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2 September 2016 - Accuity Insights

US Dollar dominance: Why this matters to your anti-money laundering policy anywhere your bank is located in the world

The US dollar continues to dominate world markets, with 87% of all worldwide foreign exchange[1] transactions involving the US dollar (USD). According to SWIFT[2], more than 80% of trade finance was conducted in USD in 2013. In the same period[3], the Chinese RMB accounted for 8.7% of world trade while the Euro accounted for 6.6%. […]
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10 August 2016 - Accuity Insights

Why financial institutions based in Africa should have robust compliance systems in place

Alfred Pobi, Key Account Manager at Accuity, presented on the challenges facing African banks and the importance of having the right Anti Money Laundering (AML) system in place within those banks during the GIABA Commission (Inter-Governmental Action Group against Money Laundering in West Africa) at Praia, Cape Verde where 17 countries from Africa were represented. […]
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2 August 2016 - Accuity Insights

Worldwide Implications of New York AML Regulations

The New York Department of Financial Services (NYDFS) released new Anti-Money Laundering (AML) requirements effective April 15, 2017. These aim to close gaps in the battle against money laundering through drug trafficking, human trafficking, terrorism, and similar illicit activities. While the NYDFS is tasked with overseeing the regulations of different types of institutions in New […]
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29 July 2016 - Accuity Insights

KYC Industry: The Benefits of Industry Reports

With increasing regulatory pressure to perform greater amounts of due diligence on counterparties, it becomes even more important for KYC, or Know-Your-Customer, professionals to understand and address the day-to-day challenges within the industry. Industry reports are a great way for consumers to educate themselves on such matters. Industry reports offer an array of benefits for […]
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27 July 2016 - Accuity Insights

Will Hong Kong’s crackdown on money laundering harm the economy?

The announcement in June by Hong Kong’s securities regulators related to the spike in breaches of the Anti-Money Laundering (AML) rule is provoking discussions in the regional financial community as to how these crackdowns impact Hong Kong’s future economic growth. As it stands, the IMF recently cut Hong Kong’s economic growth forecast from 2.7% to […]
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21 July 2016 - Accuity Insights

A Growing Threat: Are large global corporations safe from cross border payments fraud and errors?

In February 2016, the Bangladesh bank heist sent a massive wave of anxiety through the world’s commercial banking sector. The industry continues to ponder how this could have happened to the banking network when it is protected by highly sophisticated procedures and systems to manage their complex web of global payments. In March 2015 another […]
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8 July 2016 - Accuity Insights

Migrant smuggling and money laundering: does Europe appreciate the threat?

Pascal Aerens, Head of Innovation at Accuity, discusses the lucrative migrant smuggling business and its links to terrorist financing and money laundering. Originally published on GT News. A recent joint Europol/Interpol report on migrant smuggling networks stated that human trafficking was the second most profitable criminal activity after drug trafficking, with an average turnover of US$4.8bn. In […]
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22 June 2016 - Accuity Insights

Rejuvenating a legacy: can Swift’s Global Payments Innovation Initiative (GPII) keep banks in the correspondent banking game?

FinTech innovators like Earthport, Ripple and Currency Cloud are driving competition in the cross-border payments market and changing customer expectations for international payments. As banks, the traditional players in this market, determine how to handle this threat, SWIFT responded with the Global Payments Innovation Initiative (GPII) in 2015. This project provides a case study of […]
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2 June 2016 - Accuity Insights

The Future of Compliance in Africa: How to satisfy local and regional needs while meeting international standards

The Future of Compliance in Africa was the theme of a roundtable discussion jointly convened by Ernest Honya, President of the Association of Certified Compliance Professionals in Africa (ACCPA), and Hugh Jones, President and CEO of Accuity. 19 people attended from organisations which included commercial banks, GIABA, central banks, FIUs and universities to discuss four […]
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20 May 2016 - Accuity Insights

Henry Balani: The RCBC heist – the need for reform

By Henry Balani, Global Head of Strategic Affairs, Accuity & FircoSoft The Rizal Commercial Banking Corporation (RCBC) case continues to generate worldwide interest, as the issue has highlighted significant gaps in the regulatory coverage and enforcement of potential money laundering instances. Many central banks have accounts at the Federal Reserve to facilitate cross border settlements […]
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