For firms across the UK’s regulated industries, the stakes are higher than ever. With stringent AML requirements and increasing scrutiny from regulators, the failure to correctly identify UBOs exposes companies to significant financial, legal, and reputational risks. … Read More
Author Archives: Natalie Davies
The invisible stakeholder: An essential guide to UBOs and their hidden risks.
Learn how to tackle UBO risks, meet regulatory demands, and boost transparency with our essential guide. … Read More
7 reasons why Ultimate Beneficial Ownership (UBO) identification matters
Accurately identifying Ultimate Beneficial Owners (UBOs) is vital for regulated firms tackling financial crime. This article explores the complexities of UBO identification, its regulatory importance, and how it safeguards against risks like fraud and reputational damage. … Read More
UK sanctions strike Russia’s war machine: Implications for AML compliance
The UK has expanded its sanctions against Russia, focusing on cutting off supplies vital to Moscow’s military efforts in Ukraine and its influence in Africa. The new measures target 56 entities and individuals involved in supplying military equipment, microelectronics, and drone components, as well as Russian-backed mercenary groups operating in Africa. … Read More
TD Bank’s $3bn fine: Balancing people and tech to avoid the next AML catastrophe
In a dramatic conclusion to one of the most significant AML cases in recent years, TD Bank was hit with a staggering $3 billion fine for violating the Bank Secrecy Act. The case exposed serious shortcomings in TD Bank’s AML policies, shaking the global financial industry and raising critical questions about the bank’s regulatory compliance. … Read More
The SRA’s 2024-25 Business Plan: 3 key takeaways for compliance teams
Earlier this month, the SRA unveiled its 2024-25 Business Plan, highlighting a strategic shift toward risk-based, proactive regulation, particularly targeting AML and sanctions compliance. With heightened expectations for regulatory adherence, law firms must adapt quickly to meet these updated standards. … Read More
Starling Bank’s £28.9m wake-up call: Lessons for compliance teams
This week, the FCA fined Starling Bank nearly £30 million, citing “shockingly lax” financial crime controls that left the bank vulnerable to illegal activities. The UK digital bank’s rapid growth since its 2016 launch highlighted severe compliance lapses, particularly in sanctions screening and AML procedures. … Read More
6 tips to manage false positives and improve AML accuracy
In the complex realm of Anti-Money Laundering (AML) compliance, false positives represent a costly and persistent drain on resources. These erroneous alerts, often irrelevant to true risks, can overwhelm compliance teams, waste valuable time, and even raise regulatory concerns. … Read More
The hidden dangers of shoddy AML data coverage
Data quality during client onboarding can make or break an institution’s defences against financial crime. Inadequate data coverage – such as outdated or incomplete client information – can not only lead to regulatory breaches but also expose firms to significant financial crime risks, undermining both compliance efforts and reputation. … Read More
How to identify and reduce the risk of AML fines and inefficiencies
For regulated firms, AML compliance is a delicate balancing act – where the costs of non-compliance, including regulatory fines, reputational damage, and operational inefficiencies, are too high to ignore. Manual processes, fragmented data systems, and high false-positive rates, add to compliance costs and slow down client onboarding. This, in turn, hampers growth and burdens compliance teams. … Read More