Suspicious Activity Reports: When and How to report?
A Suspicious Activity Report (SAR) is an important piece of information for regulators and legal authorities. It is the report used to warn the authorities about any kind of money laundering or financial crime suspicion caused by a customer or client. The SAR is to be submitted when you ‘know’ and ‘suspect’ that there is a crime.
Here’s what you need to know about Money Laundering and IWT
In our previous posts, we have talked about the different ways criminals launder their illicit proceeds. It could be cryptocurrencies, precious stones and metals or even wildlife! Yes you heard that right. Illegal wildlife trading (IWT) has been a problem for the longest time now.
Here’s how you could up your CDD game.
Customer due diligence (CDD) is an integral part of almost every business and their AML/CFT policies. Being sure about who your customers are is the best way to avoid any sort of compliance breaches or financial crimes and helps assess the risks involved.
Sanctions Compliance for Businesses.
In my last post we discussed how sanctions are enforced and complied with. Today, let’s talk about how businesses should be sanction-friendly. Complying with regulations pertaining to sanctions could definitely be challenging for businesses. Compliance does not limit itself to screening transactions using the sanctions checklists, but also ensuring that you do not enter into global trade relations or operations
Understanding and Implementing Sanctions Successfully.
You may have heard of the word sanctions a lot in the recent times. What are Sanctions? How can they be implemented successfully?