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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…
Read MoreThe 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…
Read MoreCross-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…
Read MoreSanctions 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…
Read MoreCultural 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…
Read MoreThe 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…
Read MoreCybersecurity 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…
Read MoreEmerging 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…
Read MoreHow 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 the financial landscape by offering fast, global, and often anonymous transactions. However, these same characteristics make the VASP sector an attractive target for organised criminals who misuse VASPs for money laundering and outlines key…
Read MoreSanctions 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…
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