15 years: Risk & compliance
Regulated institutions have a broad responsibility to comply with all applicable anti-money laundering (AML) and anti terrorist financing legislation. In this video, Iain discusses the areas AML regulation addresses in order to identify criminal activity.
Regulated institutions have a broad responsibility to comply with all applicable anti-money laundering (AML) and anti terrorist financing legislation. In this video, Iain discusses the areas AML regulation addresses in order to identify criminal activity.
13 mins 48 secs
In order to accurately evaluate the size of risk a bank faces, or wishes to undertake, they use risk indicators such as: sources of wealth and legal entity type to identify suspicious or illegal activity. From this, regulators can develop a risk-based approach to handling the case.
Key learning objectives:
Explain why banks are fined
Describe the key identity and qualitative checks
Identify all the risk indicators, and the crucial things regulators look for in each of them