Receive Daily Financial Crime Email Alerts from TransparINT

Posted by & filed under AML General, Negative News, Research & Investigation.

We know that it is common for AML professionals to set up Google alerts on generic terms such as “money laundering” or “terrorist financing” to stay up-to-date on what is happening in the industry. While Google Alerts can be a valuable tool, it often only reports on the larger trending topics, and many of the… Read more »

7 High Risk Groups that You Should Be Continually Monitoring for Adverse Media

Posted by & filed under AML General, Negative News, Research & Investigation.

Financial institutions often maintain higher-risk client relationships.  As part of their risk management program, these business and individual relationships need to be constantly monitored for consistency in transactions and anticipated and expected activity. One other component that financial institutions may want to consider for their high-risk client groups is continued monitoring for adverse media or… Read more »

Are you Monitoring Correspondent Banking Clients for Negative News? You Probably Should be.

Posted by & filed under AML General, Negative News, Research & Investigation.

If you have been in the AML industry for any amount of time you are aware that correspondent banking clients pose an increased risk of money laundering to a financial institution. Based on existing regulations, guidance from the Office of the Comptroller of the Currency, and industry “best” practices, financial institutions conduct enhanced due diligence… Read more »

Why negative news screening is as important as ever

Posted by & filed under Negative News, Research & Investigation.

The pinnacle of a well-established AML program is its transaction monitoring program. There are entire groups dedicated to reviewing transactions generated by these systems, groups dedicated to reviewing the initial reviews, groups optimizing scenarios and rules, groups auditing these scenarios, groups tasked with drafting policies and procedures, etc.  Transaction monitoring is an extremely important component… Read more »

Free Beneficial Ownership Mapping Tool

Posted by & filed under Beneficial Ownership, Research & Investigation.

Anyone who has spent time in a KYC group knows the challenges of trying to identify the beneficial owners of companies with complex structures.   Even when new clients are cooperative about providing ownership information during onboarding, there are many cases when there is just no simple way to understand the ownership structure without breaking… Read more »

News, News, and More (Fake) News – Vetting Online News Sources

Posted by & filed under Negative News, Research & Investigation.

The amount of digital information available to us at all times is continually increasing, and it is not all Pulitzer worthy. It is almost impossible to watch cable news and not hear about fake news.  Often a hyper-political term that is interpreted different ways, actual fake news describes stories presented as true, but have no… Read more »

Six Considerations when Investigating Foreign Correspondent Banking Clients

Posted by & filed under AML General, Negative News, Research & Investigation.

correspondent banking investigation

It is well known that correspondent banking relationships result in heightened money laundering and terrorist financing risks, and deficiencies in AML programs relating to correspondent banking clients have led to billions of dollars in regulatory fines. While there is a multitude of literature and commentary on the AML risks and challenges associated with foreign correspondent… Read more »

Terrorism Links in UK Customer Populations

Posted by & filed under AML General, Negative News, Research & Investigation.

It has recently been reported that a leaked draft document from HSBC’s monitor identified 13 British customers linked to Islamic terrorist groups in Syria.  While it is impossible to make any determination on HSBC’s AML policy without the full details of the report, this leak highlights a challenging topic for all banks. There is no… Read more »

7 Free Open Sources to Find PEP Information

Posted by & filed under Research & Investigation.

While most financial institutions subscribe to a Political Exposed Person (PEP) list, there are many cases where these lists lack coverage or additional research is required.  Below is a list of seven free additional open sources to help you track down PEP information. 1. CIA World Leaders List An online directory published by the CIA… Read more »