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Declan Morton

Hard Cases Make Bad Law – and more Layers of Compliance

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

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Sanctions and PEP – Expect More and Stricter Implementation

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

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Managing the Multiple Layers of Compliance – Efficiently

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

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Embracing the Complexity of Global Compliance

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

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EU tightens up on AML

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.

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URGENT and EFFECTIVE AML is non-negotiable.

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

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The Shifting Sands of Financial Risk: Balancing Perception and Reality

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

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Proactive Support: how tech supports vulnerable gamblers

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

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