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
AML
6 AML compliance mistakes you didn’t know you were making
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
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
The biggest AML blunders: 5 case studies and lessons learned
Over the past decade, Anti-Money Laundering (AML) compliance has faced major challenges, with numerous high-profile failures resulting in record fines. Despite increased regulations and advanced tools, major financial institutions continue to make costly missteps, underlining the importance of robust AML practices. … 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
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
Striking the right balance: Streamlining AML compliance and onboarding efficiency
Firms in the UK face the challenge of balancing stringent AML compliance requirements with efficient client onboarding processes. By adopting a risk-based approach and leveraging automated technologies, firms can streamline due diligence and monitoring efforts, improving both regulatory adherence and operational efficiency. … Read More
How to unravel complex corporate structures and unveil the truth behind international entities
Unraveling complex corporate structures and identifying Ultimate Beneficial Owners (UBOs) is a significant challenge for compliance teams in the UK lending industry, especially with international entities. Technology can simplify this process by providing global data coverage, clear corporate relationship mapping, and real-time UBO verification, streamlining due diligence and ensuring regulatory compliance. … Read More
6 ways to continuously improve your KYB compliance processes
Continuous improvement of KYB practices not only ensures adherence to evolving regulations but also empowers firms to stay ahead of emerging risks, ultimately fostering trust with clients and stakeholders. … Read More
How to mitigate KYB risks in your legal firm: practical strategies for compliance teams
Complying with Know Your Business (KYB) regulations for legal firms is both a statutory requirement and a strategic imperative to prevent fraud and money laundering. This includes a thorough understanding of KYB requirements, implementing robust customer due diligence processes, and establishing effective beneficial ownership identification. … Read More