Compliance Archives

How to Navigate Cross-Border Regulatory Compliance Challenges?

Leave a Comment / Compliance / By Anaptyss Team

Financial institutions often encounter vast compliance challenges while operating in the domestic market. The regulatory challenges become even more complex for financial institutions with a global presence or conducting cross-border operations. To navigate the global regulatory compliance landscape, many banks and financial service institutions still rely on manual processes, which are prone to errors and …

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What is Transaction Laundering: A Growing Threat to AML Compliance

Leave a Comment / Compliance, Financial Crime / By Anaptyss Team

Transaction laundering is a process through which unknown entities use and process their payments through facilities provided by a merchant acquirer meant for a known acquirer. Transaction laundering is a criminal activity wherein the perpetrator goes against the merchant’s agreement with the acquirer to hide illegal transactions within seemingly legitimate ones, making it difficult for …

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regtech for compliance in financial services industry

Regulatory Technology (RegTech) for Compliance in the Financial Services Industry

Leave a Comment / Compliance, Fintech / By Anaptyss Team

RegTech or Regulatory Technology refers to technology that helps financial institutions manage their regulatory and compliance requirements efficiently and cost-effectively. RegTech solutions automate and streamline compliance processes, allowing financial institutions to address the complexities due to the increasing data and evolving regulations. This helps them reduce costs and minimize the risks associated with compliance expenses …

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The Challenges of Cryptocurrency Compliance – How Banks Can Overcome Them

Leave a Comment / Compliance, Financial Crime / By Tasneem Abdulrahman

Cryptocurrency is a digital or virtual currency that has revolutionized the financial services industry. Cryptocurrency offers both opportunities and poses unique challenges to banks, financial institutions, businesses, and individuals across the globe. In recent years, the rapid growth of the cryptocurrency market has raised serious concerns regarding regulatory compliance, risk management, and financial crime. The …

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FATF Red Flags for Money Laundering and Terrorist Financing

Leave a Comment / Compliance / By Anaptyss Team

Money laundering has been rising globally despite the growing laws and regulations and clamping down from enforcement agencies. The annual laundered sum is a staggering 2-5% of global GDP ($800 billion – $ 2 trillion) as per the UNODC estimate. While money laundering techniques grow more obscure, their exploitation of fiat and virtual currencies continues to …

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Evolution of the Basel Accords: An Overview

Leave a Comment / Compliance / By Tasneem Abdulrahman

The development of the Basel Accords continues to evolve. As a result, from 2012-2017, the commission dealt with questions about the obligations of banks to central counterparties, collateral requirements, measurement of counterparty credit risk, and calculation of securities capital requirements. They did this by introducing the Fundamental Review of the Trading Book (FRTB) capital requirements …

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FATF Plenary February 2023: Key Outcomes

Leave a Comment / Compliance / By Tasneem Abdulrahman

The second Plenary of the Financial Action Task Force (FATF) led by Singapore president T. Raja Kumar recently concluded its discussions. The discussion – attended by representatives from 200+ jurisdictions of the Global Network at the FATF headquarters in Paris – addressed vast issues and challenges related to the global financial system. This blog shares …

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FinCEN Alert (FIN-2023-Alert003) on Mail Theft-Related Check Fraud Schemes

Leave a Comment / Compliance / By Tasneem Abdulrahman

The Financial Crimes Enforcement Network (FinCEN) has issued a new nationwide alert—FIN-2023-Alert003—to banks and financial institutions on theft-related check fraud schemes targeting the U.S. Mail. Check fraud is the largest source of illicit proceeds in the United States. Frauds in general, including check fraud, are one of the largest sources of money laundering in the …

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What is Financial Crime Compliance (FCC)?

Leave a Comment / Compliance, Financial Crime / By Anaptyss Team

Financial Crime Compliance (FCC) is a process to ensure your bank or financial institution is meeting the policies, standards, and regulations laid by the Financial Crimes Enforcement Network (FinCEN) of the United States Treasury Department. Meeting financial crime compliance is a legal requirement for banks and financial institutions to combat the various financial crime risks …

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