The nature of Europe’s anti-money laundering (AML) supervision (subscription needed) has been described as “patchwork” in an article in the Financial Times. The article goes on to call for an EU-wide anti-money laundering body to harmonise and enforce rules.
According to a European Commission spokesperson the institution will assess “possible next steps to enhance the cooperation between the prudential and the Anti-Money Laundering supervisors in the EU”.
Meanwhile, as US sanctions against Iran continue to to dominate both news headlines and the mind share of compliance professionals, European officials are busy devising creative workarounds that will allow European companies to preserve business relationships with Iran where possible. Ideas include alternative means to electronically transmit money, free from US influence. The second round of sanctions comes into force in November.
The UK’s Serious Fraud Office (SFO) is using artificial intelligence to solve complex crimes. According to a BBC article, advanced visualisation helps the SFO to identify and analyse connections between individuals making it easier for investigators to thoroughly explore the relevant lines of enquiry.
“A detailed understanding of the issue, a strategic plan, tools to detect criminal behaviour, internal incentives to respond, and resources to act”, are all essential in the private sector fight against modern slavery, writes Matthew Friedman, chief executive officer of The Mekong Club, an organisation of Hong Kong-based private sector business leaders focused on fighting human trafficking in Asia.
Identifying ultimate beneficial owners is an essential but often time-consuming process prone to oversights and errors. We look at how it can be transformed using intelligent process automation.
International finance centres – more often referred to as tax havens – have had a significant impact on the global economy and society at large. Following the publication of the Panama and Paradise Papers in recent years, it is a subject which has sparked significant debate. In a two part series, we investigated their role.
Missed our latest webinar on KYC Remediation? Don’t worry, you can view it in your own time to hear what banking industry adviser to encompass, David Deane had to say about the drivers, challenges and practical solutions to ease the remediation burden.
The world of Know Your Customer (KYC), compliance and financial crime never sleeps, and if your challenges are keeping you up at night let us help. encompass robotically automates information and news discovery for KYC requirements for onboarding, event-driven refresh and remediation.
Driven by your internal policies, our platform automatically constructs corporate ownership structures, discovers beneficial owners, and in minutes screens all relevant entities and persons for regulatory, reputational and financial risk.