effective Customer Due Diligence (CDD) programs. #fightingfinancialcrime #EU #UK

💡 Risk appetite in #AML is the amount of #MoneyLaundering risk a company is prepared to accept to achieve its objectives. This concept includes, not only the severity of risk but also the nature of the risks particular to the industry and operational context. Establishing an appropriate risk appetite involves a thorough evaluation of potential risks and vulnerabilities, regulatory requirements, and the impacts of risk-taking on business goals. 🎯 By establishing their #RiskAppetite, organisations can design AML measures that align with their risk tolerance, ensuring that they can effectively prevent, detect, and respond to illicit financial activities without overextending their resources or stifling business initiatives. How well are you aware of your company's risk appetite? 🤔

🚀 𝗪𝗲’𝘃𝗲 𝗹𝗮𝘂𝗻𝗰𝗵𝗲𝗱 𝗼𝘂𝗿 𝗻𝗲𝘄 𝗖𝗣𝗗 𝗖𝗲𝗿𝘁𝗶𝗳𝗶𝗲𝗱 𝗖𝗼𝘂𝗻𝘁𝗿𝘆 𝗔𝗠𝗟 𝗿𝗶𝘀𝗸 𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 𝘁𝗿𝗮𝗶𝗻𝗶𝗻𝗴 𝗰𝗼𝘂𝗿𝘀𝗲. In response to the increasingly complex and stringent regulatory requirements for assessing country AML risks, our new training module is designed to assist you and your organisation in comprehending the procedures necessary to evaluate the risk elements and factors associated with cross-border country AML risk. 𝗧𝗵𝗲 𝗻𝗲𝗲𝗱 𝗳𝗼𝗿 𝗰𝗼𝘂𝗻𝘁𝗿𝘆 𝗔𝗠𝗟 𝗿𝗶𝘀𝗸 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 With the advent of the risk-based approach serving as the primary strategy in combating financial crime, the assessment of country risk has emerged as a crucial component within the customer due diligence and risk assessment framework. However, the era in which reliance could be placed solely on a rating score or risk banding is now behind us. New regulations mandate that licensed service entities must analyse and comprehend the specific risk elements underlying any aggregate risk rating score. ✔️ Completing KnowYourCountry's training course equips you with the knowledge and confidence to assess a country's AML risk profile. You will gain a clear understanding of the key scoring elements, enabling you to implement effective controls in line with a regulator-recommended risk-based approach. 👉 Access the training course here: https://lnkd.in/eSj226Zp 👉 Visit KnowYourCountry’s website here: https://lnkd.in/exUktXQv #KnowYourCountry #AML #moneylaundering #training #CFT #KYC #riskbasedapproach #riskassessments

It will be a great pleasure for me to participate in a panel discussion on AML/CFT regulations. I am looking forward to the panel discussion entitled "Improving AML/CFT regulations in Southeast Europe". We will discuss the current state of compliance with FATF standards, the consequences of being greylisted and the necessary steps to eliminate regulatory gaps across the EU. At a time when the fight against money laundering and the financing of terrorism (AML/CFT) is increasingly challenging, it is crucial to stay abreast of the latest trends. We expect a gathering of experts, an exchange of experiences and strategies that will contribute to a more effective fight against financial crime. Stay tuned for more information and sharing key takeaways from the discussion! #AML #CFT #Compliance #FATF #Regulation #PanelDiscussion #Networking #ProfessionalDevelopment Safeguard your businesses against financial, reputational and regulatory risk!!! https://lnkd.in/d3qwBJCa