The economic crime bill…will it be effective?
Will the economic crime bill, or to give its formal title, the economic crime (transparency and enforcement) bill, rushed through the Commons on Monday be effective? Here’s what it is and what it is meant to do. What is the bill? In broad terms, it is meant to make life more difficult for people seeking […]
A Sanctions Compliance Emergency
How should firms react to the emergency in order to guarantee compliance and protect their reputation, as war rages in Ukraine? As war rages in Ukraine, the international business community is understandably concerned to ensure that it plays its part by complying fully with the sanctions that are being imposed by western governments. As major […]
Pressure on AML functions from alternative payments boom
As the adoption of alternative digital payments accelerates, financial firms are rushing to make sure their anti-financial crime systems can cope. Alternative payment systems such as Apple Pay, Google Pay and PayPal have grown rapidly during the pandemic due to the need to replace germy cash with more hygienic contactless solutions. Growth in online purchases […]
FCA could use criminal powers in more AML probes after NatWest case
Is the Financial Conduct Authority about to up the ante on its approach to tackling money laundering? Having successfully concluded its first criminal investigation of a money laundering case, the chief City regulator is actively pursuing several more. Its leaders appear to want to send a message that they’re getting tough. It has taken some […]
The impact of de-risking in the UK
Observations on the impact of de-risking in the UK and the steps FCA should take to tackle unwarranted de-risking. Providing access to at least basic financial products and services is a prerequisite for the participation in modern economic and social life and de-risking, when unwarranted, can cause the financial exclusion of legitimate customers. It can […]
How UK Can Secure Fintech Risky Back Door Against Money Launderers
Fintech Industry Britain is among world leaders in the growing fintech industry — unfortunately this may keep the country a leader in money laundering, too. The UK does commit a significant number of resources to fighting economic crime but it doesn’t seem to be enough despite its very large financial sector and the rapid growth […]
Pandora Papers Podcast
“The issues highlighted by the Pandora Papers are not “anything new,” and reflect longstanding concerns. In the past five years, a series of leaks from insider sources have shed light on the complex systems of money laundering, tax evasion, and Fraud perpetrated by certain countries and wealthy individuals […]
AML in FinTech Podcast
“New financial crime in the UK and the emphasis on regulatory oversight means that financial institutions cannot lose focus on the critical responsibility to detect, investigate, and report suspicious activity […]
Embracing technology and innovation in Compliance and Risk Management
“Where is the knowledge we have lost in information?” T. S. Elliot’s words from 1934 continue to ring true, in the current age of innovation and big data. We are collecting much more data – the foundation of any decision making, because of improving technologies, changing business needs, to satisfy regulatory requirements and to enhance […]
Too big to jail: Pandora Papers show urgent action is required
Despite so many government promises, we’ve ended up with inadequate laws and toothless regulation. The Pandora papers show why urgent action is needed The Pandora papers data leak has once again highlighted the predatory practices of the world’s political and financial elites – enriching themselves by looting the public purse or exploiting laws which they […]