KYC AML BSA – AdvisoryHQ

Structured Transactions – Definition | Structuring – Examples and Penalties

AdvisoryHQ — Thu, 25 Feb 2016 21:29:28 +0000

Structured Transactions – Definition | Structuring Structured transactions (also known as structuring) are the process whereby a person or entity conducts banking transactions to avoid reporting requirements. Structuring or structured transactions are frequently done by money launderers to avoid the Bank Secrecy Act mandate that requires banks to report any single daily transaction that is […]

Review of Thomson Reuters’s Client Onboarding Software

AdvisoryHQ — Thu, 25 Feb 2016 19:50:41 +0000

Overview: Thomson Reuters’s Client Onboarding Software Below is a detailed review of Accelus’s Client On-Boarding compliance platform. Based on the number of features and wide-range capabilities, we are rating Accelus’s Client On-Boarding compliance platform as one of this year’s best anti-money laundering (AML) and compliance platforms for banking and non-banking financial firms. Product Highlight Accelus Client On-Boarding, […]

Review of SunGard’s Protegent Compliance Platform

AdvisoryHQ — Thu, 25 Feb 2016 19:35:30 +0000

Review of SunGard’s Protegent Compliance Platform Recently, we published our annual list of the “Top AML Software Solutions for Financial Services Firms.” SunGard’s Protegent suite of compliance solutions was one of the platforms included in our list of the best anti-money laundering (AML) compliance tools. Below, we present a detailed review of SunGard Protegent’s compliance software. […]

Review of FINRA’s AML Training Program and Certification Program

AdvisoryHQ — Thu, 25 Feb 2016 18:17:54 +0000

Company Overview – FINRA Corp The Financial Industry Regulatory Authority, also known as FINRA, provides the financial services industry with regulation focused on investor protection. FINRA is a not-for-profit organization separate from the federal government. It was initially authorized by Congress to maintain the integrity of the securities industry through fair and honest operations. This regulatory body […]

Foreign Shell Banks – Prohibited Relationships

AdvisoryHQ — Wed, 24 Feb 2016 16:52:42 +0000

Foreign Shell Banks – Prohibited Relationships U.S. financial institutions are prohibited from opening accounts for or doing business with foreign shell banks. Foreign shell banks are financial firms that have no physical address in any country. In prohibiting U.S. firms from engaging in financial transactions with such shell banks, regulators voiced the concern that “foreign […]

EDD Escalation Form | Template for Escalating Identified High Risk Clients

AdvisoryHQ — Wed, 24 Feb 2016 16:41:41 +0000

Enhanced Due Diligence Escalation Form (Sample) Date of Report: Assigned AML Risk: ——————————————————————————————————————– Staff Information Name of Staff Submitting the Escalation: Department: Contact Phone Number: Contact Email: Name of Compliance Officer Receiving the Escalation: Department: Contact Phone Number: Contact Email: ——————————————————————————————————————– Customer Information Type of Entity (Individual, Corporation, LLP, etc.): Affiliate […]

Risk Rating List – Products and Services | Corporate-Wide Risk Assessment

AdvisoryHQ — Wed, 24 Feb 2016 15:46:08 +0000

Risk Rating List for Products and Services | Corporate-Wide AML KYC Risk Assessment When developing their AML risk assessment and scoring methodologies, AML and Compliance officers across financial institutions generate lists of countries in which they operate and then apply risk categories to each of these countries. Firms also need to analyze and determine the […]

AML KYC Risk Rating Assessment Template, Methodology, Rating Matrix – Download Template

AdvisoryHQ — Wed, 24 Feb 2016 15:30:23 +0000

AML Risk Assessment Template and Sample Rating Matrix | Downloadable Template & Raw Data When on-boarding new customers, and throughout the relationship with each customer, financial institutions are required by regulators to perform anti-money laundering (AML) and know-your-customer (KYC) risk assessments to determine a customer’s overall money laundering risk. Firms must comply with the Bank Secrecy […]

Money Laundering Country Risk Rating Definition and Processes

AdvisoryHQ — Tue, 23 Feb 2016 22:43:34 +0000

Money Laundering Country Risk Rating Definition and Processes In addition to assessing a customer’s name and address (country) against the OFAC and other sanctioned lists, the customer’s domicile needs to be assessed against country-specific money laundering risk ratings. Money Laundering Domicile – Entities: Domicile of registration, and Domicile of operations (if different from domicile of […]

Client Onboarding (CDD) Process – Assessing High Risk Account Transactions

AdvisoryHQ — Tue, 23 Feb 2016 22:31:54 +0000

Client Onboarding (CDD) Process – Assessing High Risk Account Transactions When assessing a customer’s AML risk rating, during the client onboarding phase, AML and Compliance officers normally consider the expected type of transactions and the anticipated level of transactional activities that the customer will be involved in. Anticipated Transaction Types Based on information received from […]