For legal firms, Know Your Business (KYB) compliance is often seen as a regulatory burden, yet it holds the potential to be a powerful enabler for growth and competitive advantage. With increasing regulatory scrutiny, a robust KYB framework not only safeguards reputations but also attracts discerning clients and opens doors to new markets requiring stringent compliance measures. … Read More
AML
Tackling the most common KYB challenges in legal firms
KYB is not without challenges. Legal firms often face complexities in identifying UBOs hidden within complex ownership structures, especially with multinational corporations. Client onboarding and managing high volumes of client information can be resource-intensive, and international clients add layers of complexity due to jurisdictional variances and data access issues. … Read More
Maximising efficiency: The KYB process explained
Automating the KYB process offers a transformative solution for organisations looking to streamline operations and enhance their due diligence efforts. By embracing automation, businesses can not only save time and reduce human error but also scale their operations effectively while maintaining the quality of their compliance efforts. … Read More
Changpeng Zhao’s Sentencing: AML Compliance Challenges For Crypto
Changpeng Zhao, the founder and former CEO of Binance, was sentenced to just four months in prison after pleading guilty to money laundering charges tied to actions taken the previous year. This ruling marks a significant moment in the cryptocurrency world, as Zhao becomes the second high-profile crypto executive to face legal consequences. … Read More
Understanding the vital role of AML training in regulated firms
As regulatory scrutiny intensifies in the UK, the implementation of robust AML measures has become more crucial than ever. Central to this is effective AML training, which empowers employees across regulated firms with the knowledge and skills needed to identify, prevent, and report instances of money laundering and related financial crimes. … Read More
Wired-In webinar: AI in Payments – Security and User Experience
In our latest Wired-In webinar, SEON’s CEO, Tamas Kadar, assessed the ripple effect of AI in payments, highlighting dynamic challenges and opportunities to achieve transformative change. … Read More
The EU’s Anti-Money Laundering Authority (AMLA) – what is it and what could it mean for AML compliance?
As the EU’s newly centralised force in overseeing anti-money laundering (AML) regulations, the AMLA will work to coordinate national authorities, directly supervise high-risk financial entities, and promote consistency in anti-money laundering practices across the Union. … Read More
AI tops the list of biggest threats to regulated firms this year
A recent survey by NorthRow reveals that 55% of regulated businesses in the UK view artificial intelligence (AI) as their biggest threat for the year, followed by the evolving regulatory landscape (46%) and economic volatility (45%). The survey, which interviewed c-suite executives and compliance officers, also highlights that 39% of respondents see regulatory and political change as a major challenge. … Read More
The role of tech in improving AML processes: overcoming 5 key challenges
AML compliance faces growing challenges like manual processes, complex regulations, and cross-border transactions. Technology-driven solutions enhance efficiency, streamline due diligence, automate monitoring, and ensure compliance with evolving global requirements. … Read More
The three biggest challenges facing AML compliance teams in 2024
Our research reveals that AML compliance professionals face major challenges in resource capacity, regulatory changes, onboarding inefficiencies, and adapting to financial crime trends, requiring agility and investment in talent. … Read More