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Post-Brexit AML/CTF landscape in the UK: Divergence or continuity with EU and Global Standards?

Introduction The United Kingdom’s departure from the European Union (EU) in January 2020 raised questions about the future of its anti-money laundering (AML) and counter-terrorism financing (CTF) framework. As an EU member, the UK had implemented the EU’s AML directives, including the Fifth (5AMLD) and Sixth Anti-Money Laundering Directives (6AMLD). Post-Brexit, the UK now has…

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The Impact of the United Nations’ Counter-Terrorism Financing Framework on National Legislations

Introduction The United Nations (UN) has been a central player in shaping global efforts to combat terrorism financing (TF). Its resolutions and conventions serve as the foundation for national legislations worldwide, compelling governments to implement robust frameworks to counter terrorist activities. With its focus on fostering international collaboration, the UN provides a comprehensive legal and…

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Digitising Financial Crime Risk Assessments: Transitioning from Excel to RegTech Platforms

Digitising Financial Crime Risk Assessments Transitioning from Excel to RegTech Platforms

Executive Summary Financial institutions and other regulated businesses face increasing regulatory scrutiny and rising risks of financial crime, including money laundering, fraud, and sanctions violations. Traditional methods, such as excel-based risk assessments, are no longer sufficient to address the growing complexity and volume of financial data. This whitepaper explores the limitations of manual processes, the…

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The Evolving Role of the Financial Action Task Force (FATF) in Global AML/CTF Governance

Introduction The Financial Action Task Force (FATF) has long served as the global standard-setter for anti-money laundering (AML) and counter-terrorism financing (CTF) efforts. Founded in 1989 by the G7, FATF has grown to include 39 members, including major economies, regional organisations, and observer groups. Its primary mission is to develop and promote policies that protect…

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Cross-Border Collaboration in Financial Crime Risk Management

Introduction Financial crime is a global issue that transcends borders, with money laundering, fraud, and corruption often involving complex international networks. Cross-border collaboration has become essential for combating these crimes effectively. This article explores the importance of international cooperation, highlights successful initiatives, and discusses strategies for enhancing cross-border financial crime risk management. The need for…

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Sanctions and Financial Crime Risk Management: Challenges and Emerging Strategies

Sanctions and Financial Crime Risk Management: Challenges and Emerging Strategies

Introduction Sanctions remain one of the most potent tools for combating financial crime and achieving geopolitical goals. However, the complexity of global sanctions regimes, coupled with evolving financial crime tactics, presents unique challenges for organisations. This article delves into the intricacies of sanctions compliance, highlights the risks of non-compliance, and explores strategies to navigate these…

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Cultural Considerations in Financial Crime Risk Assessments

Introduction Financial crime risk assessments often focus on regulatory compliance, technological solutions, and operational frameworks. However, cultural differences across geographies can significantly influence the effectiveness of these assessments. From variations in attitudes toward corruption to differing compliance norms, understanding cultural nuances is critical for businesses operating globally. This article explores the role of cultural considerations…

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The Future of Financial Crime Risk Management: Predictions and Strategic Directions

Blog - The Future of Financial Crime Risk Management Predictions and Strategic Directions

Introduction As financial crimes grow in complexity, the future of risk management demands innovation, adaptability, and collaboration. Emerging technologies, evolving regulations, and global interconnectedness will shape how businesses detect and mitigate financial crime. This blog explores predictions for financial crime risk management by 2030 and outlines strategies for staying ahead. Emerging Trends in Financial Crime…

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Cybersecurity and Financial Crime: Merging Risk Assessments

Introduction The convergence of cybersecurity and financial crime risk has become a critical focus for businesses and regulators worldwide. Cybercriminals are exploiting vulnerabilities in digital systems to execute sophisticated financial crimes, from ransomware attacks to fraudulent wire transfers. As digitalisation accelerates, organisations must integrate cybersecurity measures with financial crime risk assessments to address these overlapping…

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Emerging Risks in Tranche 2 Professions: Virtual Assets and Cryptocurrencies

Introduction The rise of virtual assets and cryptocurrencies has revolutionised the financial landscape, offering new opportunities for innovation and efficiency. However, these digital tools also present significant risks, particularly for Tranche 2 professions such as lawyers, accountants, real estate agents and trust and company service providers (TCSPs). As gatekeepers, these professions play a critical role…

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