Insights
Sanctions and Financial Crime Risk Assessments: Global Challenges
Introduction Sanctions are a key tool in combating financial crime, curbing the financing of terrorism, and addressing geopolitical issues such as human rights abuses and conflict. However, the rapid evolution and complexity of sanctions regimes pose significant challenges for businesses. Non-compliance can result in severe financial penalties, reputational damage, and legal consequences. This article explores…
Read MoreCase Studies: How organised criminals have exploited dealers in precious metals and stones to launder the proceeds of their crimes and how you can prevent this happening in your business
Introduction The precious metals and stones (PMS) sector is a highly attractive target for organised criminals seeking to launder illicit funds. Gold, diamonds, and other high-value commodities are easily transportable, difficult to trace, and widely accepted as a store of value, making them an ideal medium for financial crime. Criminals exploit dealers in precious metals…
Read MoreAnti-Money Laundering 101: What do Australian dealers in precious metals and stones need to know about the AML/CTF Amendment Act 2024 and how can they start to prepare to comply?
Introduction In November 2024, the Australian Parliament enacted the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (AML/CTF Amendment Act), marking a significant expansion of the nation’s financial regulatory framework. This legislation extends AML/CTF obligations to include dealers in precious metals and stones, acknowledging the sector’s vulnerability to exploitation by financial criminals. As a dealer…
Read MoreLessons from Financial Crime Scandals: Risk Assessment Failures and Mitigation
Introduction Financial crime scandals have repeatedly demonstrated the consequences of inadequate risk assessment frameworks. High-profile cases involving money laundering, fraud, bribery, and sanctions violations not only result in substantial financial penalties but also damage reputations and erode public trust. This article examines major financial crime scandals, the risk assessment failures that enabled them, and key…
Read MoreCase Studies : How do organised criminals exploit virtual asset service providers to launder the proceeds of their crimes and what can you do to prevent this happening in your business?
Introduction The rise of Virtual Asset Service Providers (VASPs) – including cryptocurrency exchanges, digital wallets, and decentralised finance (DeFi) platforms – has revolutionised global finance by enabling fast, borderless, and often anonymous transactions. However, these same characteristics make VASPs a prime target for organised criminals seeking to launder illicit funds. Criminals exploit weak KYC (Know…
Read MoreTrust and Company Service Providers (TCSPs): A Weak Link or First Line of Defence Against Financial Crime?
Trust and company service providers (TCSPs) operate at the heart of financial structures that can either support legitimate business or facilitate financial crime. By establishing trusts, companies, and other legal entities, TCSPs play a pivotal role in shaping global financial flows. Tranche 2 legislation places a spotlight on TCSPs, recognising their critical function in either…
Read MoreThird-Party Risk Management and Financial Crime: A Global Outlook
Introduction Third-party relationships are essential to modern business operations, enabling companies to expand their reach, reduce costs, and enhance efficiency. However, these partnerships also introduce significant risks, particularly when it comes to financial crime. From money laundering to fraud, bribery and corruption, the actions of third parties can expose businesses to legal, financial, and reputational…
Read MoreHow do organised criminals exploit dealers in precious metals and stones to launder the proceeds of their crimes and what can you do to prevent this happening in your business?
Introduction The precious metals and stones (PMS) sector is a highly lucrative industry that deals with valuable commodities such as gold, silver, diamonds, and other precious gemstones. However, its high-value transactions, global reach, and liquidity make it a prime target for organised criminals seeking to launder illicit funds. Criminal organisations exploit dealers in precious metals…
Read MoreTrust and Company Service Providers: A critical weak link in financial crime prevention
Introduction Trust and Company Service Providers (TCSPs) play a pivotal role in the global financial ecosystem by offering services that facilitate the formation, management, and administration of legal entities such as trusts, companies, and foundations. While these services are essential for legitimate business activities, they also present opportunities for exploitation by criminals seeking to launder…
Read MoreAnti-Money Laundering 101: What do Australian virtual asset service providers need to know about the AML/CTF Amendment Act 2024 and how can they start to prepare to comply?
Introduction In November 2024, the Australian Parliament enacted the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (AML/CTF Amendment Act), marking a significant expansion of the nation’s financial regulatory framework. This legislation extends AML/CTF obligations to include Virtual Asset Service Providers (VASPs), acknowledging the sector’s vulnerability to exploitation by financial criminals. As a VASP, understanding…
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