Luke Louca FCMA, CGMA®, CAMS, MiP

🔍 NEW BLOG | Money laundering in the UK Our Head of Investigations Tony McClements says that an increase in money laundering cases indicates that the UK is finally getting to grips with money laundering as an indictment. Read his latest analysis in GRIP ⬇️⬇️ https://lnkd.in/eMgrdM7g #fraud #moneylaundering #prosecutions

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📢The FCA has fined Metro Bank £16 million for significant anti-money laundering (AML) control failings between 2016 and 2020. The bank's inadequate systems failed to monitor over 60 million transactions totalling £51 billion, leaving the financial system vulnerable to misuse. This penalty underscores the critical importance of robust compliance frameworks in the financial sector. Firms must prioritise effective monitoring and swift remediation of deficiencies to safeguard against financial crime. At Objectivus, we help firms establish and maintain robust compliance and financial crime frameworks. For advice or support on strengthening your AML framework or addressing compliance concerns, contact us at [email protected]. For a comprehensive analysis of the FCA's findings read more at: https://lnkd.in/e-6fwPSB

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Responding to the Financial Conduct Authority (FCA)’s consultation on payment optionality for investment research, AFME (Association for Financial Markets in Europe) has warned that the association’s proposed approach risks misalignment with other financial centres. #Trading #Markets #CapitalMarkets #Consultation #PaymentsOptionality #GlobalTrading https://lnkd.in/e4qCQmW4

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Representing an ongoing discussion in its Market Watch bulletin, the FCA notes the challenges faced by Financial Services organisations ‘to ensure a consistent approach where there are vague or undetailed policies and procedures’ in relation to Financial Crime risk. In the absence of clear, detailed and up-to-date guidance, information processing may be insufficient or incorrect, and alerts may be prematurely closed rather than escalated. In this case study of a project for a global tier 1 Bank, discover how MHC implemented new, globally consistent KYC policies and procedures across several locations and trained staff to give them guidance and helpful reference points in how to respond, thereby safeguarding the Bank against threats. Learn more: https://bit.ly/3HOfGAM #KYC #FinCrime #TechConsulting #FinancialServices

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❌ You can't afford to have a backlog. In Financial Crime, some backlogs will push you dangerously close to the edge of non-compliance (if not over the edge). But it happens.   ℹ️ The team at DCM has put together a list of avoidance techniques to detect issues and promote a culture of vigilance. Are your controls holding up and are they effective? Reach out to our team if you need any support: [email protected] #FinancialCrime #KYC #Backlog #Remediation #ManagedService #DearCEO #AMLCompliance

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JFA upbeat following islands MONEYVAL Assessment The Jersey Funds Association has welcomed the latest assessment of Jersey’s capability to combat financial crime undertaken by MONEYVAL.  The findings have further endorsed the high standards Jersey holds itself to as an international finance centre (IFC). The publication of the Fifth Round Mutual Evaluation Report is the culmination of a two-year period of assessment and a peer review process, following a visit by a team from MONEYVAL – The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – in late 2023. Commenting on the Report, Michael Johnson, Chair of the Jersey Funds Association, said: “It’s particularly pleasing to see Jersey being recognised for the substantive joined-up approach of our finance industry, working in tandem with the Government of Jersey, the Jersey Financial Services Commission and other agencies to form an effective ecosystem offering high levels of confidence to investors. “The Report, which stands as a strong endorsement for the island, notes that in respect of risk understanding and national co-operation and co-ordination, Jersey reaches a level of effectiveness that is among the highest in those jurisdictions assessed.” For more information on this story click here. https://lnkd.in/e9y5Q_ig #jerseyfunds #funds

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Standard Chartered Bank, Liverpool FC's primary sponsor, has recently faced serious allegations of money laundering and funding terrorist activities. This London-based financial institution admitted to processing transactions that violated international sanctions, including those related to Iran. These activities occurred from 2007 to 2011, involving substantial sums of money, leading to severe legal and financial consequences for the bank. The U.S. Department of Justice and the New York County District Attorney’s Office charged Standard Chartered with conspiracy to violate the International Emergency Economic Powers Act (IEEPA). The bank agreed to forfeit $240 million and pay an additional $480 million in fines, along with extending their deferred prosecution agreement for another two years. The sheer scale and audacity of this scandal are almost unbelievable. It is astonishing how a reputed financial institution could be entangled in such extensive misconduct, showcasing the lengths to which some entities might go to circumvent regulations. #CorporateScandal #FinancialMisconduct #RiskManagement #CorporateGovernance #Transparency

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Standard Chartered Bank, Liverpool FC's primary sponsor, has recently faced serious allegations of money laundering and funding terrorist activities. This London-based financial institution admitted to processing transactions that violated international sanctions, including those related to Iran. These activities occurred from 2007 to 2011, involving substantial sums of money, leading to severe legal and financial consequences for the bank. The U.S. Department of Justice and the New York County District Attorney’s Office charged Standard Chartered with conspiracy to violate the International Emergency Economic Powers Act (IEEPA). The bank agreed to forfeit $240 million and pay an additional $480 million in fines, along with extending their deferred prosecution agreement for another two years. The sheer scale and audacity of this scandal are almost unbelievable. It is astonishing how a reputed financial institution could be entangled in such extensive misconduct, showcasing the lengths to which some entities might go to circumvent regulations. #CorporateScandal #FinancialMisconduct #RiskManagement #CorporateGovernance #Transparency

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On November 12, the UK Financial Conduct Authority (FCA) imposed a £16,675,200 fine on Metro Bank PLC for failing to adequately monitor transactions for money laundering risks between June 2016 and December 2020. Key Failings: - Metro’s automated transaction monitoring system, introduced in June 2016, failed to monitor transactions occurring on the same day accounts were opened or before account records were updated. - Concerns raised by junior staff in 2017 and 2018 did not lead to timely identification or resolution of the issue. - A fix implemented in July 2019 lacked a mechanism to ensure consistent monitoring until December 2020. Impact: Over 60 million transactions, valued at £51 billion, were inadequately monitored for money laundering risks during this period. FCA Statement: Therese Chambers, joint executive director of enforcement and market oversight, emphasized that Metro’s prolonged failings posed significant risks to the integrity of the financial system. Corrective Actions: Metro Bank has since implemented measures to address these deficiencies and strengthen its financial crime controls. Read more here - https://lnkd.in/g6mxfrTc For more updates on regulatory enforcement and financial compliance, follow Global Regulatory Insights. #MetroBank #FCA #FinancialCrime #MoneyLaundering #Compliance #GRI

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✍️ New article: Suspicious Activity Reporting (SAR) Responsibilities for Payment & Emoney Firms The FCA recently sent a letter to some payments and Emoney firms, where they were reminded of their responsibilities regarding Suspicious Activity Reporting (SAR).   As financial crime continues to evolve, regulators have stressed that firms in the payments and Emoney sectors must prioritise their SAR framework.   Our latest article provides key insights into enhancing your SAR process, including:   ·      Establishing robust detection systems (manual and automated) ·      Senior oversight for effective alert management ·      Keeping accurate SAR volumes to meet regulatory standards ·      Regular staff training to combat financial crime   Read the full article now: https://lnkd.in/e76pWM2m   #Payments #Emoney #EMI #financialcrime #antifinancialcrime #SAR #FCA #Compliance

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Our very own Claire Rees DipFCP, DipAML, Financial Crime Regulatory Specialist takes a closer look at the proposed FCA guidance for transaction monitoring in our recent blog: https://hubs.li/Q02z2DBj0 #AML #financialcrime #amlcompliance #FCA #TransactionMonitoring

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The National Crime Agency (NCA) is partnering with seven major UK banks to use innovative data sharing to tackle organised financial crime. This collaboration aims to protect the public and strengthen the integrity of the UK's financial sector.  #financialcrime #datasharing #nca #ukbanks

🔎Unraveling the intricacies of Suspicious Activity Report (SAR) narratives in the realm of financial crime can offer enlightening perspectives. A recently explored article ( https://lnkd.in/eP9X3GwW ) digs deep into this domain, elucidating the importance of quality, accuracy and completeness in SAR narratives for seamless law enforcement endeavors. 📚 Firstly, it's key that all known subject information is included, ensuring precision and preventing disorganization that might hinder further analysis. 📊 Secondly, clarity is paramount as SAR narratives shape law enforcement's understanding of potential criminal activities. The completeness of narratives, therefore, cannot be compromised. 🧩 Lastly, statements of remedial actions stated in SAR narratives must be followed through with due diligence, as these commitments become the basis of future audits, regulatory checks, and prosecutions. 🖋️ Striving for more knowledge? Fear not! Our world-class learning platform features myriad of courses, webinars, and certifications. 👩‍🎓👨‍🎓 Linking closely to the theme of SAR narratives, the platform offers insights into relevant topics. The platform enables learners to acquire in-demand skills via on-demand courses, thereby fostering career growth and knowledge enhancement. 🚀 🤔 DO YOU WANT TO LEARN MORE? Get instant access to over 100+ on-demand online courses and expert-led webinars which are included in our all-access membership. ✔️ 100+ Courses and Webinars ✔️ Certification Programs (e.g., CFCP, CAIP, etc.) ✔️ Interactive LMS ✔️ Completion Certificates ✔️ Learning Paths ✔️ Live Tutoring ✔️ Global Community ✔️ Resource Hub ✔️ AI Tutor 🎯 HOW TO GET STARTED? ➡️ Explore membership options: https://lnkd.in/eBMJ6vHF ➡️ Learn more about what’s included: https://lnkd.in/esQHr6px #FinancialCrimeAcademy #AntiMoneyLaundering #MoneyLaundering #AntiFinancialCrime #Compliance #CorporateRiskManagement #Education #Finance #FinancialCrime #SARNarratives #LawEnforcement #FinancialInstitutions #RegulatoryChecks #Audits #ProfessionalDevelopment

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One of my concerns around digitalisation, it carries risk, it is therefore vital that this is monitored and tested regularly. Operational Resilience is a key focus for the regulator and with new rules coming in to play in January 2025, it is even more essential to ensure your systems are running compliantly and in line with Consumer Duty too. #Kind #Insight #Criticalfriends #Support #FinCrime #OpsRes

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Today’s focus on Financial Action Task Force (FATF) standards and cross-border collaboration reinforced the importance of comprehensive supervisory frameworks that meet international best practices. FATF’s guidance supports measures for combatting financial crime globally, making cross-jurisdictional collaboration essential.    Special thanks to our Chief Advisor on financial crime, Hamish Armstrong and Sameera D., AML/CFT Divisional Head at the South African Reserve Bank for their expertise.  Read more about the programme here: https://bit.ly/40GA9Dj #CFCT #AML #FATF #CombattingFinancialCrimeTogether

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Look out for AML - the essentials, issue 32 which will be published on Monday. As well as the latest regulatory updates, it will also include the launch of ICAEW's new Guidebook for money laundering reporting officers. Check back on Monday to download the Guide. #icaewRegulation #antimoneylaundering

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