Integrity Means Business

Integrity Means Business

For i-KYC this is not an empty slogan. For us as a company of course all the work that we do is about integrity; the courses we provide, the implementation work we do and the advisory projects we’re involved in all revolve around business integrity, mostly in the field of financial and economic crime.

FEC exists because it still pays to launder money and there will likely always be terrorists looking for funds, how sad that may be. For banks, other financial institutions and more and more related service providers it’s a necessity to ‘get it right in the field of AML/CFT’. That means that not only that rules and regulations need to be translated into policies and procedures, it also means that staff need to be trained, that knowledge, skills and awareness need to be built and that procedures are implemented and controlled.

Integrity means business because no organization wants to implement all this and bring the business to a grinding halt. Effectiveness and control do not have to stand in the way of a customer service oriented institution and an efficient operation. If you want to find out more about how we do this, find more information on our website www.i-kyc.com or contact us at info@i-kyc.com . 

Trade Based Money Laundering – it’s a craft to fight it

Hong Kong is only one country where regulators are focusing more and more on TBML as can be read in this article http://www.gtreview.com/news/asia/hk-banks-warned-over-trade-based-money-laundering/ . TBML is less transparent and harder to detect than more traditional types of money laundering. As the article mentions “there is no rigid set of rules governing TBML, instead banks must take a risk-based approach”. That means that bank staff – governed by policies – need to take risk based decisions. It means staff have to build up knowledge and skills, not only understanding global trade flows and markets, but most of all building a deep understanding of the clients of the bank. As Sean Norris from Accuity is quoted “technology providers can help with a handful (… of the 40 potential red flags…) .. but the rest comes down to building a team that is knowledgeable and experienced in trade itself, rather than compliance.”

And that’s exactly what we at i-KYC help many clients with in our TBML training. Building teams and building knowledge and expertise on trade and money laundering.

We’re happy to share our experience – contact us at info@i-kyc.com.