Tommy Hartono 吕恩豪

Tag: terms

  • Day 4: Alternative Remittance System

    Day 4: Alternative Remittance System

    —

    by

    Tommy Hartono
    in

    #QuickBiteCompliance Day 4 Have you ever wondered about the Alternative Remittance System (ARS)? Also known as Underground Banking or Informal Value Transfer Systems (IVTS), it is commonly linked to ethnic groups from the Middle East, Africa, or Asia. ARS facilitates value transfers between countries outside the formal banking system, where transactions occur through coded information…

  • Day 3: Alert

    Day 3: Alert

    —

    by

    Tommy Hartono
    in

    #QuickBiteCompliance Day 3 Today we delve into understanding the concept of an Alert in compliance. An Alert is essentially a review triggered by red flags that demand analyst attention. In the realm of know-your-customer procedures, alerts pinpoint potential discrepancies flagged either manually or through automated systems, based on predefined red flags and typologies. In the…

  • Day 2: Affidavit

    Day 2: Affidavit

    —

    by

    Tommy Hartono
    in

    #QuickBiteCompliance Day 2 Today’s topic: Affidavit An affidavit is a written statement provided under oath before a court officer, notary public, or other authorized individual. It serves as the factual foundation for applications like search, arrest, or seizure warrants. Stay informed! #InclusiveRegTech #affidavitSource: https://www.acams.org/en/resources/aml-glossary-of-terms

  • Day 1: AML

    Day 1: AML

    —

    by

    Tommy Hartono
    in

    #QuickBiteCompliance Day 1 Today, let’s dive into the world of AML (Anti-Money Laundering). So what is AML? AML controls play a crucial role in preventing financial criminals from disguising illicit funds as legitimate ones. It is essential for financial institutions and regulated entities to have a strong program in place to detect, prevent, and report…