For compliance teams in regulated firms, the challenge is clear: streamline AML processes while preventing financial crime and mitigating risk. Yet even with the best intentions, many firms make costly compliance mistakes that leave them vulnerable to penalties and reputational damage. … Read More
Author Archives: Natalie Davies
5 essential steps for AML compliance in global business growth
Expanding into new markets brings enormous growth potential, but it also introduces complex compliance challenges, especially around Anti-Money Laundering AML regulations. However, with the right approach, AML compliance becomes more than a regulatory hurdle – it can actually fuel growth by building trust and stability in new markets. … Read More
5 manual KYB processes that shouldn’t exist in 2024
Regulated businesses need to transition away from manual Know Your Business (KYB) processes, which are inefficient, error-prone, and risky in today’s tech-driven world. As regulations grow more complex and the need to manage risks increases, manual tasks such as document collection, beneficial owner verification, sanctions screening, risk assessment, and ongoing monitoring are becoming outdated. … Read More
The NCA’s National Strategic Assessment: Essential AML takeaways
The 2024 National Crime Agency’s National Strategic Assessment (NSA) provided a comprehensive analysis of the current state of serious and organised crime in the UK. The NSA also points to a broader rise in serious crimes, including cybercrime, child exploitation, and fraud, despite overall crime rates declining over the past decade. … Read More
Managing PEPs: 4 proposed changes to FCA guidance
As part of their compliance with the Financial Services and Markets Act 2023 (FSMA 2023), the Financial Conduct Authority (FCA) and other regulatory bodies designated by HM Treasury are required to review how firms are applying their guidance to ensure it remains appropriate or requires changes. … Read More
The King’s Speech 2024: Key takeaways for AML and FinCrime compliance
In the first King’s Speech of the Labour government, King Charles outlined legislative plans focused on public health, energy transition, economic growth, and crime prevention, including measures that could impact anti-money laundering (AML) compliance. … Read More
How to proactively manage risk in investment firms with automated KYB
Investment management firms face significant AML compliance challenges due to diverse products, complex client profiles, and varying regulations across jurisdictions. Automated Know Your Business (KYB) solutions streamline risk management by generating accurate onboarding risk scores, creating tailored risk profiles, and providing real-time alerts for proactive monitoring. … Read More
Shifting the perspective: Transforming KYB into a business enabler
Discover how to transform KYB from a compliance headache into a powerful business enabler with our comprehensive guide. … Read More
Achieving data accuracy for KYB in the payments industry
Ensuring data accuracy in Know Your Business (KYB) processes is crucial for compliance in the payments sector, though challenges like data fragmentation and manual processes complicate verification. Automated KYB tools address these challenges by aggregating data from multiple sources, offering real-time updates, and standardising information for accurate, efficient onboarding. … Read More
5 key AML strategies for investment management firms
Investment management firms face significant financial crime risks and regulatory scrutiny, making robust AML compliance essential. Key strategies include developing comprehensive KYB/KYC procedures, adopting a risk-based approach, ensuring ongoing monitoring, and leveraging automated systems to streamline compliance processes and enhance accuracy. … Read More