What is Vendor Due Diligence (VDD)?
Vendor Due Diligence (VDD) is an essential process in today’s business landscape, especially as companies increasingly rely on third-party vendors for critical operations. VDD is a thorough and proactive assessment conducted by a company to evaluate a vendor’s reliability, financial health, compliance with regulations, and overall suitability before entering into or continuing a business relationship. […]
Why compliance workflows matter for your business
In today’s highly regulated business environment, maintaining compliance is not just a requirement—it’s a necessity. Compliance workflows are structured processes that help ensure your organisation adheres to legal and regulatory standards. These workflows streamline how you manage risks, adhere to regulations, and maintain internal controls. Here’s why they matter and how they can make a […]
Why we need Enhanced Anti-Money Laundering Regulations now more than ever
In today’s global financial landscape, anti-money laundering (AML) regulations are more crucial than ever. Criminals are finding increasingly sophisticated ways to disguise illicit funds, putting global economies, financial institutions, and everyday citizens at risk. Traditional AML methods are often outpaced by these tactics, highlighting the need for stronger, more adaptable, and technologically advanced AML regulations. […]
What is wire fraud?
Wire fraud is one of the most common forms of financial crime today, leveraging technology to deceive individuals and businesses out of money. As businesses increasingly rely on digital communication and online transactions, the risk of wire fraud has risen significantly, making it crucial for everyone—from everyday consumers to large corporations—to understand what it is […]
What is the U.S. Securities and Exchange Commission (SEC)?
The U.S. Securities and Exchange Commission (SEC) is a cornerstone of the American financial regulatory landscape, playing a crucial role in maintaining the integrity of the financial markets. Established in the wake of the Great Depression, the SEC’s mission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.\ Origins of […]
What is Wolfsberg Group?
Wolfsberg Group is one of the most influential organisations in shaping global financial crime prevention and Anti-Money Laundering (AML) standards. Formed in 2000, the group is a collective of 12 leading global banks, united in their commitment to developing frameworks and best practices to combat money laundering, terrorist financing, and other forms of financial crime. […]
What stage of money laundering is difficult to detect?
Money laundering is a sophisticated process used by criminals to disguise the origins of illegally obtained funds, making them appear legitimate. This process typically occurs in three stages: placement, layering, and integration. Each stage poses its own challenges for detection, but the layering stage is particularly difficult to detect. This article explores why the layering […]
Why AML compliance is so important
Anti-Money Laundering (AML) compliance is a critical aspect of the financial industry, aimed at preventing illegal activities such as money laundering, terrorist financing, and other financial crimes. While it may seem like a burdensome regulatory requirement, AML compliance is essential for maintaining the integrity and stability of the global financial system. This article explores the […]
Why is Customer Due Diligence (CDD) important?
Customer Due Diligence (CDD) is a critical component of any organisation’s risk management and compliance framework. It involves verifying the identity of customers and assessing the potential risks they pose in terms of money laundering, terrorist financing, and other financial crimes. In today’s complex and rapidly evolving financial landscape, CDD is more important than ever. […]
