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 […]

An Introduction to Adverse Media – To screen or not to screen?

Adverse Media, Negative News, Special Interest Persons and Reputationally Exposed Persons are all interrelated terminology concerned with finding the bad news stories about your customers or potential customers and understanding the reputational risk associated with them.  While legislation and guidance is somewhat vague in terms of what exactly is required in relation to Adverse Media, […]

Sanctions Screening Testing – Exact Name Test Data

In previous articles, we look at our testing of sanctions screening systems, where we provide assurance over the effectiveness of a screening system and provide benchmark analysis of a system’s screening effectiveness compared against industry benchmark statistics. In this series of articles, we will delve deeper into the test types that constitute our sanctions effectiveness […]

Tax Havens and their relevance in Financial Crime

In the money laundering process, criminals go to extremes to cover their tracks and maximise their harvest takeaway whilst remaining undetectable. Criminals utilise complicated ownership structures and various evasion tactics to achieve this. One of the most effective methods for this is via tax havens.   Tax havens by definition, offer a lower or null tax liability compared to the country of origin, which is highly desirable for anyone dealing with large sums […]