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FinScan examines the role of effective payment screening in the fight against financial crime

Payment screening represents a cornerstone of modern financial compliance, playing a pivotal role in safeguarding the integrity of financial systems worldwide. However, numerous potential pitfalls exist in managing an effective programme…

Beyond FS releases white paper on ‘Fine Prevention: Why financial crime and regulatory programmes fail and how to fix them’

For financial institutions, the challenge posed by criminal activity such as money laundering, and the regulatory response to it, is constantly evolving. As a result, institutions frequently find themselves having to establish resource-intensive financial crime and regulatory change programmes, including large remediation projects.

UK Govt announces global call to action to tackle illicit finance through increased transparency of company ownership, ahead of World Bank Spring Meetings

Transparency about who owns, controls, or benefits from companies is a cornerstone of preventing and combatting corruption, organised crime, and tax evasion.   The UK is leading the call to action with contributions of £2 million to trust funds managed by the World Bank and the International Monetary Fund (IMF) to tackle corruption, money laundering, and illicit finance…

New research from Moody’s reveals the far-reaching risk of shell companies and their role in financial crimes such as money laundering

Moody’s new research reveals this risk is far-reaching. As of November 2023, more than 21 million risk activity flags have been raised by Moody’s Shell Company Indicator across 472 million companies…

AML RightSource releases the 2024 Financial Crime Market Outlook: The United Kingdom and Europe

Banks and financial institutions operating in these areas will face increased scrutiny and must take the necessary safeguards to ensure compliance in 2024, including accurate risk assessments and enhanced due diligence measures….

Bank of England, FCA, PRA and PSR conduct 2023 review of Memorandum of Understanding for payment systems in the UK

The Authorities have identified areas for future co-operation and co-ordination, including revisions to the MoU regarding proposed stablecoin regulation, embedding the reforms from the Financial Services and Markets Act 2023 (FSMA 2023), as well as further enhancing the sharing of information and data. These will be undertaken during 2024 and beyond…

HMRC issues list of businesses that failed to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

Refers to civil breaches of the regulations and not to criminal offences and covers the period 1 April to 30 September 2023.

NCA publishes UKFIU SARs Annual Statistical report for 2022-23, highlighting a 38.9% increase in the volume of cases and a 46.6% increase in the value of assets denied, between £0 and £500k

*In the last two years the sum total of funds denied from DAML requests is £578.4m, higher than the total denied in the previous six years at £499m. 2021 – 2022 benefitted from seven cases of asset denial between £10m and £50m, contributing to a very high overall asset denied figure…


FCA secures £1.6m for investors from alleged unlawful investment fraud schemes

The FCA alleged that AWL unlawfully took approximately £2.8m as deposits under loan agreements and/or as part of an unauthorised collective investment scheme arranged investments in EMB Fund Limited (EMB) totalling about US$9m which breached the restrictions on financial promotion…

BoE and FCA consult on proposed approach to implementing and operating the Digital Securities Sandbox, an initiative run by the regulators intended to help facilitate the adoption of innovative technology

This initiative run by the regulators is intended to help facilitate the adoption of innovative technology in digital assets in the UK. The consultation is relevant to firms intending to apply to enter the DSS and be approved as a sandbox entrant, as well as firms wishing to engage with a sandbox entrant…

OFSI publishes survey on threats to financial sanctions compliance

OFSI released a survey to gather industry perspectives and invite users to contribute to efforts in strengthening financial sanctions compliance. The survey takes approximately 10 minutes to complete and is open until April 12, 2024, at 5pm.

Norton Rose Fullbright releases podcast on Risk and Resilience: A guide to transaction risk/fraud in banking

The podcast focuses on removing risk in the banking sector, on fraud and specifically on key recent developments that banks and other financial sector firms should have on their radar as part of their risk management in this area…