Due Diligence Procedures Risk Assessment 
Neopay
MARCH 7, 2024
Risk Assessment weaknesses: Annex 1 firms have demonstrated inadequacies in conducting comprehensive Business Wide Risk Assessments and Customer Risk Assessments, leaving significant gaps in their AML frameworks.
Stax
DECEMBER 4, 2023
TL;DR An anti-money laundering (AML) program is a set of laws and procedures that seek to uncover attempts to disguise illicit money as legitimate. An effective AML compliance program must include Know Your Customer (KYC) protocols, transaction monitoring and reporting, risk assessment and categorization, and training and awareness for staff.
Neopay
MARCH 14, 2024
The due diligence process for third parties, which include authorised credit institutions, custodians or insurance providers, needs to be available and evidenced. Risk assessments and due diligence of third parties should be reviewed regularly based on your safeguarding policy.
Stax
NOVEMBER 27, 2023
KYC’s three main components are the customer identification program (CIP), which was imposed by the USA Patriot Act in 2011; customer due diligence (CDD); and regular monitoring of the customer’s account and activities, which is also called enhanced due diligence (EDD). In the U.S.,
Seon
SEPTEMBER 20, 2023
According to McKinsey, banks use up to 40% of their onboarding time on KYC and due diligence processes. KYC onboarding is, therefore, an act of customer due diligence and enhanced due diligence. This may include – but is far from limited to – AML and identity verification procedures.
Neopay
JULY 4, 2024
One of the current focusses is enhanced due diligence – right through the process, so for example risk assessments, operational processes, monitoring and reviews, its effectiveness in practice. There are a few – but to give a couple of examples: MAPP (Modular Assessment Proactive Programme) is fairly new.
Neopay
JUNE 27, 2024
This includes conducting a thorough risk assessment, implementing appropriate risk controls and establishing effective monitoring mechanisms. Provide a clear overview of your risk appetite and mitigation strategies to demonstrate a proactive approach to risk management.
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