This Month in Compliance: May 2022

Posted on May 31, 2022
Written by Natalie Davies

Each month, we take a look at the latest compliance news and insights to keep you on top of what you need to know from across the industry.

During May, an eye-opening Europe-wide report on compliance from the Council of Europe was launched, while fintech companies and compliance professionals continued the countdown to Money20/20. 

See the Next Generation of Compliance Software at Money20/20 Europe

Throughout the month of May, we’ve been making our final preparations for Money20/20. A number of NorthRowers will be heading to Amsterdam next week for the flagship event in the fintech calendar, and we’ve been keeping some exciting news under our hats!

Featured by The Fintech Times last week, we’re excited to be launching WorkStation from our stand (E66 in Hall 7) at Money20/20! WorkStation offers a new approach to customer due diligence as part of anti-money laundering (AML) compliance processes.

On the imminent release, our CEO, Adam Holden said: “As the flagship event in the fintech calendar, Money20/20 Europe is the ideal stage for us to launch WorkStation and what we believe to be the future of compliance management software. 

“WorkStation helps regulated organisations to streamline AML compliance processes, ultimately speeding up the time to revenue and delighting customers.”

Catch up with the latest NorthRow news ahead of Money20/20 over on The Fintech Times.

Report Finds that European AML Compliance Efforts are Substandard

In early May, the Council of Europe’s Committee of Experts published its annual report on the Evaluation of Anti-money Laundering Measures and the Financing of Terrorism (known as MONEYVAL). The report examines the efforts of, and action required by member states in combatting money laundering and other forms of financial crime. 

The near-40 page report also delves into compliance with international standards in 2021/22, examining the level of compliance with standards set out by the Financial Action Task Force (FATF). 

After a comprehensive review of the implementation of FATF recommendations by its member-jurisdictions, the annual report concluded that: “It can be observed that MONEYVAL member states and jurisdictions continue on average to demonstrate a moderate level of effectiveness in their anti-money laundering and combating the financing of terrorism efforts. 

“Thus, the median level of compliance continues to be below the satisfactory threshold.”

With European nations performing well in the areas of risk assessment, international co-operation and use of financial intelligence; they are lacking in financial sector supervision and private sector compliance. 

Additionally, shortcomings in the transparency between states of money laundering convictions and confiscations, financial sanctions for terrorism and proliferation of weapons of mass destruction was also cited as an area of national compliance weakness. 

Read the MONEYVAL report in full

Getting Ahead for Future of Compliance at ICA Live: Europe

As in-person events continue to make a return, we were delighted to sponsor the International Compliance Association’s annual ICA Live: Europe Conference earlier this month.  

The very best thought leaders came together at the home ground of Surrey County Cricket Club for two days of practical insight and debate on the topics shaping the future of financial crime prevention and regulatory compliance in the UK and Europe.

Check out our recent article for our three key takeaways from ICA Live.