Faced with fines and censure for financial crime failings over recent years, several major financial institutions have recruited senior figures from the regulatory world, along with their reputations for integrity, to help them tackle the problem.
Members of the Financial Action Task Force (FAFT) have voiced concerns about the estimated €60bn ($71bn) of cryptocurrency and other virtual assets which moved through Malta in a ‘wild west’ period after the government declared the country a blockchain island in 2017.
The World Economic Forum (WEF) has published the Unifying Framework, self-regulatory guidelines for private-sector intermediaries known as gatekeepers who are able to prevent or interrupt illicit financial flows.
Next month, Dr Sian Lewin will address FinCrime World Forum on the topic of removing barriers to RegTech adoption in financial crime. Here, she talks about the benefits of technological solutions and explains why the pace of adoption needs to speed up.