August 2018 Newsletter – Correspondent Banking

Correspondent banking is the provision of banking services by one bank (the “correspondent bank”) to another bank (the “respondent bank”). Large international banks typically act as correspondents for thousands of other banks around the world.

Read More

July 2018 Newsletter – National Risk Assessment

A National Risk Assessment (NRA) is a comprehensive assessment of money laundering and terrorist financing risks (ML/TF) in a country. An NRA report highlights good governance practices in establishing NRAs and how the results are used to inform public policy and makes concrete recommendations where improvements could still be made.

Read More

June 2018 Newsletter – Common Reporting Standard

The Common Reporting Standard (CRS) was developed by the Organization for Economic Cooperation and Development (OECD) as the global standard for the automatic exchange of financial information for tax purposes.

Read More

May 2018 Newsletter – FATF Guidance on Virtual Currencies

In recent times, virtual currencies such as Bitcoin, have developed into a payment method with ever growing global acceptance. They offer an innovative, cheap and flexible method of payment.

Read More

April 2018 Newsletter – Ongoing Monitoring

Ongoing Monitoring is a vital part of the AML/CFT Compliance Program, and is one of the areas that is assessed during an onsite examination. Examiners seek to ensure that regulated entities have adequate procedures in place for effective ongoing monitoring at periodic intervals. This Month’s Newsletter outlines the statutory provisions for ongoing monitoring based on the requirements of the Anti-Money Laundering Regulations (AMLR), 2011 and the Financial Services (Implementation of Industry Standards) Regulations (FSIISR), 2011.

Read More