Rob Moore

Important tips and strategies to avoid being in a backlog situation!

1

Why have a career in financial crime prevention? 🤔 (if you already do - let us know your top thoughts on why it's a good career, by commenting below!) If you're interested in starting or developing a career in this space, read our latest blog. Written in collaboration with Marco B. from FinCrime Agent, the blog covers fincrime prevention as a career, and explores the following: -What does it involve? -Will you get longevity? -What opportunities can it give you? -How can you progress? You can find it on our website! #financialcrimeprevention #careers #jobs

14

2 Comments

The three stages of laundering money are: 1. Placement: The ""dirty money"" or proceeds of crime is placed in the financial system; 2. Layering: Moving funds around financial services, with a view to further disguising the proceeds of crime; and 3. Integration: When the money launderers can withdraw the funds from the financial system and use this for seemingly ""legitimate"" activities. Click below for our online Anti-Money Laundering training course, with access to our Free Demo Course.... #AML #AntiMoneyLaundering #RQCGroup

4

What’s the latest news in compliance? 1️⃣ FATF Ministers commit to stepping up efforts to fight money laundering, terrorist and proliferation financing 2️⃣ Germany’s Commerzbank fined €1.45M for AML failings at subsidiary 3️⃣ UK Finance Unveils Model Clauses for VRPs 4️⃣ Basel Committee’s Stance on AI in Banking 5️⃣ FinCEN Notice: Counterfeit U.S. Passport Cards and Financial Fraud For more extensive coverage, access our latest blog here: https://lnkd.in/d57VKA9R Compliance is challenging, but spektr’s mission is to provide you with tailored solutions and support - do not hesitate to reach out! Here are just a couple of people you can contact directly: Mikkel Skarnager & Jan-Erik Wagner #Compliance #RegTech #RiskManagement

14

❌ 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

62

5 Comments

We are heading in to the key 'audit season' so we thought we should share some themes from our H1 financial crime audits. 🚨 Key Audit Insights for H1 2024: What We Learned 🚨 At FINTRAIL, we’ve just released our overview of the most critical findings from our anti-financial crime audits for the first half of 2024. 🔎 Key Findings: ❗️Customer & Payment Screening controls took centre stage, accounting for the largest number of critical findings. ❗️We also saw gaps in policies and procedures, especially when they weren’t tailored to firms’ specific products or aligned with the latest regulatory updates. ❗️Governance issues like unorganised KYC storage and lack of management information hindered efficiency. 💡 Read the article to learn more: https://lnkd.in/ePyRCCGT As the regulatory landscape shifts - especially with upcoming changes like the UK’s new PEP requirements and mandatory reimbursement for APP scam victims - it’s crucial for firms to stay proactive. If you have an upcoming audit, get in touch to find out more about our services. #financialcrime #audit #fintech #compliance #regulation #AML #FCA #risk

15

Metro Bank’s FCA Fine Highlights AML Imperatives The FCA recently fined Metro Bank Holdings PLC for failing to adequately monitor transactions worth £51 billion between 2016 and 2020. An error left same-day account-opening transactions unchecked, a flaw identified by junior staff as early as 2017 but only fully addressed in 2020. This case underscores three critical points for the financial sector: 1️⃣ Rigorous Compliance is Non-Negotiable – Compliance gaps carry significant financial and reputational risks. 2️⃣ Early Intervention Matters – Addressing concerns quickly is essential to minimizing exposure. 3️⃣ Evolving AML Standards Require Up-to-Date Systems – Robust technology and continuous system assessments are key in meeting today’s regulatory expectations. As financial crime grows increasingly sophisticated, the importance of proactive, resilient AML measures cannot be overstated. Full article below https://lnkd.in/dZs53PWm

5

🏦 The Wolfsberg Group, an association of twelve global banks that develops frameworks and guidance for managing financial crime risks, has had a busy couple of weeks. ⚖️ Last week, it announced its response to the UK’s HM Treasury consultation on improving the effectiveness of the Money Laundering Regulations 2017 (MLRs). 🔍 In its response, it called for making customer due diligence more proportionate and effective, and also for strengthening system coordination. 🚩 And today, the Wolfsberg Group also published a Statement on Monitoring for Suspicious Activity. The Group asserts that it does not believe the increasing volume of SARs/STRs is proportionately contributing to effective outcomes in the fight against financial crime. 🌐 As many of you know, the Basel-based association has a profound influence on the development of AML practices worldwide. For a deeper understanding of its role and impact, check out this article on our blog: 📗 Understanding the Wolfsberg Group's AML Principles: An Overview and Impact on Global Financial Compliance > https://lnkd.in/dffXfcnt #AML #FinancialCrime #AMLScreening #WolfsbergGroup

36

UK FCA adds significantly to crypto staff - The UK’s Financial Conduct Authority (FCA) says it is clearing an ‘operational backlog’ by approving an increasing number of registering crypto firms and growing its crypto capability to 100 employees. In a speech given yesterday, the FCA’s joint executive director of enforcement and market oversight, Steve Smart, said that crypto firms are registering with the regulator at an increased rate thanks to the FCA helping them to better navigate its registration process. Smart said that prior to this, “some 86% of the initial crypto registrations we received were rejected, withdrawn or refused.” He said a total of 44 crypto firms are now registered with the FCA while the watchdog works “to eliminate our operational backlog.” To help it relieve this logjam, the Financial News (FN) reported today that the FCA has increased its crypto staff to 100 and that the fastest-growing crypto team in the organization is its policy department.  #uk #fca #cryptocurrency #ukcrypto #crypto #regulatorycompliance #regulation #compliance #cryptoregulation https://lnkd.in/eZMcPz7Y

5

1 Comment

Standard Chartered Bank (SCB) in the spot light..... again! SCB is no stranger to regulatory focus in relation to their Financial Crime controls. Although past issues have related to things like Sanctions breaches which the bank paid $1.7bn in fines the latest expose related to funding terrorism. Back in 2012 two whistleblowers, including a former SCB executive, Julian Knight provided transaction spreadsheets to the authorities. The ensuing case was dismissed in 2019 as the US authorities argued the whistleblower’s allegations “did not lead to the discovery of any new … violations” and the court dismissed the case as “meritless”. However jump forward 5 years! It appears that among records previously dismissed as 'nothing new' are numerous transactions by SCB, with or on behalf of Iranian banks, Iranian companies and Middle Eastern money exchanges that, according to [the US government], finance designated foreign terrorist organisations. The transactions uncovered also include those of a Pakistani fertiliser company, Fatima Fertiliser, known for selling explosive materials that were used by the Taliban in roadside bombs that killed or maimed thousands of UK and US military personnel in Afghanistan. Daniel Alter, former general counsel at the New York Department of Financial Services and involved in investigating the sanctions breaches said: “This new information shows a frightening connection to not just commercial entities, but terrorist organisations, terrorist front companies for organisations such as Hamas, Hezbollah, al-Qaeda, the Taliban - things that make up a regulator's nightmare - and we didn't know that: it was never disclosed to us. And it wasn't apparent in the data that we had.” How this now unfold is anyone's guess but the evidence does sound compelling. #economiccrime #financialcrime #fraud #scams #corruption #whistleblowing #standardchartered #us #regulation BBC News - British bank accused of helping to fund terrorists https://lnkd.in/ecPcc7HA

9

After an FCA thematic review, a prominent retail bank uncovered significant issues in its handling of customers in arrears. Faced with intense regulatory scrutiny, the bank attempted to re-evaluate the forbearance options it provided to its customers. However, the project stagnated in the initial planning stages for an entire year and so they requested expertise from TCC. Our specialists recognised the need for a streamlined approach that emphasised the critical elements of each case, ensuring clarity for reviewers while consistently delivering fair outcomes. Read more about our strategy that reduced remediation cases by 60%. https://bit.ly/4do5wFk #FCA #compliance #remediation #RegTech #arrears #customeroutcomes #consumerduty #financialservices

14

Financial crime risks are constantly evolving — are your skills and knowledge keeping pace? Get the quick, impactful training you need to stay ahead of fincrime threats with our new Emerging Risk courses, exclusively for ACFCS members. Emerging Risk courses provide brief, practical training on current and emerging financial crime typologies and risk areas, including money laundering techniques, fraud trends (like pig butchering scams seen here), and much more. Get access to all of the Emerging Risk courses by becoming a member today: https://bit.ly/43V4CNk #FinCrime #Fraud #AML #CFCS

15

Financial crime risks are constantly evolving — are your skills and knowledge keeping pace? Get the quick, impactful training you need to stay ahead of fincrime threats with our new Emerging Risk courses, exclusively for ACFCS members. Emerging Risk courses provide brief, practical training on current and emerging financial crime typologies and risk areas, including money laundering techniques, fraud trends (like pig butchering scams seen here), and much more. Get access to all of the Emerging Risk courses by becoming a member today: https://bit.ly/43V4CNk #FinCrime #Fraud #AML #CFCS

12

The FCA has introduced new regulations requiring UK banks to review the status of all Politically Exposed Persons (PEPs). 🏦 Alan Williams speaks to the Financial Times' Banking Risk & Regulation about the increased work for regulatory and compliance teams, who will have to adapt to meet the new guidance. 🔎 #Banking #PEPs #FCA #FinancialLaw #FinancialTimes #Compliance #UKBanking #Banking #Regulatory #FinancialConductAuthority

4

💡 Compliance Insight: The FCA's £16.7 million fine against Metro Bank highlights critical lessons for financial institutions. From robust governance to timely remediation, discover how your firm can strengthen its AML controls and avoid costly mistakes. Read our full analysis here: https://lnkd.in/dw7eMH7x #FinancialCrime #AML #FCA

3

It's interesting to read the OCC's 2025 bank supervision operating plan, in which it outlines it's priorities for the coming year. Not a shock to see that cyber, third party risks, payments and AML feature prominently. Link to the report is below. #OCC #cyber #fraud #fincrime

3

It is a fact of life that when it comes to managing complex financial crime prevention frameworks, it doesn't always go to plan. Things change, evolve and sometimes - just break. But what happens when something has gone wrong or got away from you a bit? What do you need to be thinking about when remediating issues? Whether it be remediating findings from your audit, regulatory intervention or self-identified gaps we have you covered with our tips below. If you want a confidential chat about any remediation activity please let me know. ℹ️ In this blog we outline some strategies for successfully managing remediations: https://lnkd.in/ehXNviZA #fincrime #fintech #compliance

10

1 Comment

MONEYVAL's recent assessment of Guernsey's international AML/CFT/CPS standards underscores the continued focus on financial crime in the region. While results are pending, Ocorian’s Joe French and Bovill Newgate’s Barney Lewis explain how firms can ensure their strategies remain effective against evolving risks: https://lnkd.in/epuaDKMY #AML #FinancialCrime #FinancialRegulation

9

Today the FCA has published its updated Financial Crime Guide, reflective of the measures expected to prevent Financial Crime in today's world. We will bring further analysis about the key changes for firms, but please speak to us if we can help you get to grips with the updated requirements. https://lnkd.in/eHCtuTwC

33