Earlier this month the team ventured over to ExCeL London for PayExpo Europe, the UK’s largest payments event. More than 2000 delegates showed up to see 75 exhibitors and listen to 150 speakers over the course of two days – needless…
WORKING IN PAYMENTS? Here’s what you need to know to stay compliant with MLD4 (Part 2)
(Part 2 of 2) The EU’s Fourth Money Laundering Directive (MLD4) will be implemented in the UK by the end of this month and in the rest of the EU by the end of the year. On Monday we started…
WORKING IN PAYMENTS? Here’s what you need to know to stay compliant with MLD4
(Part 1 of 2) First introduced in 1991, the EU’s Money Laundering Directives aim to prevent money laundering and other financial crimes such as terrorist financing. The Fourth Money Laundering Directive (MLD4) was passed in 2015 and all EU states…
AML & CTF: Next generation tech and big data hold the key
The focus on anti-money laundering (AML) and counter-terrorist financing (CTF) heated up last week with the UK announcing tough new proposals to combat financial crime. Billions of pounds of international crime money is reported to be funnelled through the UK…
The Fourth AML Directive: Filling the Silence
Although the Fourth Anti Money Laundering Directive is now “set in stone”, the UK does still have some degree of flexibility in how it implements the European requirements. This was what the Head of Financial Crime at the FCA (Rob…
Money in Terrorist Hands: What FinTech Firms Should Fear
It recently emerged that online lender Prosper made a $28,500 collateral-free loan to Syed Rizwan Farook in mid-November, just a few weeks before he and his wife massacred guests at an office holiday party in San Bernardino, with Federal Officials…
Halting the Torrent of Stolen Money Finding a Safe Haven in the UK
In a report titled “Don’t Look, Won’t Find” released on 23rd November, Transparency International UK found the country’s AML supervision to be “fragmented”, “inadequate” and riddled with a “lack of transparency”, allowing “billions” of pounds in corrupt funds to flow…
Regulators Focus Their Efforts On RegTech: FCA Call for Input
In a call for input, the FCA has just affirmed that innovative technology has a key role to play in enabling financial services to meet regulatory requirements and invited businesses to have their say in how it should “refine and…
Barclays Hit by £72 Million Fine For Slack Checks on Rich Clients
Barclays was dealt the largest disgorgement penalty ever imposed by the FCA, after a damning report found that it was lax in checking rich politically exposed clients, who were part of an “elephant” £1.9 billion “deal of the century”, because…
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