Financial institutions must disclose UBOs for various reasons, according to regulators. UBO meaning is legal entities known as beneficiaries of the company. Therefore, regulators encourage the use of artificial intelligence and machine learning solutions to reduce false-positive alerts in financial institutions. A large number of false positives can expose financial institutions to reputational damage and fines. Examining false positive alerts also causes financial institutions to waste time and cost wasted each year. These alarms are called false positives alarms. In this case, an alarm is generated for every transaction that takes place in financial institutions that can be considered suspicious, but these alarms are not always important enough to prepare a Suspicious Activity Report (SAR). Transaction Monitoring systems are used to detect suspicious behaviors, such as excessive cash deposits in financial institutions. There are basic elements to be followed in the AML Program, and some institutions may find it difficult to adapt to these elements. For this, all institutions obliged to comply with regulations such as financial institutions should do their best and create an AML Program for themselves. Sanctions and penalties are increased for non-compliance with Anti-Money Laundering (AML) regulations. You can read the full Sanction Scanner report here: Expected Changes in AML After COVID-19 As the Sanction Scanner, we published the report 'Expected Changes in AML after COVID-19', which includes comments from AML experts from different parts of the world, which we think has benefited the industry. Many authorities have published guidelines on the relationship of COVID-19 with money. In addition to these, the COVID-19 outbreak that occurred in 2020 has also affected and even directed the money laundering 2020 threats. In particular, the scope of AML regulations of global or local regulators has expanded, and many new regulations have come. With the advancement of technology and more detailed work by regulators to prevent money laundering, money laundering trends have changed and developed in 2020.

Anti money laundering 2020