Adhering to FAFT recommendations can only mean better outcomes
This LinkedIn post by Muhammad Shakit provides a good summary of Financial Action Task Force (FAFT) recommendations that every country should follow and apply rigorously to the financial institutions which fall under the regulator’s purview. Money laundering and financial fraud are a global reality which needs to be addressed by countries working together and collaborating […]
Financial institutions need to do more to prevent fraudulent activity
Mr. Walker in his LinkedIn post below not only provides a good example of a romance scam to make his point here but generates some good and supportive commentary below his post. They all generally agree with him that much more needs to be done to prevent clients from being scammed as the psychology of […]
Never stop managing fraud risk to meet the evolving nature of it
This LinkedIn post is a timely reminder to showcase the evolving nature of financial crime and how all those key players involved (e.g., financial institutions) need to remain vigilant and determined to change their risk management practices to meet current and future threats. When it comes to financial institutions, KYC will always be a fundamental […]
KYC a must for financial institutions to initiate and regularly update
Know Your Customer or what is commonly known by the acronym KYC, is a core function of financial institutions. It is a critical fraud prevention measure and principle they need to take seriously and implement thoroughly if they are going to not only understand their clients so they can help them better manage the money […]