Robert Evans

📰 Breaking News: 'Compliance is the Key to Success in AML Regulation!' Sounds like common sense to me! 👀 Blockers to success 🚨 Over reliance on technology 🚨 Lack of training 🚨 Non adherence to policies, or lack of them altogether 🚨 Failure to properly risk assess 🚨 Poor Client/Customer Due Diligence I am not just saying this for the sake of it, it's all out there in the news stories that COLIN SOLOMON and I have been discussing on The OddCast in recent weeks, and guess what, we'll keep doing it. So, if you are you an AML regulated/registered business tired of the constant pressure to stay ahead of ever-evolving compliance requirements then look no further IRIS (Intelect Risk Insights System) integrated with EDDIE our specialist search tool is here to help the smaller to medium business deal with compliance without breaking the bank. Say goodbye to sleepless nights spent poring over complex rules and regulations. We've simplified risk assessments with pre-prepared templates, but always allowing you to be flexible in your responses. The tools will allow you to proactively identify and mitigate potential threats. By staying one step ahead of clients that may do you harm and ultimately regulatory bodies, you'll be free to focus on what you do best: growing your business. Upgrade your compliance game today and secure a brighter future for your business! Don't get into the news for the wrong reasons, please...contact me for a demo. #AMLCompliance #RegulatoryCompliance #StayAheadOfTheCurve #GrowthThroughCompliance

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🕵🏼‍♂️ How to reduce false positives in your AML Compliance/Due Diligence. 👉 False positives - 'an error which incorrectly indicates a match with an individual' (could of course be a company). 🖥️ This sort of thing happens frequently during online investigations, imagine searching for John Smith in the UK for example. It can lead to inefficiencies and incorrect decisions being made. 🧐 Can it be avoided? Not totally, believe it or not there is another me, former police officer, we both now work in the field of security, we both have an MSc AND we were born in the same year! ✅ But there are some differences, we live in different parts of the country and we have different middle names. 🗓️ So when you are onboarding a customer I always recommend getting as much information as you possibly can, all names, previous names, email address(es), workplace(s), marital status and/or any titles. 🖥️ Ultimately it is going to save you time, and from a digital point of view, prevent you from crawling all over the wrong person, or persons. #AML #Compliance #DueDiligence #Investigations

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I recently read Strise’s AML Megaminds Report, and it’s a thought-provoking deep dive into the world of anti-money laundering. Gathering insights from over 80 experts in the financial crime landscape, the report sheds light on several pressing issues: • Effectiveness of Sanctions: Are current sanctions achieving their intended goals, or are there gaps that need addressing? • Inefficiencies in Current AML Systems: The report highlights the challenges and bottlenecks in existing systems that hinder effective AML efforts. • Emerging Technologies: It explores how AI and machine learning can revolutionize the way we combat financial crime. What resonated with me the most is the report’s call for a paradigm shift—from reactive measures to proactive strategies. This isn’t just about implementing new technologies; it’s about fostering greater collaboration across the industry to stay ahead of financial criminals.

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😫 Overwhelmed with far too many irrelevant search results for your AML Due Diligence? 🥺 Unsure about adverse media? 🧐 Not confident about your sanctions checks? I built EDDIE to make the whole process easier and effective for Compliance. It's also go passport validation , inbuilt risk assessments and the option to add UK address searches. Ready to make your Compliance life easier? We should chat, link in comments 👇

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Fraud and scam cases reported to the UK’s Financial Ombudsman Service reached a record high in Q2 2024, with authorised push payment (APP) fraud accounting for more than half. Many victims face challenges in getting reimbursed, as banks often claim the payments were knowingly made. The ombudsman attributes this increase not only to more fraud but also to several other contributing factors, such as: ⚠️ A rise in multi-stage #fraud ⚠️ An increase in online fraud cases being handled by professional representatives ⚠️ More instances of consumers unknowingly paying fraudsters via credit or debit cards As complaints continue to rise and new consumer protection rules loom, learn how the fraud landscape is evolving and what’s being done to protect victims. 🔗 Read the full piece from the Infosecurity Magazine at https://bit.ly/4ekL354 #APPfraud #cybersecurity #financialscams

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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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#aml #antimoneylaundering #moneylaundering #financialcrime #fincrime There’s plenty of articles out there on how to structure a SAR (or STR or SMR, as they are also called) but that’s not what an article I wrote on SARs focussed on, it focused on actually understanding suspicion. The piece I wrote called ‘The Fault In Our SARs’ was for AML RightSource a few years ago. It was not based on theory but practical experience. Here’s one quote from the article to hopefully entice you to read it: “Intelligence is good, but actionable intelligence is better” https://lnkd.in/eJhePveb

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Free to register: Webinar. June 26, 2024 at 2pm. Join FIS and our guest speakers Ray Blake and Graham Barrow from The Dark Money Files Ltd as they discuss the growing problem of anti-money laundering (#AML) financial crime. This webinar explores why traditional anti-money laundering practices no longer work in a world transformed by digitalization, AI technologies, growing financial complexity and geopolitical tensions, and what financial institutions need to do differently. Stay proactive in the fight against financial crime with FIS. Register here. http://spr.ly/60465vbXK #CapitalMarkets #AssetManagement #InvestorServices #AML #FundAdmin #Trading #Compliance #AItech #digitalization #financialcrime #DarkMoneyFiles

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💡 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗛𝗼𝘂𝘀𝗲 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗜𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝗰𝗲 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 (Oct 24) - 𝗨𝗻𝗺𝗮𝘀𝗸𝗶𝗻𝗴 𝘁𝗵𝗲 𝗳𝗿𝗮𝘂𝗱, 𝗠𝗟 𝗮𝗻𝗱 𝗖𝗼𝗿𝗿𝘂𝗽𝘁𝗶𝗼𝗻 This Assessment offers a candid overview of identified threats, including the misuse of corporate structures for ML, fraud, and corruption. It emphasises the risks associated with shell companies, opaque ownership, and international criminal networks exploiting UK business registrations. The NCA estimates that ML affecting the UK may exceed £100 billion annually. 🔍 𝗞𝗲𝘆 𝗖𝗼𝗻𝗰𝗲𝗿𝗻𝘀: • Mass Corporations: Criminals may exploit mass incorporations to establish shell companies, increasing fraud & ML, with a 19.3% rise in incorporations from 22 to 23 • Jurisdictional Risks: About 46% of properties are owned by overseas entities, complicating accountability. • Professional Enablers: While many accountants and solicitors operate legitimately, some may enable abuse through negligence or complicity. • Formation Agents: The use of formation agents can obscure corporate structures and facilitate fraud if due diligence is insufficient. • Tech Use: Criminals are leveraging tech to exploit Companies House processes. • Impersonation: Rising impersonation cases involving Companies House may enable further fraud.   🔍 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗘𝘅𝗽𝗹𝗼𝗶𝘁𝗮𝘁𝗶𝗼𝗻: • Cloned Companies: Similar company names can confuse consumers and misuse the reputations of legitimate businesses. • Phoenix Companies: These entities acquire debt and transfer assets to new companies, complicating debt recovery. • Company Hijacks: Companies may be hijacked, with registered office addresses changed to residential locations, prompting fraud prevention interventions. • ‘Second-Hand’ Companies: Online sales of these companies raise concerns about their legitimate purposes.   🔍 𝗠𝗼𝗻𝗲𝘆 𝗟𝗮𝘂𝗻𝗱𝗲𝗿𝗶𝗻𝗴 𝗥𝗶𝘀𝗸𝘀: • Organised Crime Links: Criminal organisations exploit entities for fraud & ML. • Weak Verification: Limited identity checks during registration allow easier exploitation of company structures. • Cross-Border Operations: UK companies are often used by international crime networks to transfer funds, complicating enforcement.   The insights gained will inform proactive measures aimed at enhancing the integrity of UK company registrations.   Louise Smyth, Chief Executive of Companies House, stated:   “I am pleased to introduce Companies House's first strategic intelligence assessment, a pivotal step in our transformation. This assessment identifies key threats and will shape our proactive strategy to address these issues. We are committed to upholding the integrity of the UK company registers.”   We invite you to share your thoughts and expectations regarding Companies House's efforts to clean up the register and maintain robust controls to prevent the misuse of companies for criminal purposes. Stay tuned!

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The UK Financial Conduct Authority (FCA) has charged Olumide Osunkoya for running multiple crypto ATMs without the required registration. This marks the first criminal prosecution related to unregistered crypto activity under the Money Laundering Regulations. Crypto ATMs, which allow buying or selling cryptocurrencies, are unregulated in the UK. Osunkoya's alleged operation processed £2.6 million in crypto transactions between 2021 and 2023. The FCA works with law enforcement to identify and disrupt illegal crypto ATM operations. Firm Implications: Registration is Mandatory: Firms offering crypto services, including ATM operations, must register with the FCA and adhere to anti-money laundering regulations. Enforcement is Increasing: The FCA demonstrates its commitment to enforcing regulations in the crypto space, indicating that non-compliance can lead to criminal charges and severe penalties. Reputational Risk: Operating without FCA registration can damage a firm's reputation and negatively impact its ability to attract customers and partners. Consumer Protection: The FCA emphasizes the risks of using unregulated crypto services, including the potential loss of funds. Firms should prioritize transparency and provide adequate warnings to customers. Collaboration with Law Enforcement: The FCA's collaboration with various law enforcement agencies signals a coordinated effort to tackle illegal crypto activities, increasing the likelihood of detection and prosecution. Overall, the FCA's action against Osunkoya is a clear warning to businesses operating in the crypto space. Understanding and complying with all applicable regulations is crucial to avoid legal consequences and protect consumers. #CryptoRegulation #FCA #CryptoATMs #AML #UnregisteredActivity #Enforcement #FinancialCrime #InvestorProtection #UK #Crypto https://lnkd.in/e3-vNy2R

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Financial Crime 360 - 19 November 2024 - The last Early bird saving finishes this Friday The UK's Largest Financial Crime Conference is rapidly approaching and we don't want you to miss out on the opportunity to be at the centre of discussions on 19th Nov. With 600+ attendees, 60+ Speakers, a new interactive event app and 73% of attendees being budget holders and decision-makers in their relevant companies if you are working in or around anything Financial crime this event is one you really shouldn't miss. Event better you will be updated with all the latest information in one day only, as we know that you are busy people and struggle to take more than one day from the office. Find out more at the website here: https://lnkd.in/eCbkw5iy View the agenda here: https://lnkd.in/eUEWrsYD Register before Friday and save £100 here: https://lnkd.in/eE9eJgrJ #FC360 #Financialcrime360 #Financialcrime

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Ouch. #SanctionsScreening is not just a word. Don't get it wrong. Worth reading. https://lnkd.in/eyJcmajA #aml #regtech #fca #sanctionscompliance #dxcompliance

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🇬🇧Seven banks — Barclays, NatWest, Lloyds, Santander, TSB, Metro Bank, and Starling Bank — are collaborating with the UK's National Crime Agency (NCA) to share customer data in an unprecedented project aimed at combating #organizedcrime, #fraud, and #moneylaundering. This program, active since May, has already identified eight #newcriminal networks exploiting the financial system. The initiative aims to tackle economic crime, which costs the UK economy up to $450 billion annually. The #NCA has obtained new intelligence on ten of its major #investigations through this collaboration. Despite concerns about data protection, the program only shares information on accounts with clear indicators of #economiccrime, ensuring #compliance with privacy laws. https://lnkd.in/ecQxxPgc

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Here’s a great story exemplifying why investment in network analytics must continue in the fight against money laundering, fraud & tax evasion. The European Public Prosecutor’s Office in Bologna & Milan has dismantled a criminal gang, alleged to have evaded the payment of €113 million in VAT, while using a Chinese underground banking network for money laundering. The complex scheme was carried out through numerous ghost companies that imported hundreds of containers of clothing & accessories from China to Italy, using triangulations with Bulgaria & Greece, to hide the origin of the goods. The transfer of illicit funds was facilitated via shell companies & false invoices with money passing through numerous European countries, including Bulgaria, Denmark, Estonia, France, Ireland, Germany, Greece, Spain & the UK, before arriving in China. Evidence shows that some of the money returned via banking to Italy, where the organisation invested it in legitimate commercial businesses. Substantial assets have been seized including - a shopping centre, 8 high-end cars & 5 Chinese restaurants. Link to article: https://lnkd.in/eNEHNUWX) Image credit: Cats Coming #financialcrime | #fraud | #regtech

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Best Practices for TFS Compliance: Strengthening Your Defence Against Financial Crime Navigating the complexities of Targeted Financial Sanctions (TFS) compliance requires a proactive, risk-based approach. Our latest article https://lnkd.in/dmDykqd4 and infographic outline key strategies, from advanced screening techniques to regular audits, that will help you build a robust compliance framework. From automated screening and ongoing monitoring to enhanced due diligence and staff training, we break down the steps that safeguard your organisation and ensure compliance. Equip your team, strengthen your processes, and stay ahead of potential risks with these TFS compliance essentials. #TFSCompliance #AML #AMLCompliance #AntiMoneyLaundering #AMLCompliance #Sanctions #SanctionsCompliance #SanctionsScreening

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All warfare is based upon deception (with Martin Woods ) For sure all money laundering is based upon deception, but all too often only one side applies this tactic. Whilst the AML community applies the discipline of ‘know your customer’ (KYC), launderers apply deceit to keep their identities hidden, to remain unknown. Absent to deception and constantly adhering to a perceived set of rules and norms places one side at a disadvantage. The absence of deception makes an enemy easier to read and defeat. It is not necessary to have an alternative strategy when an enemy is so easy to read and predict. Of course, some will see an inescapable logic to these circumstances, because on the one side there are those who break the laws, the launderers and on the other the anti-money launderers who must comply with and seek to enforce the law. It is possible to deceive without breaking the law, some of the most important victories for the anti-money launderers have been achieved through deceit. Smaller victories can be achieved by blocking debits from suspect accounts, in other words allowing the launderers to deposit their stolen funds but not allowing debits. Such actions are counter to the perceived norms and greatly frustrate launderers. When applied, they will persuade the launderers to engage in battle somewhere else. Deceit will help anti-money launderers to avoid defeat, because launderers like predictability and certainty, which is all the more difficult to achieve when confronted by deceit. We must set traps, such as the credit trap described above and at the same time, appear strong where we are actually weak. We must recognise launderers pretending to be inactive, hidden within dormant accounts are using deceit and counter it. We must make our enemies believe we are ever alert, able to instantly identify and react to change, to unusual activity and inactive accounts springing into life. Launderers want to present as low risk customers, who do not pose a threat. This deceit is used to create opportunities which can be exploited. Pre-emptive strikes can catch launderers unaware, by blocking or closing inactive accounts, risks are managed, launderers are out-manoeuvred and defeat is avoided. When launderers change, AML leaders and soldiers must change, this incorporates a spectrum of change, from mobile telephone numbers and email addresses to preferred tax haven and secrecy jurisdictions. Where the AML leaders see threat by deception they can refuse to engage the enemy, declaring all customers from certain industries or jurisdictions as a risk too far and prohibit them. If launderers perceive a bank or firm’s controls are too secure and superior, they will evade such an enemy and do battle, launder money somewhere else. It logically follows, robust KYC controls can deter money launderers who ponder what other anti-money laundering controls lie within such a bank or firm. #TheArtOfMoneyLaunderingWar #gcicompliancetraining

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I read yesterday of yet more firms fined by the SRA for AML breach - significant fines. So preventable. https://lnkd.in/eBJsTftU Keep up to date with your training. Review & update your policies. Shout out to us if you need help, but don't ignore it. In the end it is designed to stop criminals laundering their money which is for the benefit of us all. #aml #lawfirm #legalprofession #moneylaundering #training

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📣 Calling all AML regulated/registered businesses (particularly the smaller ones). ❓ Are you still running your client and business risk assessments manually, maybe on spreadsheets and the like? 🤨 Takes time and effort doesn't it, and then there is all the searches you have to do. 👉 Do you want to free up some of that time? If so, read on because I can help you out. 🖥️ Our platform has search tools that are pre-configured and you move seamlessly to a thorough risk assessment, giving you visibility on what you need to be focusing on. 🖥️ Take a look at Investigation Engine, I know you'll be impressed. #AML #Compliance #DueDiligence #Investigations

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"You have until Monday 23 September to complete and submit the form. It is a regulatory requirement that you respond" https://lnkd.in/dvE4Mezy for help to complete the SRA AML & Sanctions Questionnaire. We suggest you regard 'until Monday 23 September' to mean by midnight Sunday 22nd September. We've helped several firms so far. The idea is so that you don't answer in a way that comes back to bite you! If you need to do things to get yourself compliant, we can also help. Remember - the Sanctions compliance section is compulsory for ALL to fill in, even if you are out of AML scope. #legalprofession #solicitors #aml #sanctions #lawfirm

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