Insights
When the Dashboard Makes the Difference
Adopting Tech for AML – No Excuses for Procrastination
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
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
A Practical Reality: Anti-Money Laundering Measures in Financial Services
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.
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
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
Gambling – Safety and Security, and the Sum of Human Happiness
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
Remittance Services – Vital but Vulnerable
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
A Hidden Need in the Remittance Market
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
Remittance Services – tackling another vulnerability
Digital services spread rapidly once their potential is understood. Witness the swift adoption of mobile phones in regions where traditional infrastructures were absent. This digital leap has transformed many sectors, including financial services, and particularly in the realm of remittances. Remittance services, crucial for millions...
Compliance: Why the Big Picture Matters
Negotiating financial regulations can feel like walking a tightrope. For financial service businesses, including banks and credit unions, effective compliance requires an understanding of regulations in minute detail and a sound grasp of the importance of the rationale behind them. Importantly, truly effective compliance isn’t...
Keeping the Records Straight for a Clear Conscience – and Freedom from Fines
Have you ever woken in the night fretting, wondering if there’s a gap in your compliance? Even if you’re not a compliance officer, this critical element in the financial sector can be daunting. The aim – reducing the risk and incidence of financial crime –...
Just When You Thought Your Paintings Were Safe…
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...
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....
Compliance, and why rushing to AI might be missing the point
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...
