5 Takeaways From the Basel AML Index 2022: ‘Depressingly Little’ Progress, But Some Grounds for Optimism
The Basel Institute on Governance released its 11th annual Basel AML Index on Tuesday, and the report presents a mixed picture of global attempts to tackle money laundering.
Gambling Firms’ Inadequate Systems and Processes Lead to £17m Money-Laundering Settlement
Gambling business Entain Group reached a £17m settlement with the Gambling Commission on Wednesday after an investigation found numerous failings around social responsibility and anti-money laundering (AML) compliance.
Law Firm Fines Quadrupled Over Two Years, Mostly Due to Money-Laundering Compliance Failings
Data from the Solicitors Regulatory Authority (SRA) shows a substantial increase in the number and amount of fines issued to law firms. A look at the data reveals the main cause of the increase: law firms are failing to meet their obligations to detect and prevent money laundering.
Emerging Threats Within Bribery, Corruption, & AML
Even with strategies and processes designed at mitigating bribery and corruption, these threats appear to be continuously emerging as individuals throughout the organization can and will find ways to sneak past these safeguards and utilize resources for their own personal gain.
The Crackdown on the Illicit-Finances Aiding Oligarchs
The United States Department of Treasury has outlined actions it plans to take to address illicit finance, saying Russia’s invasion of Ukraine had underscored the need to close regulatory loopholes and step up the fight against related financial crime and transnational corruption.
Automation and AI: Powerful Tools to Help Fight FinCrime
The scale of financial institutions’ AML efforts means automation is now an important tool to help spot and report suspicious transactions.
The comparison between the EU’s July 2021 AML reform proposals and the current US AML regulations
In July 2021, the European Commission proposed a package of reforms to the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules.
The Expanded Threat of Money Laundering through NFTs and Digital Assets
It’s a tale as old as time how to cheat the state. Real estate and art have long been a common refuge for financial sleight of hand.
Key Elements of an Effective Global AML/KYC Compliance Programme in 2022
An effective AML/KYC programme must meet complex regulatory requirements and adapt to an ever-changing financial crime landscape.
AML Transaction Monitoring: Creating a Strong Governance Framework
A strong AML transaction monitoring framework is vital in today’s anti-financial crime environment. But there are many challenges to navigate, including meeting regulators’ expectations, measuring effectiveness and acheiving consistency across multiple jurisdictions.
