FinCEN issued a precautionary bulletin issued for transactions involving political figures from Egypt. Financial institutions must turn up the heat on their own anti-money laundering practices. Language barriers, outdated account-screening practices and lack of automation in fraud detection, expert says. Banks should be looking for solutions that integrate AML and fraud detection systems, he says. Expert: “The challenge with PEPs is actually identifying them, which is hard to catch everything” Financial institutions also should pay especially close attention to non-conventional payment, such as credit cards or securities.”]
Source: https://www.devicesecurity.io/aml-scrutiny-heightened-a-3390