Effective risk and compliance management is crucial for businesses to identify threats, ensure legal adherence, and protect reputations. Automated tools streamline processes, enhance visibility, and improve efficiency while ensuring regulatory compliance and informed decision-making. … Read More
Monthly Archives: May 2023
What are the five pillars of AML compliance?
The five pillars of AML compliance – designated roles, internal controls, training, independent testing, and risk-based CDD – form a comprehensive framework to combat money laundering and terrorist financing effectively. … Read More
How to conduct an AML check and ensure compliance: An anti-money laundering compliance checklist
Compliance teams play a vital role in preventing financial crime. This article provides a comprehensive AML compliance checklist, outlining best practices for conducting checks, ensuring legal adherence, and mitigating business risks effectively. … Read More
The five biggest AML compliance challenges facing financial institutions and how NorthRow can help
Financial institutions face several AML compliance challenges, including resource limitations, regulatory changes, inefficiencies, data accuracy, and ongoing monitoring. NorthRow helps streamline processes, ensure compliance, and reduce risks with automation and real-time updates. … Read More
How to verify Ultimate Beneficial Owners (UBOs)
Identifying UBOs is crucial for transparency, anti-money laundering, and preventing fraud. Effective UBO verification involves thorough KYC/KYB processes, and tools like NorthRow simplify the identification of UBOs by uncovering complex ownership structures. … Read More
What is financial crime?
In today’s interconnected world, the risk of financial crime is greater than ever. But what exactly is financial crime?
From money laundering to fraud, to cybercrime, these illegal practices pose significant threats to economies and societies worldwide. In this blog, we delve into the murky depths of financial crime, exploring its various forms and the measures in place to combat them. … Read More
Economic Crime and Corporate Transparency Bill explained
In this article, we will explore what the Economic Crime and Corporate Transparency Bill entails and delve into its implications for AML compliance professionals. … Read More
What is Beneficial Ownership?
Beneficial ownership identifies individuals who control or profit from company success, ensuring transparency, accountability, and combatting illicit activities like money laundering, while improving investor confidence and regulatory compliance. … Read More
Facial recognition software explained
Facial recognition software is used to verify a person’s identity based on their facial features – but what exactly is it? … Read More
Conducting PEP checks: tools and techniques
Compliance professionals play a crucial role in ensuring that their organisations comply with PEP and wider AML regulations. However, identifying and verifying PEPs can be a complex and time-consuming process, particularly for businesses that operate across multiple jurisdictions. … Read More