Financial institutions around the globe continue to face scores of risks related to money laundering, terrorism financing, human trafficking, drug trade and other financial crimes whereby funds are illicitly...
Financial Crime Compliance Resources
Explore a comprehensive collection of insights, articles, and updates dedicated to Financial Crime Compliance. Here, you’ll find the latest trends, expert analysis, and practical resources designed to help you stay ahead of regulatory changes and enhance your organization’s compliance strategies.
March 11, 2021
In the old days, to rob a bank, the robbers would have had to go into the bank to hold it up and make off with the bags full of cash. Today, they can rob a bank from the other end of the world without even leaving their...
March 10, 2021
Challenge
South Africa has strengthened its anti-money laundering (AML) regulations in recent times, but it is still losing between $10 billion and $25 billion a year in illicit financial flows. In 2020...
March 9, 2021
Virtual currencies (sometimes referred to as cryptocurrencies) continue to move into established commerce. The number of merchants accepting the currencies is growing, as are the number of people looking to the...
March 8, 2021
Back in 2008, during an interview with Wall Street Journal, then-President-Elect Obama’s Chief of staff, Rahm Emanuel said ‘You never want a serious crisis to go to waste.’ While he meant that the silver lining to...
March 4, 2021
Highly regulated financial firms operating in the United States are witnessing significant anti-money laundering (AML) legislative and regulatory changes with the passing of theNational Defense Authorization Act of 2021
March 1, 2021
In this edition of our FinCrime Files interview series, we caught up with Colette Best, Director of anti-money laundering at theSolicitors Regulation Authority.
February 28, 2021
At the recent week-longFIBA AML Virtual Conference 2020, the application of innovative technology for compliance (especially AML and CFT) was a recurring theme discussed by expert panelists representing banks,...
February 25, 2021
Over the course of the last two years, we’ve seen regulators and financial institutions make great strides towards thwarting more global crime through the identification of money laundering. Whether it be through the...
February 25, 2021
Organizations today face a number of challenges and risks which has long been accepted as part of their natural course of business. Fraud detection/prevention is one of those challenges as organizations are...
February 25, 2021
Human trafficking is devastating for victims, but typically low-risk for the criminals, whose activities are largely hidden from view. To disrupt human trafficking, law enforcement is partnering with NGOs, financial...
February 25, 2021
Opening corporate accounts at banks is a laborious process which contains multiple friction points. With such a tough KYC challenge on their hands, it is not just the customers that can be disillusioned by a poor...
February 22, 2021
Revelations from the OpenLux investigation underline the need for financial institutions to invest in AML tools and technologies
February 18, 2021
While covered financial institutions are required by FinCEN to know the identity of the individuals who own or control their legal entity customers (also known as beneficial owners), the standard is increased...
February 18, 2021
The large house with high walls topped by razor wire in an upmarket suburb of Dar es Salaam, Tanzania’s commercial capital, had been under surveillance by the police for several weeks due to suspicious vehicles coming...
February 16, 2021
“Something Good This Way Comes”[1]
As the new Congress and the Biden Administration continue to grapple with COVID relief, economic uncertainty, national security and all the proverbial “curveballs” facing society;...
February 16, 2021
The current high unemployment level in the United States, combined with the increase in legitimate remote (work from home) positions, has created a fertile environment in which employment scams are flourishing. Albert...
February 15, 2021
In this edition of our FinCrime Files interview series, we caught up with Chor Teh, Head of Client Lifecycle Management atInvestec.
February 11, 2021
Within financial services, transactional data and supplementary information are vital to the success of financial crime investigations. However, cases that lack typical business activities such as employee payroll or...
February 11, 2021
In previous posts, we’ve examined specific instances of how artificial intelligence (AI) could be used to thwart global financial crime, and how the use of AI-derived insights by financial institutions could...
February 11, 2021
Anyone working in a compliance role in financial services will appreciate the critical part that software plays in effective onboarding, due diligence and anti-money laundering investigations. As banks strive towards...
February 4, 2021
Two key challenges within large banks for transaction monitoring investigations include establishing an economic purpose and verifying complementary lines of business for correspondent banking (CB) customers. Banks...
February 4, 2021
Financial institutions around the world need to heed the warnings highlighted inThe Basel AML Index 2021. The annual global study of 110 jurisdictions, which assesses money laundering risks around the world and ranks...
February 4, 2021
Tom Cardamone, the CEO and President of Global Financial Integrity (GFI), discusses the worldwide challenges of preventing illicit financial flows and how beneficial ownership reporting requirements will greatly assist...
February 2, 2021
When it comes to anti-money laundering (AML), compliance is a cost center for financial institutions and budget pressures are the norm. This begs the question: “How can institutions hold the line on costs while...
March 10, 2021
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February 28, 2021
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February 16, 2021
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