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🎉 NEW ON MONEYLIVE TV 🎉 “Scamageddon”: fighting financial crime with DNB In this interview Sebastian Takle (Acting SVP Head of Sanctions & Fraud Prevention, DNB) shares his insights on how banks can fight back fraudsters and protect their customers 👀 Watch the interview now >> https://shorturl.at/rv97A #banking #payments #banks #bankers #bankinginsights #paymentsinsights #bankinginterview #paymentsinterview #digitaleuro #digitalcurrency

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Former Swedbank CEO Bonnesen sentenced to prison in money laundering case A Swedish appeals court found former Swedbank CEO Birgitte Bonnesen guilty of gross fraud for misleading statements regarding anti-money laundering efforts in Estonia during her tenure. She was sentenced to 15 months in prison. The conviction stemmed from two 2018 media interviews where Bonnesen allegedly downplayed the severity of money-laundering issues in Swedbank's Estonian branch. Although she was acquitted of six other charges, this ruling partially overturned a 2023 district court verdict that had cleared her of all charges. Bonnesen plans to appeal the decision. The fear of getting caught may discourage fraud, but it’s not enough on its own. Preventing fraud effectively requires a well-structured system of checks and balances, along with immediate and serious penalties for offenders. Without meaningful consequences, fraud can be seen as a calculated risk worth taking. The question of whether a 15-month prison sentence is enough to deter future fraud remains open to debate. While it sends a clear message, its impact as a deterrent may depend on factors such as the severity of the crime, how the sentence is perceived by the public, and the unique circumstances of the case. It's also important to consider how the sentence influences the financial industry and public confidence in institutions. This case signifies the importance of transparency and accountability for bank executives in preventing money laundering. #compliance #financialcrime #AML #Swedbank #fraud https://lnkd.in/eu35yBPm

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🚨 Nordea signs Consent Order and agrees to $35 million fine for AML breaches 🚨 Once again, non-compliance with anti-money laundering (AML) obligations has major consequences for a financial institution. The Consent Order highlights a series of critical failures, such as: - Insufficient due diligence in the client review process; - Failure to meet Know Your Customer (KYC) obligations; - Ignoring "red flags" identified during the due diligence process; - Failure to respond to transaction monitoring alerts. This case is a clear reminder of the importance of effective compliance and automation tools to ensure that all regulatory obligations are met accurately and efficiently. At Muinmos, we are committed to helping financial institutions avoid penalties like this through automated solutions that ensure full and continuous compliance with KYC, AML, and other global regulations. #AML #KYC #Compliance #FinTech #Muinmos #RegTech #Nordea #DueDiligence

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Did you know €230 billion in suspicious funds were laundered through Danske Bank? This massive scandal resulted in significant financial losses, reputational damage for the bank, and intense regulatory scrutiny. This case highlights the critical need for stricter AML practices and global cooperation to combat financial crime. Financial institutions must be vigilant in detecting and preventing money laundering activities. The KYB's perpetual KYB helps institutions continuously monitor all activities and identify potential red flags associated with money laundering, ultimately safeguarding the financial system. #AML #FinancialCrime #TheKYB

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A mistake that many businesses make with AML processes is improper use of watch lists when screening their clients. Blue Arrow not only provides and extensive lists of global and local lists for our customers, but our automated compliance solutions also ensure that you don't make the following errors: ☑ Using outdated sanctions lists – Failing to update lists regularly. ☑ Incomplete coverage – Screening only against local lists and ignoring global databases. ☑ Ignoring variations in names – Missing matches due to spelling differences or aliases. ☑ Poor system integration – Manual processes prone to errors. ☑ No enhanced due diligence – Failing to investigate high-risk entities further. ☑ Inadequate staff training – Employees unaware of compliance obligations. ☑ Failing to screen third parties – Ignoring suppliers, partners, or customers. Sanctions lists need to be used properly with rigorous oversight to ensure no red flag remains undetected. If you do not make use of appropriate lists or have suitable resources in place to use the lists properly, get in touch with us today. Don't let a missed match lead to penalties.

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🤝 We are excited to collaborate with emagine Consulting to empower clients with valuable insights into a maturity of their Compliance and KYC/AML organizations. 🗣️ Join two of our consultants Peter Engering and James Schlegel, CAMS along with emagine in a webinar to gain a comprehensive overview of what to expect during a regulator's onsite visit, including data requests and the depth of the investigation. More information can be found below. See you then!

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𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗶𝗻𝗴 𝗔𝗠𝗟 𝘄𝗶𝘁𝗵 𝗔𝗜: 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗮𝗻𝗱 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀 🤖 🔍 According to the recent AML Megaminds Report by Strise, compiling insights of more than 80 financial crime experts, a staggering 70% highlight that current anti-money laundering measures are inadequate. Outdated systems and fragmented data are considered to be the primary barriers facing effective AML strategies. However, there's a sense of optimism among the same proportion of experts regarding the potential of AI to revolutionize AML efforts. AI can automate mundane tasks, improve screening processes, and enable investigators to focus on more strategic, value-adding activities. Responding to similar challenges, Danske Bank has taken significant steps as part of its #Forward'28 strategy to increase its digital and AI capabilities. With cutting-edge tools like DanskeGPT, Microsoft 365 Copilot, and GitHub Copilot, Danske Bank is not just streamlining everyday tasks but also empowering its software developers to write and test code with increased efficiency. Beyond improving operational efficiency, generative AI tools also help in identifying new competencies needed within the Bank, uncovering new approaches to workforce development and technology adaptation. As AI reshapes AML landscapes globally, financial institutions are embracing these technologies to enhance compliance and operational efficiency. The insights from Strise’s AML Megaminds Report underscore the necessity for a paradigm shift in the way we approach AML efforts. This will involve not only modernizing outdated systems but also addressing the complexities of sanctions, cybersecurity threats, and the evolving financial crime landscape, all accelerated by advanced technologies. ⬇️ For the full Megaminds report, check out the link below ⬇️ https://lnkd.in/dtcAm4Bb ⬇️More about Danske Bank’s Investments in AI  ⬇️ https://lnkd.in/dGmUuA84

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Try before you buy doesn’t come around too often. But we want to show you just how incredible our LT AI Digital Worker Evelyn is now, so that’s what we’re offering. Start using AI agents for AML Compliance before committing to a formal agreement. Test it out and see how it helps before committing to a subscription. Avoid temp labor and augment your staff: https://bit.ly/3AuyTsj #aiagents #digitalworkers #futureofwork #automation #intelligentautomation #artificialintelligence #fintech #aml

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📉 Landmark Decision: Former Swedbank CEO Sentenced to Prison 🏛️ The recent sentencing of Birgitte Bonnesen, former CEO of Swedbank, to 15 months in prison is a landmark development in AML enforcement. 🏛️ This case sets a powerful precedent for holding top executives accountable for misleading statements about anti-money laundering practices. Bonnesen’s conviction underscores a shift towards stricter personal liability for executives, marking a departure from the usual financial sanctions imposed on banks. ⚖️ Historically, criminal accountability for CEOs in AML violations was rare, with penalties often limited to fines and regulatory actions. 💸 Bonnesen’s imprisonment signals a stronger stance by authorities on executive responsibility, particularly when misleading information leads to significant financial damage to shareholders. 📉 This case highlights a growing trend towards greater personal accountability and emphasizes the critical need for transparency and accuracy in AML communications. 🕵️‍♂️ It sends a clear message: severe compliance failures can result in legal consequences that go beyond financial penalties to impact institutional leaders personally. 🚨 However, this raises a significant question: should the enforcement of AML rules and the accountability of responsible individuals be primarily driven by financial damage to powerful shareholders? Or should the focus be on protecting the financial system and combating money laundering, irrespective of the wealth of those affected? 🤔 For more details, read the full article here: https://lnkd.in/dfHUnmNz #AML #Compliance #ExecutiveAccountability #FinancialRegulation #CorporateGovernance #Transparency #Ethics #FinancialIntegrity #RegulatoryCompliance

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SAFE & TRUSTED WEEK 2024: SERVICES ACROSS NORDEA THAT PREVENT FINANCIAL CRIME AND KEEP OUR CUSTOMERS SAFE This week is 'Safe and Trusted Week 2024' at Nordea with the overall theme of 'Keeping our customers safe'. The aim of the week is to raise awareness and knowledge internally about all the work Nordea does and the role we all play in building the trust of our customers and keeping them safe, thereby also contributing to great customer experiences. There will also be a deep-dive into fraud and financial crime, as well as vulnerable customers. As part of Nordea and as the third line of defence, Group Internal Audit (GIA), is also participating in this week. GIA, as the audit function, plays an important role in Nordea’s efforts to prevent financial crime and thereby keep our customers safe. As part of Safe & Trusted Week 2024, Remigiusz Bruski, Chief Internal Auditor for GIA Technology, Security & Change, will be joining an online and onsite panel in Warsaw. The panel will talk about how Nordea's focus, products and services reflect our commitment to improve our defence against financial crime and to educate our customers. Remi Bruski will talk about GIA's role in this. Read more in today’s article on GIA Intra and join the panel discussion today. We look forward to the panel with Remi! #SafeAndTrusted #SafeAndTrustedWeek2024 #TrustedPartner #FinancialCrimePrevention #Internalaudit #GIA #Nordea

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Why is recertification required? Financial crime moves fast. ACAMS recertification keeps professionals at the forefront, armed with knowledge and skills to meet compliance challenges head on. Not recertifying in time means you could lose your credentials and have to re-take the exam, and your name will disappear from our graduate list. Find out if it’s time for you to recertify: https://bit.ly/4i4wRjA

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Did you know? 💬 Just like POPI, the journey to understanding UBO is complex and ongoing. With the government focusing on UBO as a key angle to combat money laundering, the pressure to comply is increasing. Are you on board, or will you scramble to catch up? #contactable #UBO #compliancejourney #businessregulation

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The Spotlight on Effectiveness EMEA AML Survey 2024, indicates that the financial sector in the EMEA region is highly dedicated to effective AML, aligning with increased regulatory expectations. This alignment suggests a promising collaboration between public and private sectors in combating financial crime. The increasing harmonisation and rigour of AML standards, emphasising effectiveness over box-checking, are expected to enhance sector capabilities and provide a robust defence against transnational financial crime. Crucially, the survey found that financial institutions in the Middle East and Africa are eager to modernise their AML infrastructure, whereas those in the UK & Ireland, DACH and Benelux regions are hesitant due to the challenge and expense of replacing mature legacy systems and thus posing the risk of lagging behind. Additionally, clarifying accountability for processes managed by advanced technologies and addressing the ongoing shortage of qualified employees remain significant issues. Related link: EMEA AML Survey 2024 Spotlight on Effectiveness - https://lnkd.in/eN5C99qD Kashnie Naidoo Charlotte Gamede

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Many businesses check off AML compliance boxes but often skip a crucial step: name checking against global watchlists. Missing this could mean unknowingly dealing with sanctioned parties or bad actors. Protect your business with digital tools that make name screening simple, quick, and affordable. Read our latest article to learn more 🔍✅ #AMLCompliance #NameCheck https://lnkd.in/gAgRXzAw

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🚨 Breaking News: Insights from the Historic Cyber Stress Test 🚨 The Danish Financial Supervisory Authority (DFSA) Finanstilsynet has set a new standard in cybersecurity with its groundbreaking cyber stress test, the first of its kind in the EU. Here are the key learnings from this critical exercise: 🔍 1. Recovery Time Can Be Long The test revealed that businesses are not always in control of how long recovery takes, especially when relying on third-party providers. This highlights the need for: ▪ Identifying dependencies in advance. ▪Analyzing potential downtime scenarios. ▪Ensuring contingency plans are calibrated for expected downtimes. 🔍 2. Preparation is Crucial The prolonged IT disruption underscored the importance of having well-matched business continuity plans that address different types of failures. Key takeaways include: ▪Ensuring plans cover scenarios where IT systems or critical data are compromised. ▪Regular testing and updating of these plans. ▪Identifying critical functions and ensuring they can be maintained during disruptions. 🔍 3. Consequences Evolve Over Time As disruptions extend, their impacts change. The test showed the necessity of: ▪Evaluating long-term effects of disruptions. ▪Preparing for shifts in customer behavior and service needs over time. ▪Developing scalable emergency plans. 🔍 4. Communication is Key During Crises Effective communication during IT disruptions is vital for maintaining trust. The test emphasized: ▪Coordinating communication strategies across relevant parties. ▪▪Planning and testing communication protocols in advance. Ensuring readiness to handle social media dynamics during crises. 🔍 5. Coordination is Essential Handling extensive IT disruptions requires seamless coordination. The test highlighted: ▪The importance of internal coordination between business, IT, and communication teams. ▪The need for pre-arranged coordination with external partners like service providers. ▪Involving top leadership to ensure comprehensive crisis management. P.S.: Want to ensure your business is resilient against cyber threats? Stay tuned for more insights and strategies from the latest industry developments. 💼🔐 🔗 to read the full report (in danish): https://lnkd.in/dTCyHY2m #CyberSecurity #FinancialResilience #DFSA #OperationalStability #Januar #Fintech #Crypto #DORA

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🇩🇰 Denmark has indicted Nordea, the largest bank in the Nordic region, for violations of the country's #antimoneylaundering laws that occurred between 2012 and 2015. According to Danish police, the Special Crime Unit (NSK) believes that Nordea failed to adequately #investigate transactions by Russian customers and ignored warnings regarding #transactions involving currency exchange offices in Copenhagen. The NSK stated that there is insufficient evidence to bring charges against individual persons in this case, which involves transactions exceeding 26 billion Danish crowns (approximately $3.77 billion). The investigation into Nordea's anti-#moneylaundering controls began in 2016, and the bank has set aside provisions for expected fines. Nordea has expressed disagreement with the charges and the legal assessment, asserting that it has taken appropriate measures to address weaknesses in its anti-money laundering processes and procedures. This case highlights the importance of compliance measures in banks and the consequences of lapses in #antimoneylaunderingcontrols. https://lnkd.in/eB5bsNmk

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Former Swedbank CEO Birgitte Bonnesen was sentenced to 15 months in prison by a Swedish court for misleading statements about the bank’s inadequate anti-money laundering operations. Bonnesen had previously been acquitted in January 2023, but the Svea Court of Appeals ruled that her claims, including denials of any ties to the Danske Bank money laundering scandal, caused significant financial damage, as Swedbank’s share value plummeted after suspicious transactions were exposed. Bonnesen's misleading remarks affected shareholders, but the court emphasized the damage was tied to financial consequences. The case is considered unprecedented, highlighting the personal accountability of executives. Bonnesen plans to appeal. Interesting? Want to read more? Click the link Below https://lnkd.in/drvb_sv6 #swedbank #moneylaundering #financialcrime #ceoaccountability #corporatefraud #bankscandal #birgittebonnesen #courtverdict #swedbankscandal #financialregulation #stockmarket #shareholdersrights #executiveliability #aml #corporategovernance

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