James Ross

This isn't really a new theme. Efficient controls are not the same as effective controls. Any decent Compliance Monitoring Plan worth the paper it is written on will demonstrate exactly that. FATF ratings are just a measure to use when constructing your own internal country risk assessments. Never go below their rating, but there is no problem to keep the likes of the Cayman UAE at high risk. #aml #compliance #monitoring #fatf #jurisdiction #mlro #mlco #risk #financialcrime #fincrime https://lnkd.in/ewVR4ruD

7

1 Comment

HM Treasury has announced its intentions to offer proportionality and further clarity in plans to update the technical elements of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (MLRs). The plans are designed to give businesses further guidance with the Treasury planning further changes to the AML supervisory regime currently in place. The further clarity from the Treasury has been emphasised on several important legal practices including digital identification and enhanced due diligence. Read more ⬇️ https://lnkd.in/e-EjGABG #hmtreasury #moneylaundering #aml #law #financialcrime

7

Open Banking #OBL released its Financial Crime Report 2024, providing key insights into financial crime risks and mitigation strategies within open banking journeys. The report highlights the evolving challenges of combating fraud and financial crime in the rapidly growing open banking ecosystem. Key Takeaways Include: ➡️ Total APP fraud losses in the first half of 2024 amounted to £213.7 million across 178,230 payments, underscoring the scale of fraud risks in open banking transactions​; ➡️ Fraudsters are exploiting vulnerabilities in payment authorisation processes, highlighting the need for robust security measures and enhanced monitoring​; ➡️ Collaboration between financial institutions and technology providers is critical to mitigating risks and improving fraud detection within open banking journeys​; and ➡️ The report emphasises the importance of consumer education in identifying and avoiding scams within the open banking environment​ ✅ Financial institutions should continue to prioritise robust fraud prevention strategies to safeguard the integrity of open banking ecosystems. 💡 Learn more about Plenitude’s Fraud Prevention Services and how we help clients enhance their fraud prevention mechanisms: https://lnkd.in/eFGHUH5U https://lnkd.in/ejgyM87t

1

The Financial Action Task Force (FATF) have published a consultation on its Money Laundering (ML) National Risk Assessment (NRA) guidance update to make it more effective and comprehensive - https://pimfa.cc/xDpeQ The FATF will finalise the draft NRA Guidance following consideration of the views received before its proposal for adoption at the FATF October 2024 Plenary. Responses are due by 18:00 (CET) on 22 July 2024. The 14 survey questions can be accessed here - https://pimfa.cc/HLkYY Firms with any queries are invited to email FATF prior to the 22 July deadline: [email protected] #moneylaundering #financialcrime #financialservices

1

🔍 NEW BLOG | Money laundering in the UK Our Head of Investigations Tony McClements says that an increase in money laundering cases indicates that the UK is finally getting to grips with money laundering as an indictment. Read his latest analysis in GRIP ⬇️⬇️ https://lnkd.in/eMgrdM7g #fraud #moneylaundering #prosecutions

11

Many of the usual suspects in #regulatory #failures that resulted in a total sum of #fines across all 25 UK #supervisors of £197,000,000 #getitright “Inadequate client and firm-wide #riskassessments • Insufficiently risk-sensitive or granular enhanced due diligence (#EDD) processes, leading to poor identification and #monitoring of customers. For e.g., #PEPs who were #highrisk • Ineffective application of enhanced due diligence which in turn leads to poor identification and monitoring of high-risk customers • Insufficient #compliancemonitoring, and insufficient #qualityassurance and testing programmes to assess operational #effectiveness of systems as well as their design • Inadequate #resources dedicated to, and #training of #staff responsible for, #compliance • Inadequate #documentation of risk-assessments and measures taken to #monitor risk. “ #fca #hmrc #hmtreasury #aml #cft #ctf #amlcft #amlctf #uk #ukgov #moneylaundering #terroristfinancing #mlro #supervision https://lnkd.in/eKzdnCZr

10

6 Comments

MONEYVAL's recent assessment of Guernsey's international AML/CFT/CPS standards underscores the continued focus on financial crime in the region. While results are pending, Joe French and Barney Lewis explain how firms can ensure their strategies remain effective against evolving risks: https://lnkd.in/exKdKCw7 #AML #FinancialCrime #FinancialRegulation

2

The GFSC have issued various updates to the Handbook on Countering Financial Crime (AML/CFT/CPF). You can read about all the changes here: https://lnkd.in/eHsUzwSb And a tracked changes version of the Handbook is avaiable here: https://lnkd.in/ewPfKNdM #guernsey #financialcrime #aml #cft #cpf #regulation #gfsc #handbook #news #update #consulting

1

The FCA has fined interdealer broker Arian Financial £288,962.53 for failing to ensure it had effective systems and controls against financial crime. https://lnkd.in/e3s2jFVM

1

Being implicated in Bribery may have the following eight implications for a business: 1. Fines, including from the Serious Fraud Office and the Financial Conduct Authority; 2. Debarment, for example, having its FCA authorisation revoked; 3. Civil lawsuits; 4. Cost of professional fees, for example, to deal with legal matters; 5. Diversion of board and management productive time; 6. Reputational damage; 7. Loss of customers or potential contracts; and 8. Demotivated members of staff. Click below for our online Anti-Bribery training course, with access to our Free Demo Course.... #AntiBribery #RQCGroup

9

https://lnkd.in/e84m7CAg The review documented that the #FCA delayed responding to 17 out of 18 #FOI requests received between July and December 2020. Specific findings indicate that the time extensions were improperly used not to ascertain the #publicinterest, as required, but rather to create additional time for deliberations on how to deny the requests.  #Finance #Regulation #Transparency

4

An Enterprise-Wide Risk Assessment (EWRA) is at the heart of robust AML/CFT compliance, empowering organisations to identify and manage their vulnerabilities against money laundering and terrorist financing. But what does it take to build an effective EWRA? A well-structured EWRA is not just about compliance—it’s a proactive defence against financial crime. Here is the infographic providing insights into the key elements of an effective ML/TF risk assessment: #ML #TF #AML #AMLCFT #AntiMoneyLaundering #AMLCFT #AMLCompliance #Compliance #Risk #EWRA #FWRA #RiskAssessment https://lnkd.in/drCbD3cq

22

2 Comments

**𝗧𝗵𝗲 𝗥𝗼𝗹𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗠𝗟𝗥𝗢: 𝗘𝘃𝗼𝗹𝘃𝗶𝗻𝗴 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗶𝗻 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗖𝗿𝗶𝗺𝗲 𝗣𝗿𝗲𝘃𝗲𝗻𝘁𝗶𝗼𝗻** The recent article by Compliance Corylated sheds light on the growing pressures faced by Money Laundering Reporting Officers (MLROs) and financial crime professionals in the UK. It highlights that the downgrading of the MLRO role within many institutions is leading to heightened risks - not just for organisations, but also for the individuals tasked with protecting the financial system. Key concerns include: - Increased exposure to regulatory sanctions and professional isolation. - A lack of understanding among senior executives about the complexity of the MLRO role. - System vulnerabilities that could be exploited by financial criminals. The Institute stands with MLROs and all financial crime professionals during these challenging times. We remain committed to advocating for the recognition and support these roles deserve within corporate governance structures. Read the full article here: https://lnkd.in/dkz9f4Wf We’d love to hear your thoughts. Are you seeing similar challenges in your organisation or sector? How can we work together to strengthen the position of MLROs and ensure they are empowered to carry out their critical functions? Simran B - Peter Dougherty #MLRO #FinancialCrime #AML #Governance #Compliance

30

2 Comments

Following feedback received in June 2024, the FCA released its Policy Statement on 29th November 2024, addressing the key themes highlighted during the response along with a revised Financial Crime Guide (FCG), offering guidance for firms’ in assessing the adequacy of Financial Crime Systems & Controls and addressing any identified deficiencies. Our team have summarised the most important changes for firms to consider when assessing ongoing compliance with financial crime prevention, detection and reporting. Read more: https://bit.ly/3DPhvzK #dwf #FCA #regulatory

16

CDD Vault Update (June 2024): Enhanced Plot Settings, Bioisostere Hits Adjustment, and ELN List Indentation What's New? ➡️ Add Plot Titles and Arbitrary Lines: Easily customize plots with titles and arbitrary lines using the settings gear icon. ➡️ Adjust Whiskers in Dose-Response Plots: Use the Statistics subtab to add or hide whiskers on aggregated points. ➡️ More Bioisostere Hits: Increase the number of suggested bioisosteres for functional groups via the Bioisostere pop-up window. Explore these new features in-depth at the link below: https://lnkd.in/gUQSesbx #CDDVault #DrugDiscovery #DataManagement #ResearchInnovation #ScientificCommunity

7