AML during Covid-19: no room for complacency
Even common criminals and drug dealers are affected by Covid-19. As lockdowns and quarantines kept almost a third of the human population indoors, violent crime rates dropped drastically all over the world. Sadly, the same cannot be said about white
What does the future hold for AML and KYC data?
“There are some decades where nothing happens, and some weeks where decades happen” – Vladimir Il’yich Ulyanov (Lenin) Coronavirus has changed the world. But the changes it will accelerate have been brewing for years. Those of us who are working remotely
US financial crime spending lags behind European counterparts
While we see that the financial crime rate is on the increase due to the coronavirus pandemic, a report from LexisNexis has revealed the worldwide spread of spending in relation to financial crime compliance, finding that North American firms
The FinCrime Files – Q&A with Caroline Kennedy, Head of Financial Crime Control Operations at Santander UK
In the latest of our FinCrime Files interviews, we caught up with Caroline Kennedy, Head of Financial Crime Control Operation at Santander UK. She discusses the difficulties behind unstructured data for fighting financial crime, the key benefits of artificial
Is there light at the end of the corona-scam tunnel for financial services?
The globe has been halted in its tracks for the past few months due to this ongoing pandemic. It has caused just as much disruption for businesses worldwide as past economic downturns, and still there are those that profit
Decoding the links between modern slavery and money laundering
Viruses are deadly because they are not easy to kill, let alone eradicate from nature. Slavery is a bit like a virus that refuses to die down in human society. As of 2020, virtually all nations on earth have
South East Asia banks feel pressure to boost AML processes
The ongoing 1MDB scandal has shone a harsh spotlight on the way South East Asian banks conduct anti-money laundering (AML) procedures, including adverse media screening. The scandal surrounds the 1 Malaysia Development Berhad (1MDB) state investment fund in Malaysia, the
The role of data sharing in AML & CFT in the era of data leaks
Explosive data leaks and dumps have become the new norm in the world of international finance. After the global fallout of the Panama Papers and the Paradise Papers in recent years, we have witnessed yet another massive data dump
Why insurers must get to grips with due diligence and financial crime
Insurers might assume financial criminals such as money launderers do not have them in their sights, but there is no room for complacency. It is true that they represent a less direct means to legitimise dirty money and to
5AMLD goes live: What the EU’s Fifth Money Laundering Directive brings
Designed to add more teeth to the current EU laws combating the rampant menace of money laundering across the continent, the Fifth Money Laundering Directive (5AMLD) became EU law on 10th January 2020. It includes a host of significant
Addressing the AML risks of cryptocurrencies
With the recent explosion in cryptocurrencies, from the early beginnings of Bitcoin back in 2009 through to J.P. Morgan testing their own digital coins for institutional clients in 2019, there still remains serious unanswered questions about the