Understanding Ultimate Beneficial Ownership (UBO) is increasingly complex due to sophisticated corporate structures and global jurisdictions. This article explores key tactics used to obscure ownership and offers strategies for uncovering true control. … Read More
Author Archives: Natalie Davies
Ultimate Beneficial Owners, ultimate consequences: 5 headline fines for non-compliance
Failing to identify Ultimate Beneficial Owners can be costly. Discover five real-world cases showcasing fines, reputational damage, and financial risks. … Read More
The 7-step blueprint to UBO transparency
Tracking Ultimate Beneficial Owners (UBOs) is critical for combating financial crime. Discover our 7-step blueprint, integrated with NorthRow’s AML platform, to streamline UBO verification, ensure compliance, and mitigate risk. … Read More
What happens when UBOs aren’t identified? The real-world consequences and how you can safeguard your business
For firms across the UK’s regulated industries, the stakes are higher than ever. With stringent AML requirements and increasing scrutiny from regulators, the failure to correctly identify UBOs exposes companies to significant financial, legal, and reputational risks. … Read More
The invisible stakeholder: An essential guide to UBOs and their hidden risks.
Learn how to tackle UBO risks, meet regulatory demands, and boost transparency with our essential guide. … Read More
7 reasons why Ultimate Beneficial Ownership (UBO) identification matters
Accurately identifying Ultimate Beneficial Owners (UBOs) is vital for regulated firms tackling financial crime. This article explores the complexities of UBO identification, its regulatory importance, and how it safeguards against risks like fraud and reputational damage. … Read More
UK sanctions strike Russia’s war machine: Implications for AML compliance
The UK has expanded its sanctions against Russia, focusing on cutting off supplies vital to Moscow’s military efforts in Ukraine and its influence in Africa. The new measures target 56 entities and individuals involved in supplying military equipment, microelectronics, and drone components, as well as Russian-backed mercenary groups operating in Africa. … Read More
TD Bank’s $3bn fine: Balancing people and tech to avoid the next AML catastrophe
In a dramatic conclusion to one of the most significant AML cases in recent years, TD Bank was hit with a staggering $3 billion fine for violating the Bank Secrecy Act. The case exposed serious shortcomings in TD Bank’s AML policies, shaking the global financial industry and raising critical questions about the bank’s regulatory compliance. … Read More
The SRA’s 2024-25 Business Plan: 3 key takeaways for compliance teams
Earlier this month, the SRA unveiled its 2024-25 Business Plan, highlighting a strategic shift toward risk-based, proactive regulation, particularly targeting AML and sanctions compliance. With heightened expectations for regulatory adherence, law firms must adapt quickly to meet these updated standards. … Read More
Starling Bank’s £28.9m wake-up call: Lessons for compliance teams
This week, the FCA fined Starling Bank nearly £30 million, citing “shockingly lax” financial crime controls that left the bank vulnerable to illegal activities. The UK digital bank’s rapid growth since its 2016 launch highlighted severe compliance lapses, particularly in sanctions screening and AML procedures. … Read More