2023 an eventful year for compliance professionals, filled with countless developments, changes, and challenges. The landscape saw a significant surge in sanctions, accompanied by some record-breaking fines related to anti-money laundering (AML) failings and non-compliance. Additionally, new legislation and regulatory requirements emerged, shaping the compliance industry in unprecedented ways.
Throughout the year, we have kept our fingers on the pulse of these developments to ensure that we bring you the most up-to-date information and insights from across the compliance landscape.
So, we’ve taken a deep-dive into our extensive archive of compliance articles from the past year to see which pieces the compliance profession found the most valuable in the last 12 months.
#1: A complete guide to anti-money laundering regulations in the UK
In the UK, certain businesses are subject to stringent anti-money laundering regulations. These include firms such as banks, building societies, gambling, real estate, and the high value and luxury item trade, among others. With the risk of crippling fines and revocation of trading abilities for non-compliance, getting AML compliance right in these firms is business-critical.
This comprehensive guide provides an overview of key anti-money laundering regulations and how firms can achieve compliance to avoid fines and penalties.
#2: What is the difference between a Beneficial Owner and an Ultimate Beneficial Owner of a company?
In the world of corporate ownership, understanding the distinction between a Beneficial Owner and an Ultimate Beneficial Owner is crucial. Distinguishing between these two terms is essential in order to gain a comprehensive understanding of the ownership structure and dynamics within a company.
#3: What can we learn about money laundering from Ozark?
We take a deep dive into the gripping world of the acclaimed Netflix drama, Ozark, unravelling the enigmatic character of Marty and weighing up whether his daring escapades would ever occur in real life.
As we explore the intricacies of money laundering depicted in the show, we shed light on the harsh reality of this illicit activity and take a look at how the latest tools and technology can combat and prevent such heinous financial crimes, providing invaluable insights for businesses and individuals alike.
#4: 5 essential steps for KYC onboarding and AML compliance
A look at the five essential steps that firms must undertake to deliver their Know Your Customer (KYC) onboarding and Anti-Money Laundering (AML) compliance requirements. By implementing these crucial measures, businesses can mitigate risks, ensure regulatory compliance, and safeguard their operations in an ever-evolving financial landscape.
#5: Financial crime in 2022: the biggest scandals, heftiest fines and most shocking cases
From imposing hefty fines on major corporations involved in fraudulent activities to instances of regulatory non-compliance that have shaken the financial world, we took a look at some of the most shocking financial crime scandals that unfolded in the past 12 months, shedding light on the importance of vigilance and compliance in regulated sectors.
#6: Why are PEPs high-risk, or are they not all that bad?
Are all PEPs as high-risk as they are made out to be? In this article, we take a look into the reality behind the perception and explore effective strategies to manage the risks associated with PEPs.
#7: 5 ways to help prevent financial crime
In today’s fast-paced world, financial crime has become a significant concern for individuals and businesses alike. We share some invaluable insights on how to protect your organisation from falling victim to fraud and significantly reduce the risk of financial crime.
#8: The five biggest AML compliance challenges facing financial institutions in 2023 and how NorthRow can help
With the number of regulations and complex compliance requirements increasing, financial institutions are constantly grappling with the ever-evolving landscape of anti-money laundering (AML). We take a look at the intricacies of AML compliance and examine the top five challenges faced by financial institutions.
#9: 4 signs you need to digitise your AML compliance processes
Compliance in today’s ever-changing landscape has become increasingly complex. Each day brings new regulations and legislation that professionals must stay alert to.
Utilising modern software solutions for regulatory AML compliance management can not only save your organisation thousands of pounds typically spent on external legal advisory services and regulatory fines, but also protect against reputational damage. Additionally, these solutions can enhance productivity, minimise manual and human errors, and foster a happier compliance team.
In this comprehensive guide, we explore four unmistakable signs that indicate the need to digitise your AML compliance processes.
#10: Will a cashless society be the end of financial crime?
A surge in contactless and card payments during the coronavirus pandemic has ignited a conversation around the move to a cashless society. Cash is often the preferred medium for illicit activities such as money laundering and tax evasion. By eliminating cash, it becomes more challenging for criminals to hide their illegal activities and manipulate the financial system.
With the transition to 100% cashless transactions, there is a potential to significantly reduce certain types of financial crime, but will digital transactions end it entirely?