🌟 Kickstart Your Career in Financial Crime Prevention! 🌟 Interested in gaining practical knowledge for key financial crime roles? Check out the FinCrime Career Accelerator course, designed specifically for those early in their careers who are eager to make a significant impact in the industry. 🔗 Explore the course here: bit.ly/FinCrimeTraining Drawing on my 20 years of experience, this course will equip you with the practical skills needed to excel. Ready to move your career forward? Click the link to learn more, and feel free to contact me directly if you have any questions.
Hi thanks for the video your videos really helpful I would add some more that are very simple and could be helpful for small MSB’s 1- Newly onboarded customer dealing with High Amount transactions 2- Employees Thresholds 3- Individual customer dealing with multiple currencies while exchanging FC’s 4- One customer to multiple Beneficiaries 5- Customer sending through multiple branches
Thank you for your input and for enhancing my list of AML TM rules 👍🏻 There is also another video on my channel talking about this topic with 10 additional AML rules, this is the link to it: ruclips.net/video/jxO_h2AxAR4/видео.html I hope you find it interesting! Thanks for watching 🙂
Hi Ali, that’s a very specific question that I’m afraid I can’t answer. For you to decide which is the most effective list of rules you would probably want to keep in mind at least: the firm’s business model, geographic presence, regulatory jurisdictions and probably also the results from the latest risk assessment.
Thanks for your feedback 👍🏻 If you have not watched it already here is the link to the first version with top 10 AML detections ruclips.net/video/jxO_h2AxAR4/видео.htmlsi=RTDxvQRf7J-71Dv9 I hope you find them useful 🙂
Hi Jamal, thanks for your comment here 👍🏻 I wont' be able to expand in great details here on card rules but I can suggest you to keep in mind at least those risk aspects when establishing your card related rules: - The risk of "pass-through companies", this is often done by inserting a link for payment on the illegal company’s website allowing illegal sales into their official payment system. - Possibility for shell companies to be used as for criminal activities. This is of course applicable also to online merchants. - Exposure to Funnel accounts There will be many variable making card rules more or less applicable so of course an in-depth business analysis will be required to have effective rules in place. However, I hope this helps you move some first steps in the right direction. Thanks for watching my videos 🤓
glad to read that! Only a couple of days left and on Monday the new video will be published. This week we are going to talk about TBML - I hope you'll find it interesting 🙂 Thanks for your ongoing support 👍🏻
Hi Veronica, Your question brings up a crucial aspect of financial crime prevention in industries like online gaming. Indeed, knowing your customer's source of funds is a key part of Anti-Money Laundering (AML) efforts. In the case of a sports betting company using payment gateways and PayPal, it's important to remember that these providers also have to comply with AML regulations. Therefore, they should be doing their own due diligence when it comes to verifying the source of funds. I'm not sure about your role so ... if you work for a financial institution and the betting company is your client, you could investigate with your client how they are complying with AML and reg-compliance requirements. However, if you are working directly for the betting company, you have your own obligations such as: Customer Due Diligence (CDD): Perform CDD when you onboard customers. Understand your customer's profile, occupation, estimated wealth and betting patterns. Enhanced Due Diligence (EDD): For high-risk customers or situations, it's advisable to perform EDD. This could involve asking for proof of the source of funds, like a bank statement or payslip. Ongoing Monitoring: Regularly review betting activities. Unusual betting patterns, such as betting large sums on long odds or a sudden increase in bet size, could be signs of money laundering. Cooperation with Payment Providers: Collaborate with your payment providers. They might be able to provide some information on the source of funds, within the confines of data privacy laws. Automated Solutions: Consider investing in AI or machine learning solutions that can help monitor and analyze large volumes of transactions for suspicious activities more efficiently. Remember, every jurisdiction may have different rules about what's required, so always consult with a legal expert or AML professional in your area. I hope this helps, and don't hesitate to comment if you have more questions! Thanks for watching my videos. Best, Marco
@@FinCrimeAgent You are so so so wonderful and a real inspiration to me and many people !.. you break this down so perfectly! I also wanted to be more confident in what I was doing, thank you so very much for your feedback and all the advice! I am a Fraud and Risk Analyst ..for sports betting.
Hi Veronica, Thank you so much for your generous words. I'm thrilled to hear that my content is making a difference to you and others in the field 🙂 As a Fraud and Risk Analyst in sports betting, you're positioned in a crucial role in today's digital economy. In my view, the learning journey in AML and financial crime compliance is a continuous one, given the ever-evolving nature of regulations and financial crime techniques. So, continue being curious and proactive in your learning 👍🏻 If you have more questions or need further clarification on any topic, don't hesitate to reach out. Interactions and feedback like yours make this community enriching, so thanks again for engaging and commenting through my videos! Marco
@@FinCrimeAgent you are very welcome and thank you again! :) I also follow you on Linkedin. I love to learn and shared my acknowledgment as you do and encourage others to never stop learning. Thank you so much for everything you do!. 🙂
Once again thank you for such an informative and interesting video. I have a question maybe you can answer as my tutor could not :D So this is a case scenario. Person XY wants to open a bank account at Z Bank. Obviously Z bank did the due diligence that needs to be done and found out that person XY was charged in court with fraud and swindling but was not found guilty due to not being given the rights upon the arrest by the police officials that arrested XY. What will happen then? Will the bank open an account and place his account under constant monitoring or will the bank refuse to open a bank account after all? If yes what will be the basis of declining this client? He was after all not found guilty in court but was not found guilty because of negligence by the police not because he did not do the crime. Will the bank take upon itself this responsibility? I would like to thank you in advance and if someone else would like to comment and express their views on this argument, you are more than welcome. Kind regards.
Hi and thanks for commenting on the video 👍🏻 The use case you brought up is indeed an interesting one but I don’t think the question posed is an easy one to answer. I would assume that the decision to onboard XY can be pushed back into the risk appetite of the bank. If they onboard the customer they can surely keep close monitoring of XY activities and treat the account as high risk; if they instead refuse the onboarding is more tricky as I am not too sure how this decision can be justified. Perhaps we can get a better perspective from viewers working for Financial Crime Compliance Legal teams?
@@FinCrimeAgent I will be looking closely at this case scenario and hope to get a definate answer from one of my connections on Linkedin. Your answer makes sense and I appreciate your time and effort to respond. Keep up your amazing work! Regards.
🌟 Kickstart Your Career in Financial Crime Prevention! 🌟
Interested in gaining practical knowledge for key financial crime roles? Check out the FinCrime Career Accelerator course, designed specifically for those early in their careers who are eager to make a significant impact in the industry.
🔗 Explore the course here: bit.ly/FinCrimeTraining
Drawing on my 20 years of experience, this course will equip you with the practical skills needed to excel. Ready to move your career forward? Click the link to learn more, and feel free to contact me directly if you have any questions.
Hi thanks for the video your videos really helpful I would add some more that are very simple and could be helpful for small MSB’s
1- Newly onboarded customer dealing with High Amount transactions
2- Employees Thresholds
3- Individual customer dealing with multiple currencies while exchanging FC’s
4- One customer to multiple Beneficiaries
5- Customer sending through multiple branches
Thank you for your input and for enhancing my list of AML TM rules 👍🏻
There is also another video on my channel talking about this topic with 10 additional AML rules, this is the link to it: ruclips.net/video/jxO_h2AxAR4/видео.html I hope you find it interesting!
Thanks for watching 🙂
That's a very informative video. Thank you for posting!
Hi Rashidul, I’m glad that you are finding useful my videos 👍🏻 Thank you for watching
When are you posting again 🎉❤
Next video is out at 14:00 GMT today 👍🏻🙂
For remittance business what and how much rules are mandatory
Hi Ali, that’s a very specific question that I’m afraid I can’t answer. For you to decide which is the most effective list of rules you would probably want to keep in mind at least:
the firm’s business model,
geographic presence,
regulatory jurisdictions
and probably also the results from the latest risk assessment.
Great 👍
Thanks for your feedback 👍🏻 If you have not watched it already here is the link to the first version with top 10 AML detections
ruclips.net/video/jxO_h2AxAR4/видео.htmlsi=RTDxvQRf7J-71Dv9
I hope you find them useful 🙂
Thank you, informativ as usual, which rules could be applied for card transactions from acquirer perspective
Hi Jamal, thanks for your comment here 👍🏻
I wont' be able to expand in great details here on card rules but I can suggest you to keep in mind at least those risk aspects when establishing your card related rules:
- The risk of "pass-through companies", this is often done by inserting a link for payment on the illegal company’s website allowing illegal sales into their official payment system.
- Possibility for shell companies to be used as for criminal activities. This is of course applicable also to online merchants.
- Exposure to Funnel accounts
There will be many variable making card rules more or less applicable so of course an in-depth business analysis will be required to have effective rules in place. However, I hope this helps you move some first steps in the right direction.
Thanks for watching my videos 🤓
@@FinCrimeAgent Thank you, keep doing what you are doing 🙏🏽
Thank you 🙏🏻🙂
Waiting for your new video ❤
glad to read that! Only a couple of days left and on Monday the new video will be published. This week we are going to talk about TBML - I hope you'll find it interesting 🙂 Thanks for your ongoing support 👍🏻
I hope this will be redone as I'm having a hard time following because of the accent ;). But thanks for the videos tho! @@FinCrimeAgent
Hi, can you recommend how we can detect the source of funds for a Sports Betting company that used Payment gateway and PayPal to fund these accounts?
Hi Veronica,
Your question brings up a crucial aspect of financial crime prevention in industries like online gaming. Indeed, knowing your customer's source of funds is a key part of Anti-Money Laundering (AML) efforts.
In the case of a sports betting company using payment gateways and PayPal, it's important to remember that these providers also have to comply with AML regulations. Therefore, they should be doing their own due diligence when it comes to verifying the source of funds.
I'm not sure about your role so ... if you work for a financial institution and the betting company is your client, you could investigate with your client how they are complying with AML and reg-compliance requirements.
However, if you are working directly for the betting company, you have your own obligations such as:
Customer Due Diligence (CDD): Perform CDD when you onboard customers. Understand your customer's profile, occupation, estimated wealth and betting patterns.
Enhanced Due Diligence (EDD): For high-risk customers or situations, it's advisable to perform EDD. This could involve asking for proof of the source of funds, like a bank statement or payslip.
Ongoing Monitoring: Regularly review betting activities. Unusual betting patterns, such as betting large sums on long odds or a sudden increase in bet size, could be signs of money laundering.
Cooperation with Payment Providers: Collaborate with your payment providers. They might be able to provide some information on the source of funds, within the confines of data privacy laws.
Automated Solutions: Consider investing in AI or machine learning solutions that can help monitor and analyze large volumes of transactions for suspicious activities more efficiently.
Remember, every jurisdiction may have different rules about what's required, so always consult with a legal expert or AML professional in your area.
I hope this helps, and don't hesitate to comment if you have more questions! Thanks for watching my videos.
Best, Marco
@@FinCrimeAgent You are so so so wonderful and a real inspiration to me and many people !.. you break this down so perfectly! I also wanted to be more confident in what I was doing, thank you so very much for your feedback and all the advice! I am a Fraud and Risk Analyst ..for sports betting.
Hi Veronica,
Thank you so much for your generous words. I'm thrilled to hear that my content is making a difference to you and others in the field 🙂
As a Fraud and Risk Analyst in sports betting, you're positioned in a crucial role in today's digital economy.
In my view, the learning journey in AML and financial crime compliance is a continuous one, given the ever-evolving nature of regulations and financial crime techniques. So, continue being curious and proactive in your learning 👍🏻
If you have more questions or need further clarification on any topic, don't hesitate to reach out. Interactions and feedback like yours make this community enriching, so thanks again for engaging and commenting through my videos!
Marco
@@FinCrimeAgent you are very welcome and thank you again! :) I also follow you on Linkedin. I love to learn and shared my acknowledgment as you do and encourage others to never stop learning. Thank you so much for everything you do!. 🙂
Once again thank you for such an informative and interesting video. I have a question maybe you can answer as my tutor could not :D So this is a case scenario. Person XY wants to open a bank account at Z Bank. Obviously Z bank did the due diligence that needs to be done and found out that person XY was charged in court with fraud and swindling but was not found guilty due to not being given the rights upon the arrest by the police officials that arrested XY. What will happen then? Will the bank open an account and place his account under constant monitoring or will the bank refuse to open a bank account after all? If yes what will be the basis of declining this client? He was after all not found guilty in court but was not found guilty because of negligence by the police not because he did not do the crime. Will the bank take upon itself this responsibility?
I would like to thank you in advance and if someone else would like to comment and express their views on this argument, you are more than welcome.
Kind regards.
Hi and thanks for commenting on the video 👍🏻
The use case you brought up is indeed an interesting one but I don’t think the question posed is an easy one to answer.
I would assume that the decision to onboard XY can be pushed back into the risk appetite of the bank. If they onboard the customer they can surely keep close monitoring of XY activities and treat the account as high risk; if they instead refuse the onboarding is more tricky as I am not too sure how this decision can be justified.
Perhaps we can get a better perspective from viewers working for Financial Crime Compliance Legal teams?
@@FinCrimeAgent I will be looking closely at this case scenario and hope to get a definate answer from one of my connections on Linkedin. Your answer makes sense and I appreciate your time and effort to respond.
Keep up your amazing work!
Regards.
Thank you 👍🏻 If you manage to get to very bottom of this with a definite answer on your example would be nice if you could please share it here 🤓