FinCEN leak fallout shows size of KYC challenge for banks
Radical reforms of know your customer laws are looming after the FinCEN leaks exposed painful flaws in banks’ anti-money laundering (AML) systems. Shockwaves are still reverberating around the sector after leaks of Financial Crimes Enforcement Network (FinCEN) files showed top
Kicking off the AML collaboration between sports clubs, banks and regulators
In the past decade, the monumental incline of revenue within sport has brought with it more spectacle, more worldwide fandom and, inevitably, a larger threat of financial crime. Where there are huge sums of money, criminals will look for
Why AML partnerships need a broader base
In the battle against financial crime, the partnership model makes sense. The world’s law enforcement agencies are charged with investigating and prosecuting crimes such as money laundering. But banks are responsible for operating the systems and processes through which
2020’s largest AML fines show a troubling common thread
Compliance is the bulwark against money laundering and other financial crimes across the world. But as recent experiences reveal, increased compliance requirements put a heavy toll on banks and other financial institutions. According to Fenergo’s mid-year report, global financial crime-related
Alternative data in AML: achieving proactive warning on risk
In the coming years binary list services, the port of call for entity screening in AML processes, may become more obsolete as alternative data sets will start to augment, or even replace, these traditional methods. Alternative data can come in
Know Your Donors: the improving KYC picture for charities and banks
Having to perform due diligence on customers is a priority for all businesses to make sure that risks are averted. When your organization not only operates in multiple jurisdictions, but has to justify their business decisions to multiple stakeholders
AML Alternative Data – Detecting Emerging Risk
How can financial institutions make the most of alternative data sources to improve KYC and AML processes and achieve proactive warning on risk? In this white paper we look at the rise of alternative data, being more than just a resource
Meeting compliance and the challenges of manual onboarding and KYC refresh for banks
Many banks struggle to streamline their KYC workload - and please regulators - due to their oversized compliance teams. Not only this, but the amount of manual work that is undertaken by these segmented teams is similarly large, causing
Sanctions: Understanding the Global Chessboard
Many compliance professionals are familiar with OFAC (Office of Foreign Assets Control) and UN (United Nations) related sanctions but what is less known is that some of the measures within them are not too dissimilar to foreign policy efforts
Ecclesiastical crime: the due diligence challenge for churches and banks
Companies of all types fall into the trap of embezzling dirty money, and many investigations worldwide have looked into the roles of religious institutions in the clearing of illegal cash. This can take into account organisations across any religion
UWOs raise the stakes for banks on anti-money laundering
The UK has a new weapon at its disposal in the battle against money laundering – and it is not afraid to use it. Unexplained wealth orders (UWOs) potentially enable the UK authorities to seize the assets of those
The FinCrime Files – Q&A with Tom Christopherson, Art Law Consultant
In our continuing series of the FinCrime Files, we caught up with Tom Christopherson, Art Law Consultant at Bonhams and Constantine Cannon LLP and former European General Counsel at Sotheby’s. 2020 saw the fifth EU Money Laundering Directive (5MLD) come into