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
Regulatory Compliance
The King’s Speech 2024: Key takeaways for AML and FinCrime compliance
In the first King’s Speech of the Labour government, King Charles outlined legislative plans focused on public health, energy transition, economic growth, and crime prevention, including measures that could impact anti-money laundering (AML) compliance. … Read More
5 key AML strategies for investment management firms
Investment management firms face significant financial crime risks and regulatory scrutiny, making robust AML compliance essential. Key strategies include developing comprehensive KYB/KYC procedures, adopting a risk-based approach, ensuring ongoing monitoring, and leveraging automated systems to streamline compliance processes and enhance accuracy. … Read More
Striking the right balance: Streamlining AML compliance and onboarding efficiency
Firms in the UK face the challenge of balancing stringent AML compliance requirements with efficient client onboarding processes. By adopting a risk-based approach and leveraging automated technologies, firms can streamline due diligence and monitoring efforts, improving both regulatory adherence and operational efficiency. … Read More
7 ways to streamline KYB compliance processes for legal firms
Ensuring compliance with KYB regulations is essential for every law firm, yet the process can often feel daunting, especially when fee earners are burdened with manual checks. Manual KYB processes are typically slow, error-prone, and prone to oversight, posing compliance risks due to the complexities of handling extensive client data. … Read More
Maximising efficiency: The KYB process explained
Automating the KYB process offers a transformative solution for organisations looking to streamline operations and enhance their due diligence efforts. By embracing automation, businesses can not only save time and reduce human error but also scale their operations effectively while maintaining the quality of their compliance efforts. … Read More
Changpeng Zhao’s Sentencing: AML Compliance Challenges For Crypto
Changpeng Zhao, the founder and former CEO of Binance, was sentenced to just four months in prison after pleading guilty to money laundering charges tied to actions taken the previous year. This ruling marks a significant moment in the cryptocurrency world, as Zhao becomes the second high-profile crypto executive to face legal consequences. … Read More
What are the main types of financial crime?
Financial crime is a rapidly evolving threat that presents significant challenges for compliance and counter-fraud professionals. Understanding the diverse range of financial crimes, their associated risks, and effective counter-strategies is crucial for safeguarding the integrity of financial systems. … Read More
What is fraud prevention and why is it important?
For compliance professionals, the fight against fraud is not just an operational necessity; it is fundamental to preserving the integrity, stability, and reputation of their organisations. As fraud tactics become more sophisticated, the importance of effective fraud prevention measures grows exponentially. … Read More
The EU’s Anti-Money Laundering Authority (AMLA) – what is it and what could it mean for AML compliance?
As the EU’s newly centralised force in overseeing anti-money laundering (AML) regulations, the AMLA will work to coordinate national authorities, directly supervise high-risk financial entities, and promote consistency in anti-money laundering practices across the Union. … Read More