The Criminal Finances Act passed into UK law on 27th April 2017. It aims to improve the UK’s ability to combat financial crimes – most notably money laundering, corruption, tax evasion and terrorist financing. The Act will do this by creating…
Information Sharing and FinTech – A Challenge and an Opportunity for Financial Crime Policy
Combating financial crime and terrorist financing is reliant on effective government policies however, the success of these policies can face many obstacles. Last week the Centre for Financial Crime and Security Studies held an event that highlighted two key challenges…
Two Key Lessons from the Biggest AML Compliance Stories of 2016
Recently we attended the Financial Crime and Compliance Summit at KPMG hosted by The Compliance Register. The event highlighted the challenges faced by the compliance professionals at the center of some of the biggest compliance stories of the year. In…
Key takeaways from the ACAMs UK Chapter meeting
New AML & Tax lists proposed On July 5, the European Commission (EC) outlined a proposal for key revisions to the Fourth Anti-Money Laundering Directive (4AMLD). These aim to further reinforce the European Union’s rules on anti-money laundering (AML), counter-terrorist…
AFTER BREXIT, WHAT NEXT FOR FINTECH, REGTECH & COMPLIANCE?
It’s been a turbulent couple of weeks following the UK’s momentous vote to leave the European Union – and nowhere has ‘Brexit’ caused more shock and uncertainty than in the FinTech & RegTech communities, of which 80% voted to remain, according…
Four insights from PayExpo 2016
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…
Is HSBC Stopping Terrorist Money Laundering? Whistleblower Urges Federal Reserve to Reopen $1.9 billion Settlement
In 2012, HSBC paid a record $1.9 billion fine to settle money-laundering accusations. Yet in a letter to the Federal Reserve, which he publicised this September, ex-employee Everett Stern (among a number of other weighty allegations) accused HSBC of ongoing…
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…
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