Cryptocurrency & its uses in Criminal & Terrorist Activities

Cryptocurrency has been on the rise of popularity ever since the invention of Bitcoin in 2009. Following the 2008 financial crisis, it was created to allow people to have full independent control of their money. Meaning the avoidance of all “typical” avenues of financial management, including the reliance of banks and or governments. Cryptocurrencies work […]

PEPs and Adverse Media Screening – Benchmark Survey

At SQA Consulting, we provide assurance and advisory services to many Financial Institutions (FIs) to help them manage their financial crime risk. Focusing on screening and transaction monitoring, our consultants have years of hands-on experience in banks and other FIs. Over the years, we have worked with many of the world’s leading FIs to test […]

Adverse Media – Source Data

Following on from our previous article on adverse media, let’s assume for now that you wish to include adverse media checks as part of your AML controls. A sensible starting point is to define what you will use as the source of the adverse media information to be reviewed as part of your processes. A […]

UK Sanctions Lists – HMT vs FCDO

A few of our clients have expressed a bit of confusion about the ‘UK Sanctions List’ issued by the Foreign, Commonwealth and Development Office and how this differs from the ‘Consolidated List of Financial Sanctions Targets in the UK’ issued by HMT/the Office of Financial Sanctions Implementation.   Whilst the HMT Consolidated List has been in […]

The Importance of Building Alert Rationale

Politically Exposed Person’s (PEPs), Sanctions and Adverse Media alerts all require rationale to explain whether an alert is a false positive, true match or if further information is required. Investigators will normally have to compare two sets of information and look for differences in order to make a decision, this can only be done by using reliable information and a common-sense risk-based approach.  Alert investigations are performed […]

Date of Birth Reliance in Alert Remediation

The consensus when investigating financial crime alerts for individuals, is to close all alerts where the date of birth is more than 2 years apart. A more aggressive strategy is to close alerts where the dates of birth are different – even if only by 1 day. In this short article, we will address the […]