With technological advancements, the ways businesses engage with customers have transformed dramatically. Today’s consumers expect round-the-clock services that are accessible from anywhere, even remotely. Providing digital services and enabling online transactions not only simplifies the process but also enhances efficiency for businesses.
However, this shift to Non-Face-To-Face (NFTF) interactions introduces increased risks of financial crimes, particularly Money Laundering (ML) and Terrorism Financing (TF).
To combat these risks, it is essential for businesses to implement thorough Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) strategies.
In this e-book, we delve into the specific ML/TF risks associated with NFTF customers, including:
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Risk Factors: NFTF customers may use false identities, create challenges in monitoring behavior, engage in rapid transactions to escape detection, conceal ownership through anonymity, and conduct cross-border dealings.
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Common Typologies: We examine prevalent ML/TF methods associated with NFTF channels, such as smurfing and structuring, which are easier for these customers to carry out.
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Mitigation Strategies: The e-book outlines various AML/CFT measures businesses can adopt to lessen ML/TF risks from NFTF customers, including a risk-based approach, comprehensive Know Your Customer (KYC) procedures, targeted due diligence, and transaction monitoring for unusual activity.
Explore our e-book for a deeper understanding of these crucial issues: