What is a PEP? PEP means politically exposed person. This is a person that has been entrusted with a prominent public function. Examples include senior politicians, heads of state, judges, ambassadors, etc. Alongside this, close acquaintances or family members of these individuals may also qualify as being PEPs. Both domestic and foreign officials may be […]
What is reverse money laundering? Reverse money laundering is the opposite of traditional money laundering, which sees criminals distribute illegal gains to make them appear legitimate. (For more information, see Money Laundering.) Reverse money laundering refers to criminals taking legal money out of regular circulation and using the money to fund illegal activities such as […]
What is sanctions screening? Sanctions screening occurs as part of the name and transaction screening process. It enables financial institutions to guard against working with any individual or organization that appears on any global sanctions list. This allows the institution to ensure compliance with international regulations and guards against fines, reputational damage, financial loss or […]
What are sectoral sanctions? Sectoral sanctions are where sanctions apply to countries for instances of war or international violence. For example, many Russian oligarchs and government officials are subject to sanctions despite not necessarily being subject to explicit sanctions – individually named on sanctions lists. It’s also important to note that a sanctioned individual in […]
What is Sensa Copilot? Sensa Copilot is available as part of the SymphonyAI Sensa Investigation Hub case management system and helps resolve financial crime investigations up to 70% faster. Sensa Copilot harnesses the power of generative AI to source, summarize, and analyze data, freeing up investigators to focus on making informed decisions. Interrogating all relevant […]
What is Sensa Investigation Hub? Sensa Investigation Hub allows for financial institutions to centralize financial crime risk and AML across business units for an entity-centric view of risk. It is a single, enterprise-wide solution for all investigative needs, powered by generative AI. Detection-agnostic and configurable to any use case, business unit, or asset class, Sensa […]
What is a Suspicious Activity Report (SAR?) A Suspicious Activity Report (SAR) is an important part of transaction monitoring and anti-money laundering efforts. Financial institutions are duty-bound to report a suspicious transaction by a client when it has been detected. In most countries, this is via the submission of a SAR to the relevant financial […]
What is transaction monitoring in AML? Transaction monitoring is the process of monitoring customer transactions as part of anti-money laundering (AML) regulations because financial institutions must observe client behavior to abide by laws and regulations in the countries in which they operate. Transaction monitoring involves assessing customer information, the value of historic and recent deposits, […]
What is transaction screening? Transaction screening occurs as part of anti-money laundering and counter-financing of terrorism (AML/CFT) procedures. It refers to a financial institution being able to analyze individual transactions before they are approved. If the transaction appears excessively risky or perhaps as a result of illegal behavior, it may be stopped from occurring. Screening […]
Ultimate Beneficial Ownership (UBO) Ultimate Beneficial Ownership is a critical concept in the world of finance, compliance, and corporate governance. This comprehensive guide will explore various aspects of UBO, including its definition, importance, identification methods, and monitoring practices. What is Ultimate Beneficial Ownership? Ultimate Beneficial Ownership refers to the identification of the natural person(s) – […]