Everything from your morning coffee purchase to business transactions seems to takes place online. So it seems almost quaint to worry about the physical theft of a painting. But just Google “art heist movies” and take your pick. It’s a popular genre on-screen and in real life too. Sadly, the scenario reveals a fascinating slice […]
The old legal maxim, “Hard Cases Make Bad Law,” has wide application. It reflects the difficulty of legislating in response to unusual or extreme circumstances. Often the result is a law that doesn’t serve well in general application, or it might come with unintended consequences. This is especially relevant now, in the context of the
Don’t get me wrong. I have nothing against AI. But its use requires considerable thought, not just in initial application, but in oversight too. It’s not yet the magic answer we might have hoped for. This is especially so in the financial services industry, where the demands of regulatory compliance are not just complex and
KYC (Know Your Customer) can be cumbersome and expensive. The onboarding process, with multiple checks, can consume vast amounts of time and resources. Often it seems like a burden, which is frustrating for a such an essential process. Typically, challenges include: Complex regulations make it difficult for financial institutions to keep up. Operating in multiple
Compliance, much like the financial world it serves, is anything but static. It has a quasi-organic nature, changing over time and according to context. It evolves alongside regulations, threats, and the needs of your customers. While Know Your Customer (KYC) forms a bedrock, that is just the beginning – as every compliance officer knows. Criminals
In financial services, active compliance is more important than ever. The war in Ukraine, and the Gaza crisis, means that fallout from international relations reaches deep into the commercial world. Heightened geopolitical turmoil necessitates an even more robust approach to regulatory compliance. These must transcend standard procedures and look at all elements of KYC with
In the worldwide battle against financial crime, the stakes are high. Money laundering alone, according to the United Nations Office on Drugs and Crime, amounts to a staggering $800 billion to $2 trillion annually. That’s 2% to 5% of the world’s GDP, a sum large enough to dwarf the budgets of several countries. Financial institutions
Across the world, the burden of regulatory compliance is not just growing – it’s accelerating rapidly. Financial institutions face a labyrinth of regulations that demand meticulous attention to detail and an in-depth understanding of international financial laws. Compliance tasks range from adhering to efficient and effective KYC routines and intelligent transaction monitoring, to navigating the
Politics in the US is about more – much more – than who will be the next president. Among the many arguments and negotiations, the world of financial regulation often seems to hide in the shadows.
For financial institutions, compliance is not just a process. Like the sea, it’s continuously moving and changing, and it requires vigilance to stay in tune with the latest laws, regulations and lists. Understanding this is crucial, especially when multiple jurisdictions are involved. It’s necessary to navigate regulations accordingly, often when rules may change with little
On 13th December 2023, the European Union took a significant step forward in its fight against financial crime, especially anti-money laundering. Establishing the EU Anti-Money Laundering Authority (AMLA) is a testament to this commitment. The new body is designed to supervise and coordinate national authorities, enhancing their ability to detect and combat suspicious cross-border transactions.
Any industry that moves a lot of money is bound to chase the holy grail of payment systems that are safe, secure and simple to use. Gambling fits the bill. It’s continuously evolving and, increasingly, looking for ways to transfer funds securely between casinos and their patrons very quickly and very easily. And while the
Like the snow in our fitful northern winter, a flurry of recent articles highlights the rapid growth of the money remittance market. Remittance is the lifeblood of many communities, each with their own diaspora, and the sheer scale of this sector renders it vulnerable to abuse.
The digital remittance market is growing – fast! A recent Yahoo Finance report* highlighted that this sector is predicted to continue growing rapidly over the next decade. Globally worth $22.1 billion in 2023, it is should be worth $44.4 billion by 2028. By 2032 it will be worth nearly $80 billion. Put simply, there’s an
In the USA, online sports betting continues to expanded rapidly. It’s not just in professional leagues but in college sports too. Relaxation of state laws around online gambling and sports betting has led to a prolonged surge in this often compulsive form of entertainment. The growth, while presenting new opportunities, means that gambling addiction is
In 2024 and beyond, the financial landscape will be characterized by rapid technological change and the importance of how we move money. Fintech companies are at the forefront of this response, revolutionizing payment methods and enhancing customer experiences. At the same time, they make the financial world safer.
One of the most important sectors in the financial world is the remittance market. In 2022, global remittances totaled a staggering $830 billion, with a significant portion flowing from developed economies like the US to lower and middle-income countries (LMIC), mainly in Asia and the global south. In 2023, that value will likely grow to over $860 billion.
The 2023 Basel AML Index has brought to light an alarming escalation in global money laundering and terrorist financing risks. This annual report, emphasizing the urgent need for effective compliance measures, describes a concerning trend: despite robust frameworks, the effectiveness of systems for anti-money laundering (AML) and counter-terrorism funding (CFT) is in decline. As the
In financial services, risk perception is often as significant as the risk itself. A recent report(1) in The Business Times of Singapore reveals growing concerns among Singaporean financial institutions about money laundering risks. This comes in the wake of a major scandal in August 2023, where ten individuals were arrested for a money-laundering scheme involving
In recent years, the gambling industry has made important strides in addressing problem gambling. Increasingly, the emphasis is on support for those at risk, rather than punitive measures. This shift reflects a growing recognition of the importance of responsible gambling practices and the need to protect vulnerable individuals. Some organisations have acted slowly but the