PEPs have to be identified and screened in financial institutions because of the risks they have. The process of identifying PEPs and determining their risks is generally referred to as PEP Screening.
This article on The Debate Between ECB and EBA on Anti Money Laundering Regulation was written by Gürcan Avcı, the Regulatory Intelligence Advisor of Sanction Scanner.
By complying with their money laundering obligations, organizations can both protect themselves from AML penalties and protect their reputation. With Sanction Scanner, it's easy to fulfill AML obligations!
FATF standards are applied in more than 200 countries and jurisdictions. FATF has FATF Recommendations published globally to anti-money laundering and terrorism financing. Countries that are FATF members must comply with these recommendations
It would be a mistake to think of money laundering as a criminal offense alone because when we look at it, money laundering is actually associated with many crimes. Examples of these crimes are highly related to smuggling, human trafficking, corruption, cybercrime, bribery, green crime, and illegal wildlife trade.
With the advancement of technology and more detailed work by regulators to prevent money laundering, money laundering trends have changed and developed in 2020. In particular, the scope of AML regulations of global or local regulators has expanded, and many new regulations have come.
Anti-money laundering (AML) regulations, audits and penalties continue to rise in 2020. When we look at the total AML fines in recent years, we observe an increase in the total penalty amount.