AMLYZE

This week, the Lithuanian Financial Intelligence Unit (Finansinių nusikaltimų tyrimo tarnyba (FNTT) published the 3rd National Money Laundering and Terrorist Financing Risk Assessment (link in the Comments 👇). Among other valuable 💡 insights in the report, there are 1️⃣ 6️⃣ most common indicators of suspicious activity that we thought would be useful to keep an eye on. All these identified features should be systematically analyzed and evaluated by AML and compliance officers, taking into account their correlation with other known circumstances. And don't forget that AMLYZE is a tool that can help you identify these indicators seamlessly 😉. #SuspiciousActivityIndicators #TransactionMonitoring

London, as Europe’s premier financial hub 🌍, is an ideal place for industry leaders to converge and tackle the pressing challenges of financial crime prevention. AMLYZE is excited to participate in the 18th Annual European AML & Financial Crime Conference, hosted by AMLP Forum, on November 11-12 in London – the ideal gathering place to tackle the urgent challenges of AML and financial crime prevention! This exclusive gathering offers an unmatched platform for industry experts to share insights, explore emerging threats, and exchange best practices for tackling these challenges head-on. Don’t miss opportunity to connect with Alexandre Pinot, CAMS, AMLYZE’s Co-Founder and Head of Innovations & Strategy, who will be onsite to discuss emerging threats, share best practices, and explore solutions for the future of AML. If you’re attending, let’s connect over a conversation 💬 or coffee ☕ – reach out to arrange a time! Join us in shaping the future of AML & financial crime prevention. See you in London!

So, we are starting the week with significant news 📰, that the Financial Action Task Force (FATF) has added Algeria, Angola, Côte d'Ivoire, and Lebanon to its "gray list" of jurisdictions under intensive monitoring. Russia’s status remains unchanged, with its membership still suspended. These updates were finalized in Paris during FATF sessions on October 21-25. What does this mean for AML officers? 🤔 Firstly, this update underscores the need to adapt risk assessments and compliance frameworks when engaging with these newly listed jurisdictions. Heightened due diligence will be likely essential, with additional focus on understanding client activities, sources of funds, and potential links to high-risk regions. Effective monitoring, supported by responsive technology, becomes critical to detect and manage risks tied to these locations. At AMLYZE, we’re here to support you with solutions that help reduce🔻 false positives and enhance 🔼 the precision of your compliance processes in light of these evolving regulatory landscapes. #AMLYZE #AML #FATF #Compliance #RiskManagement

Did you know that Danske Bank in Lithuania has more than 1,400 AML and KYC specialists? So we couldn't say "no" to one of the largest AML communities in Lithuania when they asked us to share our expertise and present the AMLYZE platform. This week, our Head of Financial Crime Prevention, Mindaugas Petrauskas, had the opportunity to speak on crucial topics such as financial crime, fraud, investment scams, and much more, while addressing all the questions from the audience. Training sessions 🎓 are just one of the many ways we contribute to the fight against financial crime. At AMLYZE, we’re passionate about spreading knowledge, learning some more ourselves  and overall, raising the bar in the anti-financial crime space. Thank you 🙏, Danske Bank, for the warm welcome! We look forward to collaborating again soon. #trainings #AMLtrainings #AMLYZE

When working in the AML field, our calendars 📅 are filled with hundreds of daily tasks, responsibilities, and various obligations. And therefore, there is often no time to deepen our knowledge of topics such as AML history, most popular money laundering techniques, or the impact of money laundering on the economy. We believe these topics are crucial for gaining a deep understanding💡of how and when the AML system was built and why certain processes function the way they do. So, we’ve just published a new blog article on this topic (link in the Comments below 👇) and we hope it offers valuable insights to broaden your perspective and advance your anti-financial crime career. #AML #AMLYZE

A bit more than two weeks have already passed since the second edition of our FinCrime Fighters 2024 in Warsaw but we are still gathering positive feedback from those who participated. We will be completely honest with you – it was our first ever event abroad and just second big one after last year’s Vilnius FinCrime Fighters 2023, so we were a bit nervous about how we will succeed. But after gathering more than 100 participants just in one place, after discussing topics that we are sure are in everyone’s head nowadays (MiCA, AI in FinCrime detection, De-Risking, Data Privacy & much more), and having speakers such as Elżbieta Franków-Jaśkiewicz, Chair of the Egmont Group of Financial Intelligence Units and former Chair of Moneyval, we are sure we will definitely organize a third edition of our FinCrime Fighters in 2025. Just stay tuned👂 and we will inform where it will be this time 😉 Of course, this would not be possible without our valued partners – FinTech Poland, Skaleet and PKO Bank Polski, to whom we are thankful 🙏 to the moon and back. Here’s 👇 a short video 📺 from the event and by clicking the link in the Comments you will find some images from the event and perhaps spot yourself in there 😉 #WarsawFinCrimeFighters2024 #Poland #AMLYZE

The fight against financial crime is not just about tools, techniques and the will to fight crime, but also about the technical capacity 💪 and human resources 👨💻 to deal with ongoing investigations. And in one of Europe's largest financial centers, Luxembourg, the temperature is rising in this area, as prosecutors and investigators raise the alarm (link below 👇) about the lack of staff to carry out these investigations. Of course, this has much to do with Luxembourg's attractiveness to global fund managers, which makes it not only a destination for legitimate investments, but also a potential breeding ground for complex financial crime. This is a perfect example of how not only financial institutions, but also regulators and law enforcement agencies sometimes don't keep pace with increasing 📈 regulatory scrutiny and new AML/CFT laws. And it shows once again that the anti-financial crime system is one big complex machine where you can't reform just one part of it without thinking about other parts of the system. Whether you're in the public or private sector, a regulator, supervisor, or an obliged entity, we're all facing the same pressures. And ultimately, the reputation and standing of our EU jurisdictions rely heavily on the quality of our supervision and regulation. At the end of the day, we're all in the same boat ⛵ —and it's crucial that we support each other in this shared mission. #AML #AMLInvestigations #AMLStaff #Luxembourg

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The money laundering scandal that broke in the US this week is worthy of a chapter in the AML books 📚, or at least an in-depth analysis as a case study for all compliance people. Yes, we are definitely talking about TD Bank, Canada headquartered 10th largest bank in the United States, which agreed to pay more than $3 billion in fines for failing to adequately monitor money laundering by drug cartels. Why is this case worth analyzing? 🔎 In our opinion, there are several reasons for this. 1️⃣ It is an example of a non-AML compliant bank, as between January 2014 and October 2023, TD Bank failed to monitor $18.3 trillion in customer activity, allowing three money laundering networks to transfer over $670 million through TD Bank accounts. 2️⃣ TD Bank created an environment that allowed financial criminals to succeed by making its services convenient for criminals. 3️⃣ It is the first bank in US history to plead guilty to conspiracy to commit money laundering. 4️⃣ TD Bank agreed to pay $1.8 billion to the Department of Justice and a further $1.3 billion assessed by the US Treasury's Financial Crimes Enforcement Network (FinCEN), indicating the depth of the violations. 5️⃣ There is a lot of evidence that the bank's employees understood that the bank was a haven for criminals, and some of them were even bribed with gift cards, and yet they let the operations go on and even made jokes about it. A case such as TD Bank’s, may become one of the triggers for regulators to tighten up regulations, with a particular focus on transaction monitoring - both real-time and retrospective. It also raises many questions❓about the need to increase the accountability of bank employees to strengthen such cases. The environment of the bank was not only suitable but convenient for the criminals, and this leads to further questions about the responsibility of the bank's key stakeholders.  But practically and In light of TD Bank's case, what can banks do to avoid falling into similar traps? Here below 👇 are key actions that could have changed the outcome. By addressing these gaps, banks can create a more hostile environment for financial criminals and protect themselves from future scandals. #AML #TransactionMonitoring #Compliance

We're #hiring a new Information Technology Project Manager in Vilnius, Vilniaus. Apply today or share this post with your network.