The Biggest AML Fines of 2024: What Businesses Can Learn from Million-Dollar Penalties
The scale of money laundering continues to stagger financial crime experts worldwide. With an estimated $3.1 trillion in illicit funds flowing through the global financial system in 2023 alone, the consequences for businesses, governments, and individuals remain severe. Yet despite these alarming figures, 2024 has witnessed widespread anti-money laundering (AML) failures across various sectors, resulting […]
How to conduct Enhanced Due Diligence (EDD) on PEPs
Enhanced Due Diligence (EDD) is a cornerstone of compliance, especially when dealing with individuals holding significant public positions, known as Politically Exposed Persons (PEPs). These individuals are often targets for corruption and financial crime due to their elevated profiles and influence. In this article, CompFidus delves into the intricacies of conducting effective EDD on PEPs, […]
Who Are Politically Exposed Persons (PEPs) and Why Are They High-Risk?
The Financial Action Task Force (FATF) defines Politically Exposed Persons (PEPs) as individuals who are or have been entrusted with prominent public functions, as well as their family members and close associates. These individuals, due to their positions of power and influence, are often associated with a heightened risk of corruption, bribery, and money laundering. […]
