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What is Reconciliation in Finance and Bank Reconciliation Software?  Before defining bank reconciliation software, let’s first understand what account reconciliation in finance means. In a financial...

What is the 4th EU Money Laundering Directive (4AMLD)? 4th EU money laundering directive: The Fourth AML Directive is a legislation passed by the European Union and ratified by the European...

What is Sanctions Screening in Banking and Why is it Required? Sanctions Screening in banking: Sanctions Screening plays a big role in the fight against financial crime globally. Financial crime...

Financial crime has been recorded in the insurance industry across the world. According to a research done by PWC in 2018, 62 percent of those surveyed have been victims of financial fraud in the...

What is the Financial Conduct Authority (FCA)? The Financial Conduct Authority is a non-governmental organisation that regulates the financial services industry in the United Kingdom.

What is the Money Laundering Act? What is the Money Laundering Act? Money laundering refers to the act of sneaking “dirty” money obtained through criminal activities through seemingly legitimate...

Criminals profit immensely from illegal activities such as human trafficking, sales of arms and prohibited drugs, extortion, corruption and theft. They, somehow, need to conceal the criminal nature...

Banks and other financial institutions must have AML/CFT systems in place to verify their customers' identity and the nature of their business as part of their Customer Due Diligence (CDD).

What is Reconciliation in Accounting? How to Reconcile an Account? What is reconciliation in accounting? How to reconcile an account? Reconciliation in accounting stands for the comparison between...

What is RegTech? Regulatory technology, or RegTech, is a new industry that uses modern information technology to enhance regulatory workflows. RegTech applies modern technologies including artificial...

Intercompany Reconciliation (ICR) stands for the reconciling of figures among two consecutive branches or legal entities under the same parent institute when a transaction takes place. Out of the two...

What is Tax-Related Identity Theft? Tax-related identity theft or tax fraud occurs when an identity thief steals a taxpayer’s identity to file for a fraudulent return and claim their tax refund. The...