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
AML
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
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
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
The biggest AML blunders: 5 case studies and lessons learned
A closer look at some of the biggest AML failings of recent years and how these headline-making cases became a stark reminder of the critical importance of robust AML practices. … Read More
The NCA’s National Strategic Assessment: Essential AML takeaways
Yesterday, the National Crime Agency (NCA) released its latest National Strategic Assessment (NSA), providing a comprehensive analysis of the current state of serious and organised crime in the UK. This year’s report highlights a growing threat from drug-related crimes, with … Read More