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AML Rightsource unveils nine best practices for a successful compliance system implementation

A compliance department’s function is integral for safe business and legally mandated. As such, any legacy system change, even if necessary, is met with extreme caution and trepidation…

AML Rightsource insights on ‘Improving efficiency and your financial crimes program’

The article highlights the key points: improving data quality, fully use the systems you have in place, adding technology and advanced analytics, automate the SAR filing process…

JJCFinTech’s industry perspective on ‘Effective Client Lifecycle Management – A Case for Change’

Many Financial services firms have invested $billions in meeting their Anti-Financial Crime and Client Lifecycle Management regulations. Despite all the investment, this is still rated as the most dysfunctional, highly penalised and operationally frustrating processes…

FCA publishes progress update on its work on synthetic data, creating a collaborative framework between the public and private sector

The Synthetic Data Expert Group plans to run until Nov 2024 and aims to provide practical and tangible synthetic data insights for practitioners and policymakers. It will explore the use of such data across several use cases including fraud detection & controls, credit scoring, AML, and open banking…

 

HM Treasury releases the ‘Future financial services regulatory regime for cryptoassets’ response to the consultation and call for evidence

HMT response provides a clearer regulatory framework for cryptoassets, offering stakeholders more certainty on how these digital assets will be governed in the financial services sector, also outlining specific measures to mitigate risks associated with cryptoassets…

New UK Economic Crime and Corporate Transparency Act 2023 (ECCTA) receives Royal Assent

The Act brought the most substantial changes in preventing the abuse of the register, new ‘failure to prevent fraud’ offence and enhanced law enforcement powers…

The Bank of England releases ‘feedback statement’ based on its recent industry consultation with updated viewpoints on AI and Machine Learning

The document emphasises a balanced approach, aiming to encourage innovation in AI and ML while maintaining robust regulatory measures. It also highlights the need for responsible implementation to ensure stability, security, and ethical considerations in the financial industry…

NCA releases podcast which unearths the murky world of serious and organised crime

The first three episodes released will reveal how some of the UK’s most notorious criminals were captured and put behind bars, including drug smuggler, Robert Dawes, prolific paedophile, Matthew Falder, and weapon trafficker, Harry Shilling.

Jersey FSC updates its AML/CFT/CPF Handbook with revised appendices on high-risk countries and territories

This update likely includes changes to the list of jurisdictions considered high risk in terms of ML/TF and other financial crimes, providing financial institutions and stakeholders with current information to strengthen regulatory compliance measures…

RUSI publishes report on “AML Supervision of the professions in the UK: four key challenges and how to address them”

The report highlights the challenge in regulating diverse professional sectors, inconsistency in AML regulations across different professional domains, limited resources for supervising AML practices within professional sectors and adaptation of technology…

 

 

New guidance on detecting and preventing money mules

The FCA published key findings from its multi-firm review of payment account providers’ systems and controls against money mule activity, outlining examples of good practice, areas for improvement and how firms manage the risks…

UK authorities criticised for failing to prosecute financial crime enablers and rich tax cheats

Prosecutors in UK have been accused of being too timid in targeting financial criminals, with two separate reports last month highlighting low levels of enforcement against both financiers tasked with reporting suspicious money flows and wealthy tax cheats…