fscom News and Events

Tricky Verifications - The importance of getting it right.

[fa icon='calendar'] 11-Oct-2019 16:04:43 / by Tony Brown posted in AML Audit, fincrime

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In the ever-evolving world of anti-money laundering firms are under more pressure and scrutiny than ever before, especially when it comes to verifying the identity of customers. In this blog, we will consider the regulator’s increased focus on KYC verification and examine scenarios where verifying an individual or entity may pose greater difficulty.

 

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5MLD -  What are the key changes in the The Fifth Money Laundering Directive?

[fa icon='calendar'] 24-Sep-2019 14:30:00 / by Philip Creed posted in AML Audit, 5MLD, cryptocurrency, fincrime

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Her Majesty’s Treasury published a consultation paper on the UK’s transposition efforts relating to the EU’s 5th Money Laundering Directive (5MLD) earlier this year. The Directive will come into force on 10th January 2020 and contains enhancements to the existing provisions as mandated by the EU’s 4th Money Laundering Directive (4MLD) which was implemented in the UK through the Money Laundering Regulations 2017.

With less than 4 months to go, you should be considering how the proposed changes will impact your business and whether your current approach to financial crime risk management is adequate.

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Preparing for your AML Compliance Audit - top tips from the other side

[fa icon='calendar'] 20-Aug-2019 08:40:43 / by Philip Creed posted in AML Audit, fincrime, Payments sector, E-money sector

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Broken down to its most basic level, an audit is a method by which firms seek an external opinion on their policies, procedures, systems and controls. Rather than an exercise in detecting shortcomings and failures, the process of a compliance audit should be viewed as a means of testing an AML/CTF framework to identify opportunities to undertake enhancements as well as highlighting any issues. In essence, the intention is to provide assurance that the firm is operating in an compliant manner within its own specific regulatory framework.

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Standard Chartered Bank: Fined $1.1 billion for Anti-Money Laundering and Sanctions Violations

[fa icon='calendar'] 07-Jun-2019 08:03:00 / by Philip Creed posted in AML Audit, fincrime, In the Media

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 Last month Standard Chartered bank agreed to pay a $1.1 billion for both Anti-Money Laundering and Sanctions violations. This blog is an overview of the bank’s failures in relation to both cross-border violations and what they mean for firms.

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The Current Role of Transaction Monitoring in AML

[fa icon='calendar'] 05-Apr-2019 07:48:00 / by Eoin Kearns posted in AML Audit, fincrime

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Regbite: 'Dealing with PEPs and Sanctions'

[fa icon='calendar'] 19-Feb-2019 12:30:00 / by Evan McGookin posted in AML Audit, fincrime, Training

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PEPs, Sanctions and Laundromat Scandals...

[fa icon='calendar'] 12-Feb-2019 11:36:57 / by Evan McGookin posted in AML Audit, fincrime, In the Media

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Last year saw an unwelcome re-emergence of the so-called ‘laundromat’ scandal; the term, which harks back to the dry-cleaning establishments into which Al Capone and the Chicago mob funnelled their ill-gotten gains, was popularly attributed to a large-scale criminal money laundering scheme (uncovered in 2014) in which $20.8bn was laundered out of Russia through 96 countries and, more recently, to the rapidly developing scandal involving Danske Bank and its Estonian subsidiaries.

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Be "reassured" of the benefits of external review

[fa icon='calendar'] 07-Dec-2018 11:49:00 / by James Borley posted in AML Audit, fincrime, Regulatory compliance

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Assurance, or the use of auditors to search for problems at firms, can be very useful to the regulated community in all manner of ways, especially during the authorisation process or in respect of the EU's Payment Services Directive. 

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Comply or Die: How compliance audits can help FinTechs survive

[fa icon='calendar'] 08-Feb-2018 16:37:51 / by James Borley posted in AML Audit, fincrime, Regulatory compliance, Payments sector, E-money sector

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‘Compliance’ is the watchword in financial services, perhaps more now than ever. With new rules and regulations being introduced across Europe, most notably 4MLD, MiFID II, PSD2 and GDPR, Heads of Compliance across multiple industry verticals are now under major pressure to ensure their processes and procedures are up to date, adequate and compliant.

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Trouble in paradise? The AML failings of the Paradise Papers leak

[fa icon='calendar'] 16-Nov-2017 16:35:36 / by Stephen Stewart posted in AML Audit, fincrime

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If you’ve been following the news over the past week or so you’ll no doubt be aware of the latest dossier on leaked information – titled the Paradise Papers – from the International Consortium of International Journalists (ICIJ).

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