2022 was, undeniably, an interesting year for compliance professionals. From a surge in sanctions, some record-breaking AML fines to new legislation and regulatory requirements, we’ve kept our fingers on the pulse to bring you all the latest happenings from across the compliance industry.
So, we combed through our archive of compliance articles from the past year to see which topics our readers interacted with the most.
#1: Will a Cashless Society be the End of Financial Crime?
In this article, we explore whether a cashless society could actually end financial crime or simply drive criminals to use more sophisticated digital methods.
#2: Why is Ultimate Beneficial Owner Verification Important?
In this blog, we explore the confusion over multiple beneficial ownerships, the complexity of share structures, understanding Trusts and how you can minimise risk exposure when onboarding and monitoring UBOs.
#3: How to Deliver Your KYC Remediation Project
In this blog, we explore how best to equip your business to deliver efficient KYC remediation projects that support compliance, sales and the business as a whole.
#4: What Can We Learn about Money Laundering from Ozark?
We take a look at the acclaimed Netflix drama, Ozark and examine whether Marty’s escapades would happen in real life, the reality of money laundering and the tools available to combat devastating financial crime.
Check out our views on Ozark (no spoilers!)
#5: Client Lifecycle KYC Management: Taking a Holistic Approach
In this article, we explore the importance of implementing an efficient Client Lifecycle KYC Management process.
#6: Anti-Money Laundering Verification and Shell Companies
In this blog, we discuss why shell companies came into existence; tactics used by bad actors to launder money; the progress made on beneficial owner registers and best-practice client due diligence when onboarding shell companies.
#7: Why Do Businesses Need to Do KYC AML Checks?
In this article, we discuss the importance of having robust Anti-Money Laundering and Know Your Customer processes in place to help meet stringent legal requirements.
#8: Simplify Beneficial Owner Verification with NorthRow
For many organisations, getting to the detail of Ultimate Beneficial Ownership is not straightforward. We share how NorthRow can help to make the beneficial owner verification process much simpler.
#9: How to Perform Company Director Checks in a Complex Company Ownership Structure
We examine how compliance professionals and business executives identify clients with suspicious links to organised crime and money laundering.
#10: Ongoing KYC Monitoring
In this article our CPO, Anton Zdziebczok, discusses why effective continuous KYC monitoring is essential for compliance officers if they want to stay ahead of the criminals and satisfy the regulators.
#11: What is a Right to Work Share Code?
With significant changes to how employers conduct right to work checks after Brexit and post-COVID, we take a look at what a Right to Work share code is and how they are used.
#12: Identity Document Capture & Quality Guidelines
An overview of the range of ID Verification applications we provide here at NorthRow to help accelerate customer due diligence (CDD), customer onboarding, and identity verification processes for financial service clients.
#13: Are all Politically Exposed Persons (PEPs) High-risk?
In this article, we discuss what a PEP is, whether all should be treated as high-risk clients and if you should avoid working with PEPs entirely.
#14: What is Know Your Business (KYB) and Why Does it Matter?
We take a look at what KYB is and why it is critical for vetting and verifying businesses to determine whether they are genuine or are being used for unlawful purposes – entities which can span international borders, tax systems and regulatory environments.
#15: The Metaverse and Money Laundering
In an effort to stay ahead of the game we’re constantly looking for the next big breakthrough, and we’re being told that ‘the metaverse’ is it. But is it really, and what effect will it have on AML professionals and the risk portfolio of the businesses they work for?
#16: Configurable Risk-Based Regulatory Rules Engine
In this blog we discuss why a highly configurable rules engine is critical to the customer experience, operational efficiency, and the future-proofing of your compliance processes.
#17: Know Your Customer (KYC) and Know Your Business (KYB) Checks: What is the Difference?
Know Your Customer (KYC) and Know Your Business (KYB) are both regulatory requirements that ensure the legitimacy and verifiability of businesses and individual consumers. But what is the difference between the two?
#18: What is an Ultimate Beneficial Owner (UBO)?
We examine exactly what a UBO is and share why the identification and screening of UBOs is a critical part of AML processes.
#19: The Challenge of Beneficial Ownership
With an increase of digital platforms; rising numbers of first-time investors; and financial markets hitting a number of highs, against a lag in financial firms adopting digital transformation, ultimate beneficial ownership has never been more challenging.
#20: Regulatory Challenges in 2022
In this blog, we looked at the challenges facing regulated business in 2022; and how digital transformation and new technology solutions can deliver corporate governance and compliant risk management operations.
#21: The Future of Compliance: Digital Transformation Meets Regulation
In this blog, we discuss digital transformation and how it can directly impact customer user experience (UX) and service innovation, from the point of client onboarding through to client remediation.
#22: Digital Transformation Meets Regulatory Compliance
Business leaders often see digital transformation as a way to drive growth and streamline operations, whilst strengthening customer relationships. In this article, we discuss what happens when digital transformation meets regulation..
#23: Sanctions on Russia and the new Economic Crime Bill
Ex-PM, Boris Johnson launched a new economic crime bill alongside severe sanctions on Russia before his departure from 10 Downing Street in September of this year, pledging that there will be “nowhere to hide” for foreigners attempting to launder money.
#24: 5 Essential Steps for KYC Onboarding and AML Compliance
In this blog, we highlight five essential steps a firm must take to deliver their Know Your Customer (KYC) onboarding and AML compliance requirements.
#25: Using an API to Help Developers Streamline the Client Onboarding Journey
In this article, we discuss the benefits of integrating a single API for your client onboarding, monitoring and remediation processes.