launched, its membership reaches almost 40 nations, and among other tools intended to entice countries toward financial transparency, FATF’s blacklist for nations that do not uphold its standards, is to effectively cut them off from the international financial system. The list of companies that must comply with the FATF’s KYC C recommendations includes banks, securities firms, insurance companies, foreign exchange dealers, money remitters, casinos, lawyers, accountants, real estate agents, dealers in precious metals and stones, and trust and company service providers; and over 180 countries have committed to implementing and upholding the recommendations. Customers want transparency. Businesses know this and many of them talk about the need to be more transparent with their customers, but this is difficult when businesses often aren’t fully transparent with themselves. Consumers must be guaranteed that they are conducting business with established financial institutions that are abiding by the law. Likewise shareholders must be confident that their investment is in worthy hands and that returns aren’t going to be eaten away by charges for violations. SafetyNet is the 2017 winner of the A-Team RegTech “Most Innovative Compliance as a Service Solution” Award, due diligence (EDD) cognitive search and crime prevention tool. The way and the level that it uses artificial intelligence breaks new ground for this industry and it uncovers patterns and networks around subjects-of-interest with such depth, and with such speed, that no human professional could compete . SafetyNet helps companies comply with KYC C and AML rules and regulations by using an artificial intelligence engine to assist companies, helping them spot and mitigate risks before they become threats. are not as transparent as they could be in their operations, even in the wide-open, convenient landscape of today’s digital world. However, there is a strong drive for businesses to be transparent in a range of internal processes, a goal that has only risen in importance, and will continue to do so
as businesses can play a crucial part in deterring economic crime and guarding consumers’ interests. The Financial Action Task Force (FATF) was chartered in 1989 by the G7 countries to monitor money laundering and terrorist financing around the globe. In the years since it was
Economic crime, identity theft and cybercrime are having a major effect on society and the benefits of corporate transparency highlight why, in 2019, honesty is definitely the best policy. Currently, business threats may be more complex, but the solutions don’t have to be. http://semosancus.com/ europeanbusinessmagazine.com 29