Third-party risks around financial crime are accelerating and becoming more complex. Evolving sanctions rules, a renewed focus in the EU and UK on money laundering, bribery and corruption, and the UK’s Failure to Prevent Fraud criminal offense all put the onus on companies to understand exactly who their third parties are, who is behind them, and how they expose them to risk.
Further concerns are emerging as jurisdictions extend their regulations and sanctions over cryptocurrency exchanges, which can be used as a conduit for opaque financing. Geopolitical upheavals, such as President Trump’s capture of President Maduro in Venezuela and ongoing wars in Iran and Ukraine, are shifting criminal activity, as gangs identify new routes to channel illicit money.
