AML and Compliance

The recent £29 million fine imposed on Starling Bank by the Financial Conduct Authority (FCA) is a stark reminder of the critical importance of maintaining robust Anti-Money Laundering (AML) compliance frameworks.  As the banking sector expands rapidly, ensuring that financial crime controls evolve simultaneously is crucial. Regulators are increasingly scrutinising institutions that fail to meet AML and sanctions compliance requirements. Regulated businesses must prioritise frequent reviews of their: 🔹 AML policies 🔹 Procedures 🔹 Controls  Don’t let your business fall into the pitfalls of non-compliance.  #amlcompliance #financialcrime #bankingregulations

This case highlights the importance of keeping pace to tackle financial crime. #aml #compliance #banks #uklaw

Update AML update 🗣 A new study has found that Professional Body Supervisors (PBSs) who oversee anti-money laundering (AML) regulations and compliance in the legal and accountancy sectors are failing to meet their obligations. #compliance #aml #financialcrime

£100bn laundered annually: Is the UK prepared? A shocking £100bn in criminal cash flows through the UK each year, making it a global hub for money laundering. From fraud to crypto misuse, economic crime is evolving rapidly, threatening businesses, individuals, and the UK’s reputation. #aml #moneylaundering #financialcrime #economiccrime

Big news: We’ve moved! 🏡 We’re thrilled to announce our new office near the iconic Shard and Borough Market – the perfect space to grow 🌟 Drop our page a follow for more! 🙌 #aml #compliance #regulation #businessgrowth #compliancesupport

The Financial Conduct Authority (FCA) has highlighted gaps in compliance with enhanced regulations for appointed representatives (ARs), introduced in December 2022. From missed self-assessments to outdated onboarding processes, some firms are falling short of the mark. #aml #compliance #fca #regulations

The FCA has charged a record 21 individuals with financial crimes in the last year, reflecting its assertive new approach to enforcement.  With £21.1m in assets restrained and significant fines like the £15m imposed on PwC, the FCA is doubling down on its commitment to safeguard market integrity.  FCA Executive Director Sarah Pritchard highlighted that tackling financial crime requires a proactive, partnership-based strategy.  Read the full speech for insights into the future of financial regulation and crime prevention. #financialcrime #compliance #regulations

Great feedback from a recent AML training session. Well done to Dila! 👏 #feedback #testimonial #aml

Preparing for an AML audit?  Follow these five tips to ensure a thorough and effective process.  Engaging the right auditor, being organised, and welcoming feedback can significantly enhance your compliance efforts.  #aml #audit #compliance

Penalties for serious breaches of the data protection principles can be significant.  The Information Commissioner's Office (ICO) can impose fines of up to £17.5 million or 4% of a company’s annual worldwide turnover, whichever amount is higher. #amlcompliance #compliance #faqs