KYC and AML together prevent scams
The LinkedIn post below provides a good summary of why KYC and AML are a powerful one-two punch to combat fraud. Tacla Chain ReisKYC / AML | Compliance | Customer Due Diligence 🛡️ Why KYC & AML are the backbone of modern banking In today’s financial system, banks are no longer just institutions that process […]
One transaction is all it takes
It only takes one transaction to lose money so financial institutions need to be on the lookout for one that calls out to them that it may in fact be fraudulent and should be investigated before sending the money (e.g., wire). Where is it going, be it within the country or internationally because mule accounts […]
Transaction monitoring leads to good AML work
Upon detecting a transaction is not in keeping with a customer’s profile and one therefore which deserves your attention before sending the money, Anti-Money Laundering or AML obligations kick in and need to be followed up with in keeping with your obligations to be compliant with government AML regulations. The LinkedIn post below shows how […]
Governance of our banking system is required
This LinkedIn post is quite revealing in showing our young adults make up a large share of those involved in setting up mule accounts to use for illegal purposes. How are they being detected and policed by our financial institutions? If a large amount of money is coming into an account at one time or […]
Going to school on transaction monitoring
Putting some focus here on consumers, especially vulnerable seniors, who are frequently targets of scams (e.g., romance, grandparent and investment schemes etc.), makes it incumbent on those working on the frontlines to learn from sources such as the AML Academy. The post below on LinkedIn can be helpful too for consumers to glean what it […]
Fifth Third taking steps to protect clients from bank imposters
More cross-sectoral solutions need to be developed, shared, and implemented to stop scams which are emanating from spoof phone numbers and websites. For example, if a scammer is requesting a domain site which is almost identical to a legitimate bank URL such as Chase, are they being questioned and hopefully rejected? In this well written […]