It now appears inevitable that the global spread of COVID-19 will cause a severe, if hopefully short-lived, recession. All economic downturns prompt greater levels of fraud and money laundering activity. Compliance Officers will need to be on the lookout for warning signs of criminal activity and ensure that the undoubted pressures of the current crisis does not weaken their focus on compliance and proper risk management. In this blog, we discuss the issues facing compliance professionals and how, in the current environment, a compliance team can be more efficient. … Read More
Author Archives: Adam Holden
6th Anti-Money Laundering Directive 6AMLD
Despite the ongoing pandemic and Brexit negotiations, the European Union’s (EU) 6th Money Laundering Directive (6AMLD) comes into effect on the 3rd December 2020. The new directive is designed to invigorate the anti-money laundering efforts of financial institutions by incentivising good practice throughout sectors open to abuse by money launderers. It offers broader liability and more clarity on the regulation, whilst increasing the severity of punishments for money laundering offences. With these tougher rules business leaders will have to take it seriously. Read our latest piece to ensure you are up-to-speed on the Directive’s requirements.
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How to Deliver Your KYC Remediation Project
The importance of KYC remediation cannot be underestimated. With regulation continuing apace many firms are sitting on outdated client data that can expose their business to reputational damage and commercial risk. Whilst KYC remediation is a necessary evil, it has traditionally been a compliance headache. In this blog, we explore how best to equip your business to deliver efficient KYC remediation projects that support compliance, sales and the business as a whole. … Read More
Will Anti-Money Laundering Compliance Still Apply After Brexit?
On the 31st December 2020, the UK will no longer be a part of the European Union, with or without a trade deal agreement in place. Whilst we anticipate that Brexit will affect regulatory compliance for many sectors, the full extent of the impact is somewhat unclear until negotiations have been finalised. In this article, we discuss the potential influence of Brexit on AML compliance and the 5th and 6th Money Laundering Directive. … Read More
What You Should Know About the Government’s Economic Levy Proposals
As a first step towards introducing the Economic Crime Levy, as announced by the Chancellor in his March budget, the Government has issued a consultation document designed to get feedback on how the levy should be introduced. … Read More
All-Time Spike in Commercial Lending: Minimise Your Risk and Ensure Profitable Lending
Commercial lending firms are bracing themselves for an increase in bad debt as the fallout from Covid-19 continues apace. In this blog we explore how lenders can minimise their risk and navigate their way to more profitable lending. … Read More
Digital Identity Verification is Critical to Customer Experience
When opening an account or signing up to a service, your customers expect a fast, secure onboarding experience. Identity verification plays a crucial role, not only ensuring the person opening an account is indeed who they say they are, but, equally, as important, it is crucial to providing an excellent customer experience, especially as firms transition to a digital-first business. In this article, we discuss why digital identity is the future for improved customer experience. … Read More
How Will Brexit Affect Right to Work Compliance?
As lockdown restrictions are easing we look at what the future of compliance and the fight against financial crime might look like. … Read More
Anti-Money Laundering Compliance the “New Normal”
As lockdown restrictions are easing we look at what the future of compliance and the fight against financial crime might look like. … Read More
Digital Transformation Meets Regulatory Compliance
Business leaders often see digital transformation as a way to drive growth and streamline operations, whilst strengthening customer relationships. Sales and operational functions are often the first to see digital investment with compliance usually being the last. … Read More