- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
With the similarity of their nature and how they overlap, not to mention how often they are mentioned in the same breath, it can easily lead to confusion when trying to remember which is which between source of funds and source of wealth.
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While the requirement to undertake transaction monitoring evolved because of AML legislation, its importance has been magnified and reinforced by increased regulatory attention and significant fines.
Correspondent banking is a vital part of the global economy, but when incorrectly managed can present considerable financial crime risks.
Transaction monitoring is an area constantly in the spotlight. David Povey of the International Compliance Association explains five key monitoring considerations for anyone managing or working within financial institutions.
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
