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
Regulatory Compliance
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
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
5 manual KYB processes that shouldn’t exist in 2024
In today’s modern, tech-driven world, manual Know Your Business (KYB) onboarding processes belong in the past. Not only are they costly, but error-prone, and risky. While there is no questioning the importance of KYB checks, the growing complexity of regulations … 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
The King’s Speech 2024: Key takeaways for AML and FinCrime compliance
Marking the start of the parliamentary year, King Charles delivered the newly instated Labour government’s first King’s Speech to both Houses of Parliament last week. In a speech written by the sitting government, the King outlined the draft laws which … Read More
5 key AML strategies for investment management firms
With the value of global assets growing rapidly and criminals looking to exploit every avenue to funnel dirty money, investment managers today face both evolving financial crime risks and increased regulatory scrutiny. The wealth and investment management industry is fraught … Read More
Striking the right balance: Streamlining AML compliance and onboarding efficiency
In the regulated investment management industry in the UK, anti-money laundering (AML) compliance is not merely a legal obligation but a strategic opportunity to improve customer experience and boost efficiency. And yet, compliance teams within these firms face a daunting … Read More
7 ways to streamline KYB compliance processes for legal firms
KYB compliance is a critical task for every law firm, but it can often be a cumbersome and time-consuming process, especially for your fee earners carrying out checks manually on top of an already substantial workload. Manual KYB checks are … Read More
Maximising efficiency: The KYB process explained
The KYB (Know Your Business) process refers to the procedures and checks that businesses undertake to verify the identity and legitimacy of their customers or business partners. It involves gathering information and conducting due diligence to ensure compliance with regulations and mitigate risks. … Read More