Nick Parfitt

Blackdot’s recent webinar unpacking the upcoming changes to EU AML regulations is now available to watch on demand. Follow the link below to hear anti-financial crime expert Matthew Redhead explain what the new rules mean for businesses and regulators, and what they’ll need to do to adapt: https://hubs.li/Q02B1Dzb0 #Compliance #AML #AntiMoneyLaundering

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Cracking article from Yvonne D. over at Pinsent Masons on the recent Bank of England announcement directed at the UK FMIs to scenario test for “extreme but plausible” events. Yvonne mentions potential risks posed by new technologies such as AI. How that all pans out is really tough to predict but one thing is easy to predict is that there'll be disruption. Not the standard marketing/sales pitch version of disruption "hey we're a disruptor" and "we're here to disrupt the market"...we'll all been subjected to that gibberish pitch at some point.....when you take a look under the bonnet they're nothing more than a complimentary product. True disruption brings obsolescence. AI, or more AGI, has the potential to bring rapid obsolescence. When you look at fintech through that lens it's easy to see why the regulators are soooooo focussed on OpRes right now. What are the 2 main features we look for when we invest in a fintech? Ability to scale and deliver a return. What happens when an established fintech becomes obsolete? Financial instability? Service deterioration? Potential for increase concentration risk that comes with a supplier being taken over? That disruption is pretty predictable but where it'll happen is impossible to say. Have a read of Michele Wucker's brilliant book "The Grey Rhino", Michael Grimwade's "Ten Laws of Operational Risk", Clayton Christensen's "The Innovator's Dilemma" and obviously Mustafa Suleyman's "The coming wave" for a clear indication of where I'm "borrowing" this thinking from.

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Please join me at the brilliant AMLP Forum on Thursday 25th at the Exchange House in London for all the latest updates on financial crime and its overlaps with ESG, consumer duty and other risks. Looking forward to seeing you all there! #FCC #financial crime #antimoneylaundering

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The #FCA have published an updated "Approach Document" (Version 6, November 2024) with guidance for payments firms (link in comments below). The Approach Document is extremely helpful guidance which sets out the FCA's expectations for payments firms #emoney #payments #fintech

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Identifying these enablers proactively is crucial in the fraud world to prevent bad actors entering the bank in the first place, to protect customers against scams and to identify signs of lending fraud pre or post application. Importantly this is not just restricted to banking - the same techniques are used across government programs, insurance fraud and to facilitate corruption. Thanks Tom McNally Ivan Heard Ross A. Steve Lenderman, CFE Quantexa #mules #shells

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Finally - a FREE EOY KRI Template built by financial crime professionals for financial crime professionals 😊 Our CEO & Co-Founder, Natasha Vernier, who served as the Head of FinCrime at Monzo Bank, knew all too well how time-consuming an End-of-Year KRI report can be, especially when juggling dozens of other responsibilities 🫠. So she did the obvious thing and created a template that can be used to easily communicate to key stakeholders how well the KRIs are performing that year 😎 Just click the link below to download our End-of-Year KRI Template and streamline your compliance processes! 🚀 https://hubs.ly/Q02DzLhJ0 #Compliance #FinancialCrime #KRIs #RiskManagement #FreeTemplate #Cable #CableTech

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Breaking news on Friday afternoon: AML/CFT Guidance for VASPs How the NZ AML/CFT regime applies to virtual asset service providers ("VASPs" - eg crypto issuers, wallet providers, payment networks and exchanges) has been a topic of debate for many years, and the ambiguity continued despite the recent VASP regulations. Today, the Department of Internal Affairs (DIA) released guidance (Guidance) for virtual asset service providers (VASPs) on the stage 2 amendment regulations under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (Act). The Guidance gives direction to VASPs in understanding how to approach virtual assets, their quasi-money treatment, and the nature of transfers involving them. It also makes clear the consequences of virtual assets being pulled into the wire transfer regime – that short change of definitions actually represents what is likely the most substantive impact for VASPs, but may not have been understood by all from what is on the regulations’ pages. Many thanks to Sam Short and Darlene Hu for your help putting the note together! And to Jeremy Muir who is buried in the Reserve Bank's CBDC working group today - noting that digital representations of fiat are carved out from virtual assets!

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📢 New MLRO Handover Guide 👇 The FINTRAIL team has produced a comprehensive guide for effective handovers and seamless role transitions for MLROs, Heads of Compliance and Heads of Financial Crime. 📘 What's inside? - A template for a handover document to provide to your replacement - A list of questions to ask your predecessor as you step into your new role Gain insights into best practices for effective handovers and ensure your transition aligns with regulatory expectations. 🔗 Download now: https://lnkd.in/eAsMEJjH #mlro #fincrime #compliance

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🌍 Have you read our new expansion guide for fintechs? 🌍 As the fintech landscape matures, scaling across borders offers immense growth opportunities — but it comes with challenges, from regulatory complexity to financial crime risks. FINTRAIL has partnered with Fourthline to bring you an essential guide on best practices for market expansion across Europe. Our guide covers key questions to consider when designing onboarding controls for new markets, ensuring your growth is balanced with compliant risk management. 📥 Download the guide and hit the ground running when expanding to new markets: https://lnkd.in/eNJcfvy8 #Fintech #MarketExpansion #FinancialCrime #Compliance #Growth #RiskManagement

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With the increasing disruption by AI LLMs and other similar technologies in regulated banking space, Data quality is of essence. Compliance with rules like 17a-8 under the Securities Exchange Act (1934) requires registered broker-dealers to comply with the reporting, record-keeping, and record retention provisions in the context of SAR / AML reporting and beyond. Industry specialists like Craig Timm (Senior Director, AML with ACAMS) highlighted the role of cleaning up data and deploying AI technology to perform AML risk assessments in his recent conversation with Reuters. At Apexon, we have designed a flexible AML Risk Assessment Framework tailored to help banks enhance the efficiency of their risk assessment processes. Leveraging industry-leading trends such as data-driven insights, automation, and advanced analytics, this framework enables banks to optimize resource allocation, adapt swiftly to evolving regulatory requirements, and mitigate risks more proactively. Check out the full details on our website and share your views! #AML #Regtech #Riskassessment #Datasolutions #Compliance Bhavya Kashyap Srinivasan Jayaraman Sandeep Singh Sriniketh Chakravarthi Rob Gwyther Kunal Madub Alap Parikh Ankur Shrivastava Rhea Raj Suhas Rao Prasad Valavade Gary McGilvary Billie Parker Murali Kotagiri

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What is the true cost of financial crime compliance in the UK? Check out the latest study with LexisNexis Risk Solutions 👇

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Check out our latest AML Conversations: The Solutions Series episode, which explores the vital role of Adverse Media Monitoring in Risk Management. As financial crimes evolve, AMM is now a 'must-have', offering a proactive approach to identifying potential risks. #AMLRightSource #BlueUmbrella #RiskManagement #AdverseMediaMonitoring #FinancialCrimeCompliance

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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

Metro Bank’s recent £16.7 million fine highlights a serious lapse in monitoring systems that left millions of transactions unchecked for financial crime risks between 2016 and 2020. Watch as we break down what went wrong and the importance of robust AML/CFT controls in today’s financial landscape, in this week's Weekly Words of Wisdom. #AML #FinancialCrime #Compliance #MetroBank

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