We want to hear your views on our proposed recommendations to promote greater alignment and interoperability in the data frameworks that apply to cross-border payments. The recommendations aim to mitigate unintended frictions that can arise from authorities’ differing mandates and approaches without compromising the underlying objectives of data frameworks. These objectives include preserving the security of transactions, meeting AML/CFT and sanctions compliance objectives, and protecting the privacy of individuals. The consultation ends on 9 September. Find out more: https://lnkd.in/eYkfYieD #CrossBorderPayments #Regulation #DataProtection #DataPrivacy #AML #CFT
Financial Stability Board (FSB)’s Post
More Relevant Posts
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🚀 🌐 The Financial Stability Board (FSB) has proposed using the Legal Entity Identifier (LEI) in their latest consultation report! Here’s what they said: “National authorities should support the enhanced use of standardized global identifiers, such as the Legal Entity Identifier (LEI), including by taking steps to emphasize that the use of standardized global identifiers in cross-border payments is best practice.” Key Highlights: Enhances data quality and reduces complexity in cross-border payments. LEI offers significant advantages over the Business Identifier Code (BIC). Verifies the identity of all entities involved in payment chains. It strengthens data standardization and supports straight-through processing (STP), customer due diligence (CDD), and sanctions screening. Additionally, the FATF is reviewing Recommendation 16 to include ISO 20022 messaging standards and the LEI, aiming to improve the consistency and efficiency of AML/CFT controls. This proposal is a significant step towards improving efficiency, transparency, and security in global financial transactions. Let's continue to promote and implement the LEI to achieve these goals! 🌍🔗 📢 Call to Action: The FSB invites comments on this consultative report. Submit your responses via their secure online form by Monday, 9 September 2024. Your feedback is invaluable! https://lnkd.in/eYkfYieD #GLEIF #LEI #FSB #CrossBorderPayments #DataStandardization #FinancialStability #Consultation
We want to hear your views on our proposed recommendations to promote greater alignment and interoperability in the data frameworks that apply to cross-border payments. The recommendations aim to mitigate unintended frictions that can arise from authorities’ differing mandates and approaches without compromising the underlying objectives of data frameworks. These objectives include preserving the security of transactions, meeting AML/CFT and sanctions compliance objectives, and protecting the privacy of individuals. The consultation ends on 9 September. Find out more: https://lnkd.in/eYkfYieD #CrossBorderPayments #Regulation #DataProtection #DataPrivacy #AML #CFT
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Executive Officer at Bank of Ceylon | Banking & Financial Services Expert | Compliance, Accounting & Auditing Specialist | Committed to High-Quality Service & Business Efficiency
🚨💼 As we step into 2024, the importance of adopting AML (Anti-Money Laundering) and CFT (Counter Financing of Terrorism) compliance in financial institutions has never been greater. Ensuring robust measures not only safeguards the integrity of the financial system but also builds trust with clients and partners. Let's commit to a future of transparency and security! 🌐💪 #AML #CFT #Compliance2024 #FinancialSecurity #IntegrityMatters #TrustAndTransparency
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💡Your guide to the World of Privacy | DPO | Privacy and Data Protection Expert | FIP, CIPP/E, CIPT | GDPR DPP, DPT, DPM
📕 Guidelines on data protection for the processing of personal data for anti-money laundering/countering financing of terrorism (AML/CFT) purposes by Council of Europe The purpose of these guidelines is to provide orientation on how to integrate the requirements of Convention 108+ in the area of AML/CFT in order to provide for an appropriate level of data protection while facilitating transborder data flows, and to highlight certain areas in the AML/CFT context where data protection safeguards should be strengthened. These guidelines also aim at providing governments and policy makers with basic recommendations that should be considered when designing policies and regulatory instruments that comply with international data protection and privacy standards as provided by Convention 108+ #dataprotection #aml #amlcft
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Secure Your Sanctions Checking Game. Stay Ahead With Bulletproof AML Protocols. Security and compliance are two sides of the same coin. Find out how SanctionsCheck.co fortifies your AML protocols to withstand the harshest scrutiny. Book a free 15-min consultation now - https://nuel.ink/S8dkEV #InsurTech #InsuranceInnovation #InsurTechSolutions #DigitalInsurance #TechInInsurance #FutureOfInsurance
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Co-Founder @ Agile | Sanctions Check | Insurtech Australia. Creating Niche Insurance Products
Secure Your Sanctions Checking Game. Stay Ahead With Bulletproof AML Protocols. Security and compliance are two sides of the same coin. Find out how SanctionsCheck.co fortifies your AML protocols to withstand the harshest scrutiny. Book a free 15-min consultation now - https://nuel.ink/S8dkEV #InsurTech #InsuranceInnovation #InsurTechSolutions #DigitalInsurance #TechInInsurance #FutureOfInsurance
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Executive Director | Financial Crime Compliance | RegTech | RegData | Operations | Transformation
RZOLUT (rey-zo-lute) provides seamless compliance solutions with our AI-powered PEPs, Sanctions, and Watchlists checks. Stay ahead of AML requirements and protect your business with trusted, efficient screening. Learn more: https://lnkd.in/gMkjKGb4 #AML #KYC #Compliance #RiskManagement #PEPs #Sanctions #Watchlists
Trust RZOLUT (rey-zo-lute) for seamless compliance. Our AI powered PEPs, Sanctions and Watchlists checks deliver the AML protection your business needs to stay secure. Visit our website: https://lnkd.in/gMkjKGb4 #aml #compliance #peps #sanctions
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Co-Founder @ Agile | Sanctions Check | Insurtech Australia. Creating Niche Insurance Products
Secure Your Sanctions Checking Game. Stay Ahead With Bulletproof AML Protocols. Security and compliance are two sides of the same coin. Find out how SanctionsCheck.co fortifies your AML protocols to withstand the harshest scrutiny. Book a free 15-min consultation now - https://nuel.ink/S8dkEV #InsurTech #InsuranceInnovation #InsurTechSolutions #DigitalInsurance #TechInInsurance #FutureOfInsurance
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Helping law firms decrease onboarding time and increasing profitability through Minerva
https://lnkd.in/e4RuGDWD I think it is also important to understand some electronic verification providers offer a higher degree of comfort than others, particularly when multiple data sources are used. This is an important aspect when choosing a provider for your eIDV/AML. With our partner Credas, Minerva offers a compelling solution for AML/ID, utilising over 350 data bases of law enforcement for PEP and sanctions searches.
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Secure Your Sanctions Checking Game. Stay Ahead With Bulletproof AML Protocols. Security and compliance are two sides of the same coin. Find out how SanctionsCheck.co fortifies your AML protocols to withstand the harshest scrutiny. Book a free 15-min consultation now - https://nuel.ink/S8dkEV #InsurTech #InsuranceInnovation #InsurTechSolutions #DigitalInsurance #TechInInsurance #FutureOfInsurance
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Secure Your Sanctions Checking Game. Stay Ahead With Bulletproof AML Protocols. Security and compliance are two sides of the same coin. Find out how SanctionsCheck.co fortifies your AML protocols to withstand the harshest scrutiny. Book a free 15-min consultation now - https://nuel.ink/S8dkEV #InsurTech #InsuranceInnovation #InsurTechSolutions #DigitalInsurance #TechInInsurance #FutureOfInsurance
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