Customer due diligence
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FCA publishes systems and controls advice on sanctions
The FCA is auditing how supervised firms manage their compliance systems – we take a look at good and poor practices
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FCA puts firms on notice over anti-money-laundering shortfalls
Issues highlighted in the report include the quality of customer risk assessment, detailed practical guidance, recordkeeping, and independent second-line assurance.
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Swedish BNPL provider Klarna fined SKr 500m for AML violations
The Swedish Financial Supervisory Authority fined Klarna for violation of several key rules of AML regulations.
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FSB report highlights need to minimise AI risk to financial stability
What are the implications of AI adoption in the financial sector? We take a look at the key findings from FSB’s latest report.
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FIN-FSA fines two Finnish companies for AML failures
Two money remittance service provides have both failed to comply with the Act on the Prevention of Money Laundering and Terrorist Financing.
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Beneficial ownership database access, as outlined by FinCEN
New rule outlines access and safeguard provisions of the Corporate Transparency Act.
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Enforcement actions in the Cayman Islands signal future tack
Analysis of recent moves by the Cayman Islands authorities suggest a more robust approach is coming.
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Unique agreement boosts role of Bank Secrecy Act officers
OCC agreement with Connecticut-based bank offers unequivocal support for BSA officer’s authority.