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.
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.
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 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.
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.