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What the Pandora Papers Taught Us About Global Financial Crime Compliance?
- Investigative journalists exposed illegal activities of rich and powerful people including politicians, government officials, and bureaucrats through the Pandora Papers leak.
- The Pandora Papers leak highlighted a wake-up call for financial institutions to strengthen global financial crime compliance.
- The Pandora Papers leak revealed key compliance failures, including ambiguity in offshore jurisdictions, weak customer due diligence (CDD) practices, and inadequate monitoring of high-risk clients.
- The revelation presented a chance to enhance global financial compliance efforts.
- Financial institutions need to strengthen beneficial ownership transparency, enhance CDD and KYC processes, and implement an advanced transaction monitoring system to enhance compliance efforts.
- Businesses need to ensure stronger rules to disclose the true ownership assets and establish ongoing monitoring.
- Financial institutions need to collect all basic information while onboarding new clients, including the client’s real name, nickname, business address, source of income and the purpose of the transaction.
- Establishing an advanced AML monitoring and screening system can monitor transactions in real-time, flag suspicious transactions, and report to the relevant department automatically.
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