New Guide: A guide to money-laundering compliance in Latin America & the Caribbean

Corruption remains the most prevalent financial crime in Latin America and the Caribbean. This means that corruption, often committed by public officials, is also the largest source of illicit funds that have to be laundered, even more than cash generated by drug trafficking and people smuggling.

While AML experts continue to consider the region as a whole as having a weak compliance regime, this does vary by country and concerted efforts are being made to improve the situation. The key thing for any business already operating in the region, or planning to, is to take a holistic approach to risk assessments.

VinciWorks has created a guide designed to support businesses that currently operate in Latin America and the Caribbean, or are planning to, or seeking to expand to new countries in the region. This guide provides an overview of some of the key AML challenges and issues and includes a country-by-country assessment of AML risks and laws.

The data in the guide was compiled from national risk assessments (NRAs) and mutual evaluation reports (MERs) conducted on countries. Information is also sourced from the FATF, GAFILAT and CFATF, as well as regional and international reports, news stories and published research.

Click here to download a free copy.

How are you managing your GDPR compliance requirements?

GDPR added a significant compliance burden on DPOs and data processors. Data breaches must be reported to the authorities within 72 hours, each new data processing activity needs to be documented and Data Protection Impact Assessments (DPIA) must be carried out for processing that is likely to result in a high risk to individuals. Penalties for breaching GDPR can reach into the tens of millions of Euros.

“In a world older and more complete than ours they move finished and complete, gifted with extensions of the senses we have lost or never attained, living by voices we shall never hear.”