Accurately identifying Ultimate Beneficial Ownership (UBO) has become one of the core issues facing regulated firms across the UK in their ongoing fight against financial crime. As regulators demand more transparency and enforce stronger requirements to fight money laundering and … Read More
Author Archives: Natalie Davies
UK sanctions strike Russia’s war machine: Implications for AML compliance
In a decisive strike announced this morning, the UK intensified its sanctions against Russia, focusing on cutting off crucial supplies to Moscow’s military efforts in Ukraine and its influence operations in Africa. In a press release issued by the Foreign, … Read More
TD Bank’s $3bn fine: Balancing people and tech to avoid the next AML catastrophe
In an eye-watering conclusion to one of the most high-profile Anti-Money Laundering (AML) cases in recent years, TD Bank was handed a $3bn fine for violating the Bank Secrecy Act, following criminal charges that it facilitated the transfer of hundreds … Read More
The SRA’s 2024-25 Business Plan: 3 key takeaways for compliance teams
Earlier this month, the Solicitors Regulation Authority (SRA) unveiled its 2024-25 Business Plan, outlining its strategic priorities for the year ahead. Aimed at improving standards and safeguarding the public, the plan focuses heavily on risk-based regulation, better use of data, … Read More
Starling Bank’s £28.9m wake-up call: Lessons for compliance teams
This week, the FCA imposed a near £30m fine on Starling Bank for what it described as ‘shockingly lax’ financial crime controls that left the bank vulnerable to criminal activity. The UK-based digital challenger bank launched in 2016 and quickly … Read More
6 tips to manage false positives and improve AML accuracy
In the world of Anti-Money Laundering (AML) compliance, one challenge stands out as a persistent and costly drain on resources: false positives. For compliance leaders in regulated firms, managing these false alerts can feel like a never ending challenge, investigating, … Read More
The hidden dangers of shoddy AML data coverage
In Anti-Money Laundering (AML) compliance, where every decision can have extensive consequences, there’s one critical factor that often flies under the radar: the quality of your AML data coverage. And the stakes are high. Using inaccurate or incomplete data during … Read More
How to identify and reduce the risk of AML fines and inefficiencies
There is a fine balance between driving revenue, ensuring compliance, and maintaining operational efficiency in regulated firms. Nowhere is this truer than in the area of Anti-Money Laundering (AML) compliance, where the stakes are high. The regulatory landscape in the … Read More
6 AML compliance mistakes you didn’t know you were making
Compliance teams in regulated firms face a constant balancing act of staying efficient while ensuring Anti-Money Laundering (AML) procedures are comprehensive enough to prevent financial crime and mitigate undue risk. The pressure is constantly on to streamline processes, minimise errors, … Read More
5 essential steps for AML compliance in global business growth
For many firms, expanding into new markets offers huge potential for growth. With every new country comes a fresh pool of customers, greater revenue potential, and the chance to become a global player. But with great opportunity comes significant risk … Read More