In the world of KYC, Google has become a ubiquitous component of client onboarding, CDD, EDD and Vendor Due Diligence best practices. Searches are often written once and then enshrined in procedures. As a supplement to checks against traditional sanctions, public record, PEP, criminal record, litigation and specialized adverse media providers, a Google search can reveal valuable, risk relevant […]
Banks know many things about their customers.
They know these things for three reasons. The first is that they have to, writes Steve Goldstein. There are many regulations that require a bank to know its customers, primarily to prevent money-laundering and combat the financing of terrorism.
The second reason is to assess risk. Banks need to know […]
It has become a cliché to say that satisfying the regulatory requirements facing financial services organisations comes down to data, but like many clichés, it is based on truth.
More accurately, firms need timely high quality data for reporting purposes and to automate many related processes such as KYC and anti-money laundering, as well as non-regulatory […]
This is Part 2 of excerpted posts from Alacra’s Inside the LEI series – Issue IV
Percentage of Rated Entities Assigned an LEI
The rated universe Alacra covers includes those entities/issuers rated by A.M. Best, Moody’s, S&P and Fitch. This totals […]
OCC Clarifies Its Expectations in Updated Guidance for Handling Third-Party Relationships – An Alacra Compliance Primer
In October 2013, the Office of the Comptroller of the Currency (OCC), the U.S. regulator of national banks, issued Bulletin 2013-29–guidance for assessing and managing risks associated with third-party relationships. The OCC defines a third-party relationship as “any business arrangement between a bank and another entity, by contract or otherwise.” This bulletin […]
Alacra Compliance Primer – Enforcement Actions for U.S. Sanctions Violations Offer Lessons for Compliance
Barbara Keller, CAMS, CFCS, and former Deputy Associate Director for Compliance and Enforcement for FinCEN, has written a new Alacra Compliance Primer which details the evolution of several of the most significant cases of U.S. sanctions violation cases, some of which also included penalties for AML violations. Recent actions have been taken primarily against foreign […]
It might seem crazy to argue with SIFMA president and CEO Kenneth Bentsen Jr. writing to Treasury Secretary and FSOC Chair Jacob Lew advocating a wider regulatory mandate for Legal Entity Identifiers, but here goes.
Of course a wider regulatory mandate will increase and accelerate adoption. If regulators worldwide grabbed their sticks and lightning bolts […]
It is widely accepted that illicit actors continue to create legal entities, masking beneficial ownership information in order to facilitate access to the financial system and conduct financial crimes. A number of developments have recently occurred that may help the United States make progress on requiring the identification of beneficial ownership of businesses and accountholders… […]
It is widely accepted that illicit actors continue to create legal entities, masking beneficial ownership information in order to facilitate access to the financial system and conduct financial crimes. A number of developments have recently occurred that may help the United States make progress on requiring the identification of beneficial ownership of businesses […]