Diego Ofano, CAMS’ Post

At Fundiligence, we're on a mission to shape the future of Anti-Money Laundering, Compliance, Regulations, and Finance and Banking Law through the power of community. We're inviting experts, practitioners, and scholars in the fields of AML, Compliance, and finance law to write and submit articles and contribute their knowledge and analyses to our diverse and engaged audience. Why Write for Us? - Gain global exposure and influence current practices in finance law. - Join a distinguished community of thought leaders. - Share your insights on AML practices, whether it's the intricacies of Indian financial regulations, the evolving AML landscape in the Cayman Islands, or the aspects of Irish legislation regarding funds. Contributing to Fundiligence means advancing global understanding and best practices in AML and Compliance worldwide. More details in the link below 👇 #AML #Compliance #FATF #FinancialCrime #AMLtraining #Finreg #KYC #Fincrime

As a #finance professional that's regulated by #AML rules, it can be challenging to keep abreast of changes, whilst also trying to provide the best service you can for your clients. Many of us have got the onboarding process nailed but we need to constantly monitor for changes to AML rules and keep our teams fully informed and trained up. Any new digital tools which help with the monitoring process can only be a good thing. Here's a blog I wrote on the subject. Do you have any recommendations for digital tools which you've found to be useful in the space? https://lnkd.in/dZ_ySECV #accounting #tax #legal #auderli

As more stringent protocols must be established within your practice to keep up with AML regulations, we look at the cost of failure when these measures aren't enforced. Read our latest blog for AccountingWEB.co.uk, for examples of what happens when compliance goes wrong: https://lnkd.in/db5DQ94Y #WoltersKluwer #AML #WKUK #AntiMoneyLaundering #Compliance #Accounting

Money laundering laws in the EU have been significantly tightened with the approval of a new comprehensive AML regulation by the European Parliament and EU Council, requiring accountants to strictly adhere to uniform standards across all member states. Read the full ACCA article from here: #MoneyLaunderingLaws #AccountingCompliance #LangbrookFinance https://buff.ly/4bOBRV2

  Anti-Money Laundering Scenario 9 – Source of funds checks 🔥 Hot off the press 🔥 We have just released the latest in our #training series of Anti-Money Laundering Scenarios, key in helping lawyers maintain knowledge and apply #AML techniques in practice. Each scenario is based on real law firm examples and takes about 10-15 minutes to complete along with feedback and a quiz. Our new Scenario 9 guides you through obtaining the correct evidence for source of funds checks when instructed by a foreign national, essential for establishing that funds and wealth are legitimate. The Scenario also covers dealing with translated documents and Chinese Government rules on overseas transfers. Available standalone for only £15.00 plus VAT or as part of our full bundle of AML eLearning and scenarios for a discounted £60.00 plus VAT. Click the link, or get in touch for more information. [email protected] 0114 273 8300 https://lnkd.in/ebDbHJDb #lawyers #compliance #solicitors #lawfirms

Into Uncharte(re)d Waters: Accountants Prepare for AML/CTF Compliance in Australia The Australian Government has proposed changes to the AML/CTF laws, which, if enacted, will see the accountancy sector being regulated under the Australian AML/CTF regime. Our Fintech, Privacy and Emerging Technologies Team has published an article via accountingcpd examining how the proposed changes are likely to affect accountants. The full article written by Stebin Sam, Associate, David Kreltszheim, Partner, and Kirk Bustin, Trainee Lawyer, is available to subscribers here: https://lnkd.in/gauh5BUd. If the proposed changes are enacted, accountants must comply with AML/CTF obligations, including customer due diligence at the time of client engagement, ongoing customer due diligence, making reports to AUSTRAC, developing and maintaining an AML/CTF Program and enrolling with AUSTRAC. We hope (and expect) that the peak bodies representing the accounting profession in Australia will be involved in the formulation of bespoke AML/CTF rules for accountants covering the above subject matter. Those rules would ideally be calibrated according to the nature and size of the accounting practice in question. Additionally, there should be a transition period to allow accounting practices time to introduce the necessary systems, controls and processes with the assistance of their peak body. Interested in CPD courses? Find out more here: https://lnkd.in/etZN8hAB #Cornwallslaw #ourpeople #aml #ctf #accountants

We're delighted to announce that we've expanded our compliance services to now facilitate comprehensive FAIS (Financial Advisory and Intermediary Services Act) advice and compliance for financial advisors and intermediaries. 📈 Plus, we're here to ensure your business stays on the right side of FICA (Financial Intelligence Centre Act) compliance, with specialised expertise in this as well as the associated KYC (Know Your Customer) and AML (Anti Money Laundering) requirements tailored to various industries. 💰⁠ ⁠ We work with talented experts who are ready to assist you in navigating the complex landscape of financial regulations, providing tailored solutions to suit your specific needs. Whether you're in need of FAIS advice, FICA compliance, or comprehensive data protection services, Lay Law has you covered. 💼⁠ ⁠ Don't let compliance concerns hold your business back. Reach out to us today to learn how we can help you stay ahead of the curve and focus on what you do best. 📲⁠ ⁠ #Compliance #FinancialRegulations #DataProtection #FAIS #FICA #AML #KYC #LayLaw #LegalConsultancy⁠

Never give a Discount! It happens, though rarely that a client would request a discount. Instead of giving the discount I educate the client regarding the value of my service. I normally deal with very sensitive issues. When structuring transactions my team that is preparing the report needs to be aware of practical implications of legalities involving Taxation, AML etc. of all the countries involved. A small mistake can normally cost the client a lot and not just money. In dealing with fraud cases, gathering and preservation of evidence is extremely important because it could make or break a case, yet it is not sufficient because facts are manipulated. One has to be very skilled and creative to successfully close a case. The focus should be on improving the service and not reducing the price. #forensicaccounting #structuring #tips

Have you heard about the Economic Crime and Corporate Transparency Act 2023? The Act aims to combat economic crime and enhance corporate transparency, bringing about significant changes that will impact your business. Here are some key points covered in our latest blog: ✅ Beneficial Ownership ✅ AML and KYC Compliance ✅ Increased Reporting Requirements ✅ Whistleblower Protection To dive deeper into the Economic Crime and Corporate Transparency Act 2023 and understand how it affects your business, read the blog here: https://bit.ly/3SO1LSD #EconomicCrimeAct2023 #CorporateTransparency #ComplianceMatters #Compliance #ComplianceTraining #AML #Whistleblowing

The Law Council of Australia put together useful AML/CTF guidance for lawyers. I found particularly interesting ‘Guidance Note No. 9 – How Do I Ascertain Source of Funds?’ Here are my takeaways from the guidance. 🌟The purpose of determining the source of the client’s funds is to help you be satisfied that the instructions related to a transaction/activity are lawful. 🌟Circumstances in which you may determine that you should seek an explanation, and potentially proof, of the source of funds, include where you have detected any red flags in connection with the matter or the client, or where the matter or client are high risks. Some examples of potentially higher-risk situations are: 📍companies, trusts, partnerships and similar types of legal persons or arrangements that are personal asset-holding vehicles; 📍companies with nominee shareholders; 📍companies with an ownership structure that appears unusual or excessively complex; and 📍clients or transactions associated with high-risk countries (i.e., countries identified by the Financial Action Task Force as having none or insufficient AML/CTF measures; countries subject to UN sanctions and embargoes; countries having significant levels of corruption or other criminal activity; and countries from which funds or support are provided to terrorist organisations). 🌟The source of funds for a proposed transaction may be linked with the way the client’s wealth has been generated (that is, their source of wealth). 🌟Most clients can inform you easily and quickly about how they made their wealth. This may be verified by making contact with the client’s accountant or reviewing income taxation returns. If the client withholds consent to review this information, it may be prudent to reassess the business relationship with the client. In addition, you can also conduct internet searches on the client’s wealth. 🌟Understanding the source of the client’s funds does not equate to simply knowing the client’s account number and payee details. Instead, it entails understanding how the funds have been generated. 📲Get in touch if you want to talk about your AML/CTF requirements. 🔗Link to the guidance: https://lnkd.in/gVGFuuFV