AML

A new report by the UK’s Treasury Select Committee has called on the government to work harder to tackle the ‘growing fraud epidemic’ in the UK.

As pressures continue to rise for financial institutions to meet mounting anti-fraud regulatory requirements, dynamic risk assessments will become more vital.

The European Banking Authority (EBA) has launched EuReCA, a new central database for anti-money laundering and counter-terrorism financing.

The total cryptocurrency value in money laundering activity reached $8.5bn in 2021, a 30% increase on the previous year, according to a report from Chainalysis.

During a year of heightened financial crime, the Financial Conduct Authority (FCA) handed out £568m in fines during 2021.

Starling Bank has pulled all of its paid advertising on Facebook and Instagram due to concerns regarding fraudsters on the platforms.

As another challenging year comes to an end, the task for organisations to remain compliant in new working environments is still ongoing. Despite firm efforts by many to avoid penalties, some institutions were unable to duck fines last year. Here are the top five compliance failure fines from the year of 2021.

Aware, a global biometrics software developer, has acquired digital ID verification and biometric authentication platform Fortress Identity.

The Financial Crimes Enforcement Network (FinCEN) has issued a consultation that is seeking comments on ways to modernise, streamline and update the US AML/CFT regulatory regime.

The Financial Conduct Authority (FCA) has fined HSBC Bank £63,946,800 for failings related to its anti-money laundering processes.