Anti-money laundering verification of shell companies is a challenge. A shell company is a company, or corporation, that exists only on paper and has no office or employees, but may have a bank account or may hold passive investments or be the registered owner of assets, such as intellectual property, or ships. … Read More
Author Archives: Chris Bourne
The challenge of beneficial ownership
Criminals use complex company structures, shell companies, and offshore entities to disguise illicit activities and ownership, making it challenging for businesses to identify Ultimate Beneficial Owners and prevent financial crime. … Read More
Building Societies Digital Transformation
Digital transformation projects have been fast-tracked for Building Societies Learn more now. … Read More
Beneficial Ownership Monitoring is Fundamental for Global Economic Recovery
How well do you know your customer? As the pandemic continues on a global level, your clients’ risk status is changing at unparalleled speed. Effective ‘continuous KYC monitoring’ is essential for Compliance Officers if they want to stay ahead of the criminals. In 2020 firms have made significant investments in digitally transforming the front end of compliance at the point of onboarding, however many firms have not digitally transformed their monitoring processes, exposing their business to increasing levels of risk. In this blog we explore ongoing monitoring further. … Read More
NorthRow Appoints New CEO for the Next Stage of Growth
Adam Holden appointed as new Chief Executive Officer at NorthRow. Adam will oversee our next stage of growth trajectory. Learn more. … Read More
How Exposed is Your Regulated Business to Periodic Review Risk?
It now appears inevitable that the global spread of COVID-19 will cause a severe, if hopefully short-lived, recession. All economic downturns prompt greater levels of fraud and money laundering activity. Compliance Officers will need to be on the lookout for warning signs of criminal activity and ensure that the undoubted pressures of the current crisis does not weaken their focus on compliance and proper risk management. In this blog, we discuss the issues facing compliance professionals and how, in the current environment, a compliance team can be more efficient. … Read More
6th Anti-Money Laundering Directive 6AMLD
Despite the ongoing pandemic and Brexit negotiations, the European Union’s (EU) 6th Money Laundering Directive (6AMLD) comes into effect on the 3rd December 2020. The new directive is designed to invigorate the anti-money laundering efforts of financial institutions by incentivising good practice throughout sectors open to abuse by money launderers. It offers broader liability and more clarity on the regulation, whilst increasing the severity of punishments for money laundering offences. With these tougher rules business leaders will have to take it seriously. Read our latest piece to ensure you are up-to-speed on the Directive’s requirements.
… Read More
How to deliver your KYC remediation project
KYC remediation ensures compliance by cleaning and updating client data to meet regulations. It reduces financial crime risks, improves operational efficiency, and helps businesses manage regulatory obligations effectively. … Read More
Will Anti-Money Laundering Compliance Still Apply After Brexit?
On the 31st December 2020, the UK will no longer be a part of the European Union, with or without a trade deal agreement in place. Whilst we anticipate that Brexit will affect regulatory compliance for many sectors, the full extent of the impact is somewhat unclear until negotiations have been finalised. In this article, we discuss the potential influence of Brexit on AML compliance and the 5th and 6th Money Laundering Directive. … Read More
Automated Client Onboarding
Efficient and ‘friction-free’ client onboarding is the key to customer engagement for any regulated business, but the need to balance this against the demands of the regulators is critical. … Read More