- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
A study of suspicious activity reporting data in the United Kingdom suggests accountants, lawyers, estate agents, and other service-facing professionals could be doing more to contribute to the fight against financial crime.
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The Financial Crimes Enforcement Network is requesting comment on a pilot program that would allow financial institutions to share suspicious activity reports with foreign branches, subsidiaries, and affiliates.
With 2021 nearing its end, Jon Prentice of the International Compliance Association recaps three major compliance topics and talking points that have stood out this year.
Times and technologies change, but the fundamental means by which criminals attempt to launder money and carry out their nefarious acts are still rooted in the same criminal process.
The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
