AML Roundup – 26 Nov, 2021
26 Nov 2021

In this week’s AML roundup – Robert Mazur questions the progress made on the war against money laundering; a UK Treasury report highlights significant risks with AML professionals; an investigation into forced labour making PPE; and a look at why banks must do more than just comply with fraud regulation.

These updates are emailed to our weekly KYC360 subscribers every Friday. Subscribe here!

How goes the war against laundering?

In this latest article from Robert Mazur (U.S. federal agent, court-certified expert in money laundering-related matters and best-selling author of “THE INFILTRATOR”), he questions the progress on the fight against money laundering against the backdrop of an estimated $2 trillion of illicit funds seeking laundering services each year.

“If a willingness to do the right thing were the fuel that powered the attack on money launderers, that initiative would be a total success. Compliance professionals, regulators and law enforcement officers are motivated, but we struggle to think outside the box and change our method of operation. It’s time for us to work together and recalibrate.”

Read the article.

UK Treasury report highlights ‘significant deficiencies’ in anti-money laundering and counter-terrorist financing

The anti-money laundering and counter-terrorist financing: Supervision Report 2019-20 which was published on 19 November 2021, reveals about 12% of the professionals supervised by anti-money laundering authorities are ‘at risk’. The report, which covers the activities of the Solicitors Regulation Authority as well as bodies such as the Financial Conduct Authority and Gambling Commission, concludes that efforts should continue to address ‘significant deficiencies’ in supervision by the 22 legal and accountancy sector supervisors. Read more from The Law Society Gazette.

NHS PPE: UK investigates supplier over alleged use of forced labour

The UK government has launched an investigation into alleged forced labour by one of the NHS’s main suppliers of personal protective equipment used in the Covid pandemic. The Malaysian supplier which has a £316m contract with the UK’s National Health Service has already been banned from selling its products in the US. Read more from The Guardian.

Above and beyond: why banks must do more than just comply with fraud regulation

The UK’s Payment Services Regulator (PSR) recently refused to name banks that have received the highest volume of fraudulent funds, after recent adoption of the new ‘confirmation of payee system’. Banks understand the regulatory imperative to tackle fraud and protect their customers; they have had no choice but to dedicate more resources to compliance as regulation has increased. But are they overlooking the potential reputational damage they could suffer in areas where they may be compliant, but where customers and others feel let down? David Prosser investigates.

Belarus border crisis: EU to blacklist transport companies involved in human trafficking

Transport companies could be punished as part of new plans who are found to be involved in the smuggling and trafficking of people, amid the ongoing crisis at the Belarus-Poland border. Read more from Euronews.

FCA recruiting ‘crypto experts’ to assist in identifying illegal activities

The Financial Conduct Authority (FCA) recently published a tender notice seeking consultants to access a blockchain analytics platform to help counter money laundering and terrorism.

“Under these regulations in scope crypto-asset firms are required to establish and maintain policies, controls and procedures to mitigate and manage effectively the risks of money laundering and terrorist financing.”

The FCA is seeking a third-party firm specializing in blockchain data analysis to work under the financial regulatory body. More from the Daiy Hodl

Future of Digital Onboarding and Customer Experience Summit

…and finally, in a welcome return to face-to-face events, RiskScreen and the KYC360 team are looking forward to attending (and sponsoring) the Future of Digital Onboarding and Customer Experience Summit in London next week. The 2-day event on December 1-2 promises a packed agenda looking at the challenges and best-practices to optimize the Digital Onboarding, Customer Experience and Identity Management processes. Our very own Tom Devlin, Head of Product at RiskScreen, will be presenting ‘The benefits of a true risk-based approach to digital onboarding’ on Day 2 at 9.30am.  If you’re attending, please drop by to see us at booth 6.

Remember, these updates are emailed to our weekly KYC360 subscribers every Friday. Subscribe here!

You can claim CPD minutes for this content, by signing up to our CPD Wallet