Adverse Media – The Secret to Better KYC/AML Screening
As a current tool utilized by most large financial institutions to support their AML/KYC processes, Adverse Media can play a significant role in realizing operational efficiency and improved risk decision making. The challenge for many organizations is how to deploy this technology not just in a high risk business line, but enterprise wide, without creating a mountain of work for internal teams.
Combating Modern Slavery and Human Trafficking: What Financial Institutions Should Know
The issue of modern slavery continues to be a sensitive topic within the private sector. A lack of experience of dealing with this complex issue means that many companies don’t know how to begin the process of engaging. Listen as Pheobe Ewans from the MeKong Club and Bonnie Liggett from RDC discuss steps financial organizations and corporations can take to further understand these crimes and take action to keep criminals out of their organizations.
Tracking Risks Regarding Marijuana Related Businesses: Seed to Sale Monitoring
With conflicting opinions from state and federal legislation and limited guidance from the Department of Justice and FinCEN, financial institutions are still grappling on how to bank Marijuana Related Businesses (MRB). RDC is committed to providing a comprehensive and timely monitoring service that looks beyond the dispensaries, and aims to cover the growing number of businesses participating in the cannabis industry from “seed to sale”.
AI/Machine Learning – Lighting the Path Forward in Compliance
Traditional tools and technology used in KYC-AML are proving to be inadequate in addressing the growing volume, velocity, and variety of financial crime compliance operations. Banks are inundated with scores of false positives that require armies of compliance analysts to resolve them. Exploding costs and team sizes of compliance operations are becoming difficult to sustain. Advancements in analytics such as artificial intelligence, machine learning, and process automation offer opportunities to improve efficiency and effectiveness of KYC-AML programs, and we are seeing interesting use cases emerge.
Webinar: AML Compliance & The Three Lines of Defense
As global regulators continue to demand more analytically rigorous and technologically based AML Compliance, financial institutions rely on and enhance the "Three Lines of Defense" model for risk management. Understanding regulatory expectations for each line, the information they are responsible for and coordinating the data between silos can be an operational challenge. Listen to Bradly Mirkin, Managing Director, Regulatory Solutions at RDC and former senior US regulator / AMLCO, discuss risk ownership, credible challenge and where AML technology fits into a financial institutions current model.
Webinar: Conducting Internal FCPA Investigations
The importance of conducting effective internal investigations as part of a company’s compliance program cannot be overstated. Yet few companies conduct any investigations at all!
Join RDC and H. David Kotz, author of “Financial Regulation and Compliance: How to Manage Competing and Overlapping Regulatory Oversight” (Wiley 2015) for a 30 minute look the internal processes related to conducting your own investigations.
WEBINAR: How Third Parties May Increase Your FCPA Risk Exposure
Join RDC on this 30 minute webinar to discuss how the use of agents, affiliates and other third parties may increase your FCPA risk exposure as your business expands across geographies. More than ever, companies must screen and monitor potential vendors, agents, partners, and other third parties to detect red flags for bribery, fraud and other crimes. With the Department of Justice now targeting individuals, find out how you may be at risk personally.
Webinar: Enhance Due Diligence with Adverse Media
Financial organizations have been conditioned to worry most about their high risk customers while meeting regulatory requirements. To do so, a higher level of due diligence is required, but processes to accomplish this can be time consuming and labor intensive while only providing a snapshot of your potential risk. Customer data and web information changes often, increasing the potential to miss something, and relying on human research is a labor intensive process.
Webinar: A Risk Based Approach to Politically Exposed Persons (PEPs) – Reviewing the Wolfsberg Group Guidance
The Wolfsberg Group recently updated their guidance on the approach to Politically Exposed Persons (PEPs), and advocate for the application of a Risk Based Approach (RBA) for all PEPs, whether foreign or domestic."Where a RBA is applied, the risk factors associated with PEPs...need to be considered as part of an FIs standard customer risk assessment....these additional factors may include the political environment and the vulnerability of the PEPs country of political exposure to corruption."
Webinar: Panama Papers Beneficial – Ownership & Complying with New Regulations
The Panama Papers have heightened the needs for regulators globally, to bring about greater transparency in the ownership of the firms they incorporate. Financial Crimes Enforcement Network (FinCEN) finalized its proposed ruling, requiring banks and other financial institutions to identify and verify the identity of beneficial owners behind legal entity customers. Financial institutions will have to comply with these new requirements by May 11, 2018.