AML Weekly Insights and Recap | Week 14th - 18th October 2024
Hello everyone!
This edition of the AML Weekly Insights and Recap is sponsored by OMNIO – your all-in-one compliance software.
OMNIO automates key tasks like AML, KYC, and transaction monitoring, using cutting-edge machine learning to identify risks and provide recommendations in real time.
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So we've been keeping a close eye on the Anti-Money Laundering (AML) world, and there's been a lot happening this week!
Read:
Weekly News Feed
My Daily LinkedIn Insights
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The FATF has published a document outlining its procedures for conducting mutual evaluations, follow-up monitoring, and identifying countries with strategic deficiencies in AML/CFT/CPF. The assessment sequence is based on the time since a country's last assessment, its level of ML/TF risks, and the relative size of its economy and financial sector. After their mutual evaluation, countries have three years to take action and address the deficiencies. If they fail to do so, they will face a range of measures, including public identification.
Citigroup's own assessment revealed insufficient training of employees in compliance risk, compliance and data roles. Despite billions being invested in an overhaul, Citi continues to struggle with a shortage of skilled personnel and lack of assessment tools to fulfill its regulatory obligations.
The EU extended sanctions against 25 individuals and 3 entities involved in chemical weapons proliferation for an additional year, until 16 October 2025. These sanctions include asset freezes, travel bans, and restrictions on financial transactions. The goal is to combat the use and spread of chemical weapons and support international efforts to ban them.
In case you missed this week’s LinkedIn posts:
Monday 14th October 2024
Tuesday 15th October 2024
Wednesday 16th October 2024
Thursday 17th October 2024
FREE Webinar alert: I’m excited to announce that I will be participate in the webinar “Why you’re doing remote onboarding wrong” by IDnow. Register here.
Friday 18th October 2024
Offered a compliance position while you’re early in your career? Tips to consider.
That’s all for this week!
Wishing you a great weekend, get some rest, and see you next week!
If you know anyone who may find this publication useful, feel free to share!
Regards
Anna Stylianou
Founder, AML Cube Consulting and Education