A real challenge
We do understand that financial institutions are not the only ones that can be exposed to significant risks of money laundering and terrorist financing (hereafter referred to as “ML/TF”). As the risk controls grow, the abusers of the world market do not stop looking for alternative ML/TF methods and continue to establish and expand their illicit networks among Non-Bank Financial Institutions (hereafter referred to as “NBFI”).Be ready to pay the price
Below we provide some examples of penalty impositions and analyze the reasons for such disciplinary measures against NBFIs.What were the causes?
So let's dive into those failings deeper to clearly understand what was behind the regulators’ enforcement actions.Key takeaways
Thus, adopting best practices from banks’ AML/CFT risk framework to strengthen the AML/CFT programs for NBFIs should be the matter of highest importance. NBFIs have to