Graeme Hampton’s Post

How Will Global AML Standards Shape the Future of Compliance? Question: What impact will evolving global AML standards have on the future of compliance? Answer: The future of AML compliance will be shaped by increasing global cooperation and the adoption of technology-driven solutions like AI and blockchain to detect and prevent financial crimes. As regulatory bodies push for greater transparency, multinational banks must be prepared to navigate the complexities of differing AML standards while ensuring robust compliance. This evolution will ultimately lead to a more secure and unified global financial system. What steps is your organization taking to align with global AML trends? 👉 Like if you’re optimistic about the future of AML compliance! 👉 Share to inspire others in the financial sector! 👉 Comment with your thoughts on the future of global AML standards! #MDMarketInsights #businessanalysis #capitalmarkets #financeindustry #financialservices #investmentanalysis #TradeFloor #dataanalytics #riskmanagement #tradingstrategies #marketresearch #investmentmanagement #assetmanagement #fintech #regulatorycompliance #portfoliomanagement #derivatives #marketanalysis #financialtechnology #quantitativeanalysis #investmentstrategy #businessintelligence #financialinnovation #economicanalysis #hedgefunds #privateequity #TradingSystems #datascience #riskanalysis #financialdata

Preventing Money Laundering: Choosing the Right AML Solution for Crypto Exchanges: Implementing robust crypto AML solutions is vital for several reasons: Regulatory compliance. Ensuring adherence to AML regulations helps avoid hefty ...

The lawsuit against Binance following the October 7th Hamas attack underscores the critical importance of compliance, due diligence, and AML regulations in ensuring our collective safety. It is imperative that financial institutions, fintechs, and all payments-related companies take their legal and moral responsibilities seriously. Proper onboarding requirements, ongoing monitoring, reporting suspicious activities and internal verifications are just some examples of how illicit and dangerous organizations can be stopped in their tracks. Eager to hear your thoughts, and feel free to reach out with other #compliance related topics. #AML #Compliance #DueDiligence #TerroristFinancing

🚨 Anti-Money Laundering (AML) Trends in 2024 🚨 Hey LinkedIn Family! 👋 Let's talk about some key AML trends we all need to watch out for this year! 👀💼 🌍 Global Regulatory Changes: Governments across the globe are tightening AML regulations! 📜 From the EU to the US, expect new frameworks & updates. Stay compliant or risk heavy fines! 💸 🤖 AI & Machine Learning: The future is here! AI tools are transforming how we detect suspicious activities. 🔍 Faster, smarter, and more accurate—keeping us one step ahead of the bad guys! 🦹♂️💥 💳 Crypto Compliance: Cryptocurrency continues to grow, and so do the AML risks. Expect more regulations to control illicit activities. Are your crypto compliance processes up to date? 💱🔗 💼 Enhanced KYC Requirements: Know Your Customer (KYC) is evolving! 🌟 2024 will see stricter onboarding processes. Verifying identities and tracking customer behavior is crucial. Don't skip this! 🛂👥 🌐 Cross-Border Collaboration: International cooperation between financial institutions and regulators is booming. 🌐 Strength in unity to combat money laundering on a global scale! 💪✈️ Remember, AML isn't just about ticking boxes—it’s about safeguarding your business and the financial system. 🏦💡 Let’s stay compliant, informed, and secure in 2024! 🛡️🔒 #AML #Compliance #Crypto #KYC #Finance #RegTech #LinkedInFamily

An article written by Emily Lee discusses the role of FinTech, financial inclusion, and AML screening in the context of banks' de-risking practices in Hong Kong. The article is titled "Technology-driven solutions to banks’ de-risking practices in Hong Kong: FinTech and blockchain-based smart contracts for financial inclusion" published in the Common Law World Review in 2022. It highlights the tension between AML/CFT prevention and financial inclusion, where stricter AML/CFT laws and higher compliance costs may lead banks to avoid trading with customers considered too risky, potentially excluding the poorer sector of the economy from access to the financial system The article also discusses the challenges and potential of blockchain-based smart contracts for AML/CFT regulatory compliance. It suggests that while blockchain technology can enhance the governance and monitoring activities, the incorporation of legal requirements into the distributed ledger may add "legal impurities" and create obstacles to the efficiency of DLT. Here, AML Watcher comes to play with its comprehensive screening solution. AML Watcher’s easy integration with FinTechs and Banks makes it a perfect fit for this case study. AML Watcher’s on premises solution makes sure that banks and fintechs comply with their regional data privacy laws. #AML #Compliance #AMLW #AMLWatcher #Fintech #HongKong

🚩New Era of Crypto Regulation in the EU with MiCA 🚩 Key dates include: December 30, 2024: Additional MiCA provisions, including those affecting crypto exchanges, will be enforced. 🚀January 1, 2025: CASP license application submissions open for current VASPs and new applicants. CASP conversion process by offering services that address all major MiCA requirements:  • Comprehensive Regulatory Documentation: CAML assists in drafting and structuring internal policy documentation aligned with MiCA requirements for AML compliance, risk management, and customer safeguarding🌐.  • Local Presence and AML Audit Expertise: CAML assists businesses in establishing a local presence in the EU, including setting up physical offices and staffing them with senior-level AML specialists, such as Chief Compliance Officers (CCO), Chief Risk Officers (CRO), and Money Laundering Reporting Officers (MLRO). By aligning operations with EU-based compliance expectations and 🚀AML audit CAML ensures that CASPs meet regulatory standards.  • Capital Requirements and Structuring: To comply with MiCA, crypto firms must meet stringent capital requirements based on the CASP class they qualify for. CAML advises businesses on securing the necessary capital—ranging from €50,000 for Class 1 CASPs to €150,000 for Class 3 CASPs—to foster market stability and enhance customer protections.🌐 #MiCA #CryptoRegulation #DigitalAssets #BlockchainEU #CryptoCompliance #Legalaes #CryptoEurope #FintechRevolution #CryptoNews

Excited to share my latest article on the EU’s Anti-Money Laundering (AML) Package and its transformative potential for financial institutions. This comprehensive set of regulations not only standardizes efforts to fight money laundering and terrorism financing across the EU but it also empowers firms to lead in financial crime prevention, unlock growth and secure a competitive edge.   In the article, I explore how firms can turn compliance into a strategic advantage - modernizing tech, streamlining operations and leveraging AI, machine learning and blockchain to enhance detection, monitoring and reporting.   Discover how these regulations can be a catalyst for innovation, improved customer experience and ultimately, a more secure financial environment.   #AMLA #EYFinancialServices #Innovation https://lnkd.in/eVP_Qwx9

🚨 Federal Reserve Cracks Down on compliance failures on virtual assets 🚨 The recent enforcement actions against Customers Bank and United Texas Bank in the US highlight a crucial global warning: regulatory bodies are ramping up their scrutiny of virtual asset compliance. From inadequate board oversight to AML gaps, financial institutions are feeling the pressure to tighten controls or face serious penalties. Wondering how to stay ahead of the curve? ✔ Strengthen AML Compliance Programs: Implement robust anti-money laundering (AML) frameworks that include enhanced customer due diligence, precise risk assessments, and automated reporting to meet evolving regulatory expectations. ✔ Leverage Blockchain Analytics: Use advanced automated tools to gain visibility into both centralized and decentralized wallets, ensuring accurate risk profiling and compliance with regulatory standards. ✔ Enhance Board Oversight and Governance: Improve corporate governance by establishing clear oversight roles and ensuring the board is actively involved in managing compliance risks related to virtual assets. Full read on our website and see how we can help you to stay ahead of the curcve with our Cense solution. https://lnkd.in/erx2ksNn

It was a great pleasure to attend Financial Crime Fighters 2024 Polish Edition 🇵🇱 event organized by FinTech Poland and connect with so many AML professionals from the CEE region. The event provided great opportunity to discuss the challenges faced by the financial sector at regulatory and technology levels, share experiences and best practices. Some of the key messages from my perspective: ✅ Cooperation between public and private sector supported by technological advancement is key to effective fight against financial crime and other illicit activities. ✅ Increasing role of technology in AML space, including advanced data analytics to analyze large volumes of data with an aim of increasing effectiveness, accuracy and reducing information noise. ✅ Securing funding for technology advancements should be one of the top priorities for Management Boards. ✅ Significant impact of MiCA regulation will shape the landscape of the crypto industry in coming months and years. AML Analytics #AMLA #RegTech #FinancialCrime #AML