As the CKYCR is now fully operational for individual customers, it has been decided to extend the CKYCR to Legal Entities (LEs), regulator IRDAI said in a circular to life and general insurers (including standalone health insurers).
4 FinTech companies transforming the financial space in Ireland ibsintelligence.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ibsintelligence.com Daily Mail and Mail on Sunday newspapers.
Mobile financial services: Strengthen compliance with anti-money laundering, anti-terror financing measures
Importance, risks, and mitigation measures
Major General Sheikh Md Monirul Islam (retd) Major General Sheikh Md Monirul Islam (retd) Major General Sheikh Md Monirul Islam (retd)
The novel coronavirus has accelerated the global trend towards a cashless economy. The growth of e-commerce and the ease of contactless payment options amidst the fear of paper money contamination with the virus have further boosted the scope of digital transaction.
This has facilitated the growth of the Mobile Financial Services (MFS) industry, especially in countries like Bangladesh that have a large pre-existing customer base. It needs to be mentioned that as services of mobile banking are provided through digital devices, MFS is alternatively called Digital Financial Services (DFS) both nationally and globally.
Fenergo to Transform Investor Lifecycle Management for Top Five Global Investment Management Firm
Leading investment management firm with approx. $2 trillion asset under management (AUM) to digitally transform investor, counterparty and intermediary lifecycle management with Fenergo
DUBLIN, LONDON and NEW YORK, Jan. 14, 2021 /PRNewswire/ Fenergo, the leading provider of digital transformation, customer journey and investor lifecycle management solutions has been selected by a top five global investment management firm with $2 trillion AUM. Fenergo will provide best practice workflows for separate account onboarding and alternative client counterparty due diligence and intermediary/distributor oversight for the firm s global offices. In addition, Fenergo will provide Know Your Customer (KYC), Customer Due Diligence (CDD), Anti-Money Laundering (AML) systems and risk scoring services. Fenergo will enable the investment management firm to digitally transform its customers and inter
Highlights
The Anti-Money Laundering Act of 2020 (AMLA 2020) is the most consequential anti-money laundering legislation passed by Congress in decades.
Among its many provisions, AMLA 2020 provides for 1) expanded whistleblower rewards and protections, 2) the establishment of a beneficial ownership registration database that will be implemented by the Financial Crimes Enforcement Network (FinCEN), 3) new Bank Secrecy Act (BSA) violations and enhanced BSA penalties for repeat and egregious violators and 4) expanded subpoena power.
In addition, AMLA 2020 amended the law to mandate that the Secretary of the Treasury shall pay an award to whistleblowers whose information leads to successful enforcement of anti-money laundering laws, but the statute does not provide a reward floor, meaning whistleblowers may walk away with only a nominal award.