eBook on AML Strategies to Address ML/TF Risks from Non-Face-to-Face Customers

With advancement in technology, the methods of engaging with customers have undergone many changes. Customers now demand 24/7 services, at any place, on any time, and even remotely. Providing services digitally, including allowing digital transactions makes the process faster, easier and effortless for the businesses as well.

However, engaging with the customer in a Non-Face-To-Face (NFTF) manner increases the risks of occurrence of financial crimes such as Money Laundering (ML) and Terrorism Financing (TF).

Therefore, businesses should adopt comprehensive Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) measures to negate any chances of ML/TF risks.

In this e-book, we have discussed the ML/TF risks associated with NFTF customers. We have also discussed the AML/CFT measures that can be adopted by businesses to mitigate the ML/TF risks associated with NFTF customers. Read our e-book to learn about:

• How do NFTF customers pose ML/TF risks to a business? These include risks such as customer using fake identities, limited visibility of customer behaviour, customers engaging in fast transaction speeds to avoid detection, customers hiding their ownership structure through anonymity, customers engaging in cross-border transactions, etc.
• What are the common ML/TF typologies employed through NFTF channels? These include common ML/TF typologies such as smurfing and structuring which are easier to conduct for NFTF customers.
• What are the AML/CFT measures that can be adopted by businesses to mitigate ML/TF risks emanating from NFTF customers? These include measures such as adopting a risk-based approach, conducting in-depth Know Your Customer (KYC) procedures, applying risk-based due diligence measures, monitoring transactions to detect unusual trends or patterns, and many more!