Tagged: Anti money laundering

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Defending Against Financial Crime in MENA: Insights & Recommendations

Alarming revelations on money laundering and banking frauds have emerged in recent reports by Deloitte, Thomson Reuters and PwC, who comprehensively surveyed MENA (Middle East & North Africa) nations. While the findings have helped financial institutions in improving resourcing, benchmarking and streamlining regulatory compliance, it has also highlighted certain pertinent concerns. Here are the top five takeaways from these reports. 1.    From blame game to action Prominent...

Anti-money Laundering

Financial Mecca Tightening The Screws On Anti-Money Laundering!

“Breaking News: Singapore to use data tracking against money-laundering”. What bearing does this headline have on a safer and more secure banking system? The 1MDB fiasco Let’s rewind to 2015 and 1Malaysian Development Berhad – a Malaysian fund set up in 2009 by the Prime Minister of Malaysia,  with the intention of turning Kuala Lumpur into a financial hub, much like its neighbour, through strategic investments, to...

Anti fraud and anti money laundering

Anti-Fraud and Anti-Money Laundering in Banking- The Common Denominators

We have been hearing from multiple banks on their plans to align the anti-fraud and anti-money laundering efforts within their organizations. Over the past few years we have seen many manifestations of sophisticated fraudsters and money launderers across the globe which is what is making the bankers re-think their strategy and execution to curb these attempts. Clearly fraud risk and money laundering risk are the key containment...