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“Businesses face HMRC crackdown on money laundering” warns DSR Tax Claims

Those companies required to adhere to strict anti-money laundering (AML) regulations have been advised to check their procedures and improve where necessary after HMRC handed down its largest fine to date to a London money services business for failures in its anti-money...
Posted On 10 Sep 2019
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‘KYC’ compliance costing banks €50 million per annum as financial sanctions soar

A typical European bank serving ten million customers could save up to €10 million annually and avoid growing fines by the regulator by implementing technology to improve the ‘Know Your Customer’ (KYC) processes. That’s according to new research from Mitek and Consult...
Posted On 03 Sep 2019
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22% of banks in UK “not taking advantage” of FCA-approved background checks

BDO has stated that banks are concerned any failures during their due diligence process may potentially expose them to huge Anti-Money Laundering (AML) fines even if the process is fully compliant. Concerns over money laundering penalties mean that 22% of banks in the UK are...
Posted On 24 Jul 2019
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Six National Crime Agency officers recognised in Queen’s Birthday Honours List

National Crime Agency (NCA) officers working in the fields of investigations, cyber crime, financial intelligence and kidnap have been officially recognised in Her Majesty The Queen’s Birthday Honours List. Those honoured include Rob Ormsby who was awarded an Officer of the...
Posted On 10 Jun 2019
Syedur Rahman
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Are Large Fines for Banks’ Wrongdoings Really Effective?

The Financial Conduct Authority (FCA) has recently fined Standard Chartered Bank (Standard Chartered) the sum of £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty ever imposed by the FCA...
Posted On 02 May 2019
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UK’s fragmented anti-money laundering system “needs re-ordering” warns Treasury Committee

The Treasury Committee in Parliament has just published the unanimously-agreed ‘Report on Economic Crime: Anti-Money Laundering Supervision and Sanctions Implementation’ in which the Committee’s constituent members state that a more precise estimate of the sheer...
Posted On 19 Mar 2019
RUSI headquarters in central London
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EY, Lloyds Banking Group and Thomson Reuters to support RUSI review of AML regime

With the support of EY, the Lloyds Banking Group and Thomson Reuters, the Royal United Services Institute (RUSI) is set to conduct a detailed review of the current anti-money laundering (AML) regime in order to assess what reforms are required to tackle financial crime in the...
Posted On 28 Mar 2018
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Lessons Learned to launch new on-demand integrity and compliance training resource

Specialist integrity, ethics and compliance training consultancy Lessons Learned has announced the forthcoming launch of Lessons Learned On-Demand, the company’s new ‘click-and-play’ digital training resource that will provide instant access to many hours of short, high...
Posted On 25 Aug 2017
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“Authorities should disclose information about efforts to prevent money laundering” urges Transparency International

Transparency International – the global coalition designed to fight corruption – has stated that bank regulators need to publish much more information about whether banks are doing what’s required by law to prevent money laundering. The organisation believes this...
Posted On 15 Feb 2017