anti-money-laundering
FinanceAML checks – what happens when banks are too slow?
Top StoriesUK watchdog warns crypto firms to prepare for advertising rule change
FinanceLooking to 2023: Defeating money Laundering-as-a-Service and other emerging threats
FinanceThe UK as the world’s money-laundering playground – and how it can be cleaned up
UK financial watchdog urges political support for crypto bans
Date: November 16, 2022
By Huw Jones LONDON (Reuters) – Britain’s Financial Conduct Authority (FCA) on Tuesday called on lawmakers to show their support for its unpopular decision not to grant licences to scores of crypto exchanges like FTX, which has just collapsed. The FCA has come under pressure as 85% of licence applications from crypto trading firms have...
Ukraine war and global AML crackdown put financial institutions on the frontline
Date: November 15, 2022
The war in Ukraine, with its energy and cost of living fallout, has driven geopolitical conflict back to the top of the global agenda. It has also put financial institutions on the frontline of the battle, writes Shamus O’Donnell, CEO and Founder Deep Pool Financial Solutions Since Russia began its “special military operation” in February...
Are banks losing the arms race against criminals regarding AML?
Date: November 10, 2022
By Jo Priestley, Head of Financial Crime Expertise · Efficient Frontiers International According to the NCA, money laundering has the potential to become a national security issue due to London’s role in the global financial system[i]. It is not being taken lightly. Before, perceived deficiencies in anti-money laundering (AML) systems and controls would result in a substantial fine...
Around the world in AML regulation
Date: November 1, 2022
By Gabe Hopkins, Ripjar Chief Product Officer Among evolving regulations, business leaders need a solid understanding of their anti-money laundering compliance responsibilities wherever they are operating. Global anti-money laundering (AML) and counter-financing of terrorism (CFT) compliance is a complex but crucially important challenge that can vary significantly by jurisdiction, risk environment, and emerging fintech innovations....
Criminal minds: Account opening fraud tactics put to the test
Date: October 31, 2022
By Raj Dasgupta, Director, Global Advisory, BioCatch The last two years have created a perfect storm for account opening fraud. Many banks and organisations were unprepared to handle an increase in online transactions and the widespread usage of digital services spurred by the pandemic. Criminals exploited the system by falsely applying online for economic relief...
Anti-Money laundering verification and shell corporations
Date: October 27, 2022
By Adam Holden, CEO at UK financial crime risk regulatory and compliance firm Northrow. Shell corporations are infamous for all the wrong reasons—both from a moral and regulatory compliance perspective. These organisations, which go by the name “ghost firms,” are regularly used to conceal unlawful cash and, more significantly, the identities of beneficial owners. Shell...