Top Tips for Financial Crime Trends in the Middle East and Africa
Understanding emerging risks is the single most important tip in preventing financial crime. An overreliance on process and technology without proper investment in understanding risks and people managing those risks is the root cause of most problems. Applying an effective risk-based approach will help prioritise and solve most problems; not create new ones. Stamping out […]
Is the Metaverse a cyber-sandbox for criminals?
The crypto sector has had a rocky ride over the last few weeks. Fears that the Metaverse will prove to be fertile ground for terrorism funding; have all raised question marks about how the sector can be regulated. With the fast growing electronic and digital warfare space, we must begin to study and understand the […]
A successful financial crime regime remains elusive however, steps can be taken to address the issues
Having worked in the industry for several years, I am aware that some senior managers take calculated risks and ignore glaringly obvious money laundering activities for profit. In some cases, relationship managers (RM), senior managers and board members deliberately ignore the MLRO’s advise and do as they wish, all in the name of profit and […]
Can Crypto Overcome Its Reputation as a Weak Link in Financial Crime?
The crypto sector is often painted as the weakest link in the fight against financial crime. More recently, it has been accused of posing a risk to financial stability and compromising investor security with its laissez-faire attitude toward cybersecurity. But if you take the temperature of illicit activity linked to the crypto-asset ecosphere, it throws […]
AML in Challenger Banks
Webinar – Please click above to watch AML in Challenger Banks. Watch the conversation on the recent review by the FCA which declared that challenger banks must improve how they assess financial crime risk. We focused on the FCA’s expectation in the upcoming months and top AML tips for challenger banks including improving how they […]
Financial regulator cautions UK against rushing to create ‘crypto hub’
Outgoing UK FCA head Charles Randell advises lawmakers not to rush crypto regulation. His statements come after city minister John Glen announced plans to make the U.K. a global crypto hub. Randell said that regulators should consider whether they should be backing the crypto industry at all, following bitcoin’s recent drop. Charles Randell, the 63-year-old […]
FCA review unearths weaknesses in challenger banks’ financial crime controls
A review by the FCA has declared that challenger banks must improve how they assess financial crime risk. The findings also revealed that some challenger banks were failing to adequately check their customers’ income and occupation also did not have financial crime risk assessments in place. The review, conducted over 2021, identified a rise in […]
Will you be ready for ‘failure to prevent economic crime’ law when it comes into force?
The likelihood of a UK ‘failure to prevent economic crime’ (FPEC) law has risen significantly since Russia’s invasion of Ukraine and could have major implications for businesses and their anti-money laundering (AML) frameworks. In March 2022, the government fast-tracked measures to fight financial crime in response to the invasion and the FPEC law is due around June […]
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 […]