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 […]