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In 2016, the EU adopted the Regulation (EU) 2016/679 (General Data Protection Regulation {GDPR}). It replaces the 1995 Data Protection Directive (Directive 95/46/EC) which was adopted at a time when
How to collect a valid Consent under GDPR
In 2016, the EU adopted the Regulation (EU) 2016/679 (General Data Protection Regulation {GDPR}). It replaces the 1995 Data Protection Directive (Directive 95/46/EC) which was adopted at a time when
Financial Action Task Force (FATF) plenary 21-23 June 2023
FATF reiterates that all jurisdictions should be vigilant to current and emerging risks from the circumvention of measures taken against the
Indicators to be considered for each identified risk factor
The Licensed Firm should assess and measure the level of risk based on the following risk factor indicators: Client risk, Service/transaction
How to identify risk
Risk assessments should assist Firms to understand their exposure to ML/TF risk and identify and prioritize the areas which focus should be placed in order to combat ML/TF. The risk areas that arise
Clients from high-risk third countries
High risk third countries include any country which is widely known to face strategic deficiencies, problems of bribery, corruption and financial irregularity and whose laws and regulations for
Politically Exposed Persons (PEPs)
Politically Exposed Person (PEP) means a natural person who is or who has been entrusted with prominent public functions, an immediate close relative of such person as well as a person known
Risk Based Approach (RBA)
The application of risk based approach is fundamental to comply with the Law, the EU directive and the FATF recommendations. It forms the foundations on which the firms’ AML policies, controls and
Risk Based Approach (RBA) and Business-wide risk assessments (BWRA)
Each obliged entity should apply appropriate measures and procedures, on a Risk Based Approach (RBA), to focus its effort in
Safe Teleworking tips and advice for business and employees
Flexibility in business is an important element for success. Be flexible and easily adapt new trends allows a company to continue operating
Which are the main elements of a transaction monitoring tool?
After taking the risk assessment, the next step is to create the AML policies and procedures that your institution will abide by
Module 3: AML transaction monitoring process – STEPS to create a transaction monitoring system
After taking the risk assessment, the next step is to create the AML policies and procedures that your institution will abide by
