This week, the FCA imposed a near £30m fine on Starling Bank for what it described as ‘shockingly lax’ financial crime controls that left the bank vulnerable to criminal activity. The UK-based digital challenger bank launched in 2016 and quickly … Read More
AML
The hidden dangers of shoddy AML data coverage
In Anti-Money Laundering (AML) compliance, where every decision can have extensive consequences, there’s one critical factor that often flies under the radar: the quality of your AML data coverage. And the stakes are high. Using inaccurate or incomplete data during … Read More
How to identify and reduce the risk of AML fines and inefficiencies
There is a fine balance between driving revenue, ensuring compliance, and maintaining operational efficiency in regulated firms. Nowhere is this truer than in the area of Anti-Money Laundering (AML) compliance, where the stakes are high. The regulatory landscape in the … Read More
6 AML compliance mistakes you didn’t know you were making
Compliance teams in regulated firms face a constant balancing act of staying efficient while ensuring Anti-Money Laundering (AML) procedures are comprehensive enough to prevent financial crime and mitigate undue risk. The pressure is constantly on to streamline processes, minimise errors, … Read More
5 essential steps for AML compliance in global business growth
For many firms, expanding into new markets offers huge potential for growth. With every new country comes a fresh pool of customers, greater revenue potential, and the chance to become a global player. But with great opportunity comes significant risk … Read More
The biggest AML blunders: 5 case studies and lessons learned
A closer look at some of the biggest AML failings of recent years and how these headline-making cases became a stark reminder of the critical importance of robust AML practices. … Read More
The NCA’s National Strategic Assessment: Essential AML takeaways
Yesterday, the National Crime Agency (NCA) released its latest National Strategic Assessment (NSA), providing a comprehensive analysis of the current state of serious and organised crime in the UK. This year’s report highlights a growing threat from drug-related crimes, with … Read More
The King’s Speech 2024: Key takeaways for AML and FinCrime compliance
Marking the start of the parliamentary year, King Charles delivered the newly instated Labour government’s first King’s Speech to both Houses of Parliament last week. In a speech written by the sitting government, the King outlined the draft laws which … Read More
5 key AML strategies for investment management firms
With the value of global assets growing rapidly and criminals looking to exploit every avenue to funnel dirty money, investment managers today face both evolving financial crime risks and increased regulatory scrutiny. The wealth and investment management industry is fraught … Read More
Striking the right balance: Streamlining AML compliance and onboarding efficiency
In the regulated investment management industry in the UK, anti-money laundering (AML) compliance is not merely a legal obligation but a strategic opportunity to improve customer experience and boost efficiency. And yet, compliance teams within these firms face a daunting … Read More