Fighting Financial Crime Risks Through Machine Learning

Machine Learning

The global banking industry is grappling with an ever-growing threat of financial crimes, particularly money laundering and sanctions violations. The costs and risks associated with these criminal activities are staggering, with an estimated loss of $1.6 trillion, equivalent to 2.7% of the global GDP, due to money laundering alone. Additionally, the rise in sanctioned entities […]

How to submit a good Suspicious Activity Report (SAR)

How to submit a good Suspicious Activity Report (SAR)

Regulated financial services firms are required to submit a Suspicious Activity Report (SAR) in respect of information that comes to them in the course of their business. They must do so if they know, suspect, or have reasonable grounds for knowing or suspecting that a person is engaged in, or attempting, money laundering or terrorist […]

Our Guide To Cutting The Cost Of AML Compliance

AML Compliance

As financial regulators continue to increase AML regulations, the cost of remaining compliant is getting higher. According to the experts, these AML compliance costs are set to grow at an increasing pace, so how can businesses in the financial industries combat this? In this guide, we will discuss some effective strategies for reducing the cost […]

Best Practices in Merchant Onboarding and Monitoring

Merchant onboarding is one of the most important procedures most firms can face. As a result, there are many risks that can arise from this practice. Responsible firms will have protocols and best practices in place to ensure that merchants can be onboarded and then monitored as easily and as safely as possible. Create an […]

The FCA issues warning to banks over financial crime and AML failings

In a recent letter, the Financial Conduct Authority has warned retail banks about continuing weaknesses and failings surrounding their financial crime systems and controls. In the ‘dear CEO’ letter to banks, published in July, the FCA said they ‘’are disappointed to continue to identify, across some firms, several common weaknesses’’. The findings come as a […]

The Challenges of Compliance in 2021

2020 proved to be a rough year for the financial services industry, with the Covid-19 pandemic bringing with it new challenges and exposing shortcomings within the sector. In 2021, the pandemic has continued to change the way compliance functions operate within organisations; hybrid working policies becoming more prevalent, the increasing volume of regulatory change, and […]

FCA Trends: Growing Focus on Culture for FCA Regulated Firms

In the past, the FCA’s interest in organisational culture has largely been focused on preventing regulatory breaches, such as fraud and money laundering. However, there has been a noticeable trend towards wider cultural issues and the FCA’s role in changing the culture of the UK Financial Services industry to reflect national and global issues. Key […]