12 September 2016
Via several posts ComplianceWise will guide you through the AML/Transaction Monitoring landscape. We will give a complete view of Transaction Monitoring. This complete view contains insights from background to future, from measures to solutions and from rules to behaviour.
The 1980’s saw an increased focus on anti-money laundering measures largely due to the so-called ‘war on drugs’. At the end of the decade, the G7 countries came together to form the Financial Action Task Force (on Money Laundering) (FATF). Throughout the 1990’s this group began putting pressure on governments worldwide to increase the monitoring of financial transactions, and share information between each other.
Following 9/11, the focus on tracking illegal movement of money was sharpened, with international money laundering laws being upgraded and surveillance on financial transactions continuing to increase.
Following the global financial crisis, the regulatory landscape shifted considerably. The regulators reacted to by bringing in stricter and more wide ranging rules for banks and other financial services institutions. The EU’s 3rd Anti-Money Laundering Directive was introduced in 2007, significantly broadening the scope of those subject to regulation including, for the first time, trust and company service providers.
In the Netherlands The Wet ter voorkoming van witwassen en financieren van terrorisme or Wwft (Anti-Money Laundering and Anti-Terrorist Financing Act) came into force in order to implement the directive.
The EU has now released the 4th anti-money laundering directive, due to be brought into force July 2017. This includes, among other changes, refinement of the rules on customer due diligence, further emphasis on risk assessment at local and EU level and more focus on transparency of beneficial ownership, all of which brings in a requirement for ongoing transaction and KYC monitoring.
In preparation for implementation comes more specific action by local regulatory bodies. For instance, in the Netherlands the DNB has kicked off a thematic investigation into transaction monitoring, with findings due at the end of the year. The organisations included in this investigation include banks, payment and money transfer institutions and trust offices.
ComplianceWise thinks compliancy should be easy. We’ve teamed up with bank messaging provider SWIFT to create a transaction monitoring solution, a transaction monitoring system which takes the pain out of AML compliance, and turns data into valuable insights.
Do you have any questions, or would you like to know more? Call Jeroen Cremer:
+31 6 20 11 79 08
Our goal is to make compliancy as easy as possible.
With ComplianceWise you become easily compliant, effective in control, and excellent in strategic management. We help you to control risk, save money, and improve performance by using our IT application; ComplianceWise360˚.
KYC | CDD | AIFMD | FATCA | AML / Transaction Monitoring | Payments