What Should AML Professionals Do? How Economic Uncertainty Fuels Financial Crime Economic uncertainty affects everyone. But did you know it’s also a breeding ground for financial crime? Inflation, market instability, and low growth create opportunities for bad actors and increase risks across sectors. Recent bond market volatility caused by the UK Chancellor’s budget has […]
Technology and Insights to Aide Compliance Professionals Challenges in Combating Financial Crime The fight against financial crime is becoming harder every day. Firms in Financial Services, Professional Services, Telecoms, and Healthcare, amongst others, face many challenges. Bad actors use more innovative methods to hide their crimes. For example, they may use fake identities […]
How To Get Ahead of Intensifying Scrutiny 7 Ways Solicitors Can Improve AML Compliance Anti-money laundering (AML) compliance amongst solicitors firms in the UK is in the spotlight. A recent report from the Solicitors Regulation Authority (SRA) highlighted that only 22% of firms reviewed fully met requirements. In this article, we have provided seven […]
The Growing Role of Cryptocurrencies and UK Banks’ Challenges Cryptocurrencies have swiftly reshaped the global financial landscape, offering fast, decentralised transactions and borderless operations. However, the features that make them appealing also attract financial criminals, posing unique challenges for UK banks. UK banks must ensure robust anti-money laundering (AML) and counter-terrorism financing (CTF) compliance […]
Regulations and Expectations in the UK The UK’s Financial Conduct Authority (FCA) strongly emphasises accountability and robust systems. These expectations fall under the Senior Managers and Certification Regime (SMCR). Firms must monitor suspicious activities, maintain high data quality, and ensure ongoing analysis. The FCA promotes a risk-based approach, requiring firms to align with the […]
Combatting the growth of financial crime Financial crime is a growing global issue. Industries such as banking, asset management, insurance, real estate, and law must stay ahead of these risks. Compliance leaders must protect their companies from money laundering, fraud, bribery, and tax evasion and manage regulatory sanctions. Argus Pro LLP has developed The Aegis Compass […]
Unveiling the ShadowsIntroduction to Money Laundering Money laundering hides and legitimises criminal profits, making it a significant threat to global financial stability. This criminal activity undermines financial integrity and enables other illegal enterprises, such as drug trafficking and terrorism. To tackle money laundering, a comprehensive understanding is crucial, as this knowledge strengthens the defences of […]
The Importance of Risk Assessment in Combating Financial CrimeIntroduction to Financial Crime In today’s complex financial landscape, the threat of financial crime poses significant risks to both businesses and individuals. This includes activities like money laundering, fraud, bribery, and corruption. As the global economy becomes more interconnected, the potential impact on assets and reputation increases. […]
The disconnect between senior management and front-line employees A study by Sidney Yoshida, known as the “Iceberg of Ignorance,” revealed that senior management often lacks a clear understanding of the day-to-day operations within a company, leading to a disconnect between them and their employees and customers. This phenomenon, sometimes called the “Iceberg of Arrogance,” found […]
The first step to improving your AFC processes is to measure them How secure do you believe your organisation’s reputation is in the market? Is there fragility in the systems that keep you safe from attack by cold and hardened financial criminals? When was the last time you correctly measured the effectiveness of your anti-financial […]
The Benefit of Independently Reviewing AFC Processes Why independent assessments are crucial for ensuring the effectiveness of your anti-financial crime processes Anti-financial crime (AFC) processes are essential for protecting organisations from the risks of money laundering (ML), fraud, and other financial crimes. However, in order to be effective, these processes must be robust and able […]
AI, like all good tools, needs to be kept sharp to be effective How will you ensure your AI-enabled anti-financial crime tools remain effective? In recent years, AI-enabled anti-financial crime solutions such as machine learning (ML) have become increasingly prevalent in the fight against financial crime. These technologies are used in many sectors, […]
The fight against financial crime is an ongoing battle requiring a deep understanding of criminal minds and tactics. Traditional anti-financial crime (AFC) approaches have been reactive, relying on historical data and patterns. To stay ahead of relentless and sophisticated criminals, AFC professionals need to start thinking more like perpetrators. By doing so, AFC […]
