Termination of business relationships

Termination of business relationships

Financial Institutions must operate with the ultimate and overriding objective to countervail money laundering and terrorist financing activities. A risk-based approach is adopted to the implementation of AML/CFT regime. However, in some cases financial institutions...
Dark web and Money laundering

Dark web and Money laundering

While the average person interacts with the internet using the ‘surface Web’, commonly defined to include webpages that are indexed by normal search engines, there is another larger part of the internet which is known as the Dark web. The Dark Web refers to websites...
Gold and Money Laundering

Gold and Money Laundering

When Gold Makes You See Red Gold, one of the oldest and most sought after physical asset, gold did not leave criminals indifferent to its use. Since antiquity, gold has been used as a medium for exchange and payment. Till date, gold remains extremely valuable and is...
AML-CFT & BOARD RESPONSIBILITIES

AML-CFT & BOARD RESPONSIBILITIES

AML-CFT compliance has become the main focus of regulators in recent years.  This is evidenced by the increase in regulatory penalties imposed against financial institutions for failure to implement adequate controls to combat ML-TF risks.  In light of this scrutiny,...