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Risk Management Industry News for FCA Regulated Businesses

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Risk Management, Compliance Management, Money Laundering

Will a crackdown on money service businesses thwart the criminals?

Criminals with vast sums of cash to launder, such as those dealing in drugs, human trafficking or terrorism, are shunning banks because of their stringent AML provisions and instead using money service businesses – and the authorities are now taking...

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Financial Crime, Money Laundering

Overseas Entities law is set to clamp down on ‘McMafia’ money launderers

Forthcoming legislation is set to create a new property register to reveal the identities of overseas owners, which is likely to be an unwelcome development for money launderers. The Overseas Entities Bill should act as an important weapon in the...

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Money Laundering

Poor AML controls highlighted at Danske Bank

Last month, the chief executive of Danske Bank resigned over a €200bn money laundering scandal, said to be the largest in history.

Thomas Borgen was in charge of Danske’s international operations - including Estonia where money laundering is said to...

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Risk Management, FCA, Brexit, Money Laundering

Money Laundering A Rising Concern For Risk Managers

Home Office figures show there has been a rise of 12% from overseas governments and regulatory authorities questioning money-laundering activities.

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Compliance Management, Money Laundering

The new Criminal Finances Bill – what it means for risk managers

Risk managers should keep their antenna up for the forthcoming Criminal Finances Bill, which could well pose some compliance challenges.

The bill received Royal Assent on 27 April, so we know it will come into force in the coming months and a number...

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