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AML
A Regione sadipscing ex mea. Option comprehensam ei duo, per facete aperiri deterruisset at, est ut falli viderer tibique. Et tota illum pertinacia sea, ut usu augue vivendum. Amet deseruisse dissentiunt cu est.
The City of London calls for banks to make better use of RegTech, the EU announces a five-year plan to tackle money laundering and financial crime, and FinCEN shuffles its leadership ahead of a new financial transparency law.
All too often, FIs continue with ineffective traditional methods based on a lack of technology, process and approach that could enable them to instead to rely on a trigger-based approach to client reviews.
We have bolstered our senior management team with the appointment of a new Global Human Resources Director, Lila Boyce, and EMEA Head of Sales, Roy Williamson
Find out about the US Treasury's Corporate Transparency Acto, the Central Bank of UAE's new rules for SME's and what Singapore says about crypto in this weeks headlines.
The illicit seafood trade is a thriving global business that generates an estimated $160 billion in annual sales, in this blog we explore how this happens.
EY drops appeal against $10.8m payment to whistleblower who found evidence of a money laundering cover up, Britain’s financial services minister says cryptocurrency regulations will prioritise stablecoins first and first post-Brexit MoU agreement between U.K. and E.U. is encouraging for London finance firms.
Recently, Napier partnered with RegTech Associates for a webinar exploring the importance of customer behaviour in fighting financial crime.
Germany’s finance watchdog BaFin hires top Swiss regulator as their new president, London art galleries are issued an “amber alert” from the National Crime Authority and UBS appeal their £3.85 billion fine from 2019.
Napier CEO, Julian Dixon, chatted to Oliver Bullough, journalist and author of the best-selling Moneyland, at the FinCrime World Forum earlier this week.
ABN Amro is now suspected of “culpable money laundering”, Ireland extends their money laundering regulations to cryptocurrencies and the FCA accuses NatWest of failing in their AML processes
FinCEN has informed art and antiquities traders that they will be subject to the same reporting standards as financial institutions; Trinidad & Tobago’s FIU received a record number of SARs and South Korea is set to impose heavy penalties on cryptocurrency violations.
Malaysian regulators hand AmBank a £500 million 1MDB-linked settlement, FinCEN looks forward to regulatory changes and Cyprus lifts the blinds on Ultimate Beneficial Ownership.
It is easy to take innovation in the field of AML technology for granted but without it, our fight against financial crime would be utterly lost.
Antonis Melis
February 26, 2021
Reports suggest UK universities unknowingly facilitate money laundering, a UN Commission report spotlights international financial system failures, and the UAE takes a major step in combating money laundering.
When it comes to AML solutions, end-to-end systems are becoming increasingly important. But why? And what exactly does this term mean anyway?
APAC takes centre stage as HK$8 billion is laundered through Hong Kong, Crown Resorts expect further investigations, and the Philippines is set to introduce a new money laundering framework.
As we return to work after the Chinese New Year break, I’ve had time to reflect on Napier’s APAC journey so far, including who we are today and who we strive to be.
A $2 shell company helped laundered millions of dollars, North Korean hackers find a way to fund the regime and Mastercard is set to allow crypto payments.
Our Chief Operating Officer Greg Watson and Chief AI Officer Luca Primerano had the pleasure of speaking at the AML & FinCrime Tech Forum hosted by FinTech Global.
Buy now, pay later firms create problems for banks, the UAE imposes fines on 11 institutions and Malta is set to limit cash transactions.
We had the pleasure of bringing together an incredible group of women in our webinar dedicated to looking at the current challenges facing the world of compliance.
Earlier this month, our CEO Julian Dixon was invited to chat to Claus Christensen, CEO and co-founder of Know Your Customer, as part of its regular RegTalks series.
Antonis Melis
January 22, 2021
Capital One admits to AML failures, the Vatican bank convicts a former senior official and Australian banks helped wash money for cartels.
China triples their AML related fines in 2020, Australian banks come in second for the highest value of fines and Deutsche Bank enters and ends another scandal.
6AMLD is the EU’s most comprehensive regulation yet in the fight against money laundering. It gives authorities more power to prosecute and it heaves more responsibility on to businesses to comply.
Singapore and the U.S. look to better integrate the crypto market and Wells Fargo makes amends to its previous AML failures
The European Union’s (EU) Sixth Money Laundering Directive (6AMLD) came into effect a little over a month ago. What does this mean for you?
Nicolette Brown
December 17, 2020
Computers are amazing at doing dull, repetitive tasks. They’re also great at being precise. Since we humans are terrible at doing dull tasks and quite bad at being precise, this makes us a match made in heaven.
With the changing role of technology, it is only natural that the role of the analyst must evolve too. In this blog we review the role of the compliance analyst.
Britain and the US take major steps in combating financial crime related to shell companies, and FATF releases a report on trade-based money laundering.
AI holds the key to successful AML but its success rests on considered implementation
European countries come together to fight money mules, JPMorgan and Standard Chartered helped move a con man’s money and Cash Converters falls into AUSTRAC’s sights.
Archan Bahulekar
December 3, 2020
Ultimate beneficial ownership and indeed money laundering hasn’t always been taken as seriously as you might expect.
Discover the four main ways that technology can help us to identify suspicious activity.
Marcus Desai
November 27, 2020
Meet the man who stands firmly behind the steering wheel of technology at Napier, our CTO Dave Poltorak.
Transaction monitoring is a cornerstone of compliance and plays an essential role in the global fight against money laundering.
Banks appeal for laws to share information amongst themselves, criminals launder relief money and FinCEN looks to monitor more crypto transactions.
If you didn't catch our webinar which looked at current challenges in fighting money laundering, and ways to improve the current system, you can do so here.
AUSTRAC is buried in junk reports, whilst regulators in Paraguay and Singapore take steps towards upping the ante in the fight against financial crime.
Deutsche Bank looks to cut Trump ties; Goldman Sachs holds leaders responsible for the 1MDB scandal and the art world remains a loophole for financial crime
If there was ever a good time to take a step back and look at the effectiveness of transaction monitoring, then that time is now.
Officials seek a 6-month minimum sentence for SARs leak, U.S banks look to onboard the cannabis industry and Dutch police seize $33 million in Bitcoin
Julian Dixon
October 29, 2020
In October we spoke to Peter Coleman of Aegis. Peter is, as he describes, on the pointy edge of compliance. Discover AML insights from our AMA with him.
Goldman Sachs pays a record penalty for 1MDB ties, the EU takes legal action on “golden passports” and compliance officers seek answers for the FinCEN leak
The impact of the FinCEN files leaks – Insights from our recent webinar with RAW Compliance.
The FinCEN files have brought to light huge gaps in global systems that regulate dirty money.
Julian Dixon
October 1, 2020
During our ‘Ask Me Anything’ sessions, the entire Napier team gets to spend an hour with a heavyweight in the world of AML, compliance or enforcement.
Julian Dixon
September 25, 2020
FinCEN leaks have exposed huge faults in global AML systems whilst laying blame almost squarely on banks. Find out why we believe it shouldn't be that way.
Criminals have been taking advantage of crypto assets as they are largely under regulated in comparison to traditional institutions.
High levels of AML related regulatory fines and the tiny proportion of illicit funds that are recovered - despite the amount spent on financial crime compliance - show that the current methods for detecting financial crime are falling short. Find out why in this blog.
Standard Chartered is fined 1 billion rupees, Deutsche Bank receives a slap on the wrist and EU watchdogs suggest a single set of AML rules for the region.
Regardless of how you feel, despite massive digital advances, cash remains firmly rooted in our society. There are currently over 70 billion pounds worth of notes in circulation, which is perhaps surprisingly roughly twice as much as 10 years ago.
Germany will begin questioning officials on the Wirecard scandal, while China finally takes steps towards improving their AML measures and the UK pays snitches to catch out tax evaders.
Cyprus is in the spotlight in the week’s headlines, whilst the FCA broadens financial crime reporting obligations to include crypto assets.
Each week the entire Napier team is honoured to spend a virtual hour in an ‘Ask Me Anything’ session with a heavyweight in the world of AML, compliance or enforcement.
The property sector gets a pummeling this week as online estate agent Purplebricks was recently fined by the HMRC for beaching AML regulations, and banks look towards job cuts in compliance departments to deal with financial losses.
Wirecard continues to show flaws in financial crime investagtion processes and Singpoares new S$250 million investment in fintech all in this weeks news roudup.
The worldwide popularity of prepaid cards is growing all the time, but if this market is not monitored effectively it could lead to criminal organisations using it to launder their dirty money.
Monzo sends a warning over its financial crime review, Lithuania’s new anti-money laundering compliance centre and Wells Fargo tries to cut its massive compliance costs.
Napier’s Head of Product Development, Nick Portalski, tells us more about the Risk-based Scorecard and how it fits into an AML system.
Money muling is an ongoing money laundering headache in the fight against financial crime. We explain how intuitions can identify money mules in this blog.
The UK's new financial crime levy, Germany raids their own financial intelligence authority and institutions facing the consequence of not being AML compliant.
The threat of unregulated stablecoins, countries struggling to keep up with EU AML directives; and Deutsche Bank executives involved in Epstein case are named in this week’s headlines
Julian Dixon
July 13, 2020
Current AML systems are slow, outdated and frequently allow financial crime to go unnoticed. So what does the future look like, and how does it affect your compliance processes?
Find out how utilising both agile rule building and AI brings newfound efficiency to transaction monitoring.
Commerzbank is the latest bank to be slapped with a fine from the FCA for non-compliance.
Whether you’re looking to improve or completely replace your transaction monitoring system, the choice and decisions can quite frankly be overwhelming.
Julian Dixon
June 18, 2020
The Solicitors Regulation Authority (SRA) is to expand its AML visits to all high-risk firms on a three-year rolling basis, along with visiting a sample of lower risk firms.
As countries around the world attempt to pick their economies back up from the shock of Covid-19, the headlines this month are much more forward looking.
The FCA’s Office for Professional Body Anti-Money Laundering Supervision (OPBAS) has released its latest report on the progress that professional body supervisors (PBSs) have made in tackling money laundering.
According to a new report published this month by global money laundering and terrorist financing watchdog, FATF, the Covid-19 pandemic is impacting the abilities of the government ...
2020 has proven to be an unthinkable year. As the unrelenting Covid-19 continues to tear communities apart and claim lives, the related coverage in the media has been almost blinding.
The news this month has again been dominated by the traumatic impact Covid-19 is having on our lives.
Covid-19 has taken, and is still taking, tens of thousands of precious lives. As the world continues to battle the virus, everything about the way we live and work has changed.
Coronavirus has changed our lives this month in ways we couldn’t imagine just a few weeks ago. It has dominated the headlines, and our thoughts and sympathy are with those people that have paid the ultimate price.
Who regulates me? This blog updates an earlier version in which we list the relevant supervisory and regulatory bodies responsible for ensuring the UK's anti-money laundering regulations are upheld. Find out who regulates your industry.
As we enter 2020, with the newly established 5MLD threatening to straighten out anti money laundering controls in the EU and UK, we are confronted with yet more headlines crying corruption.
Julian Dixon
January 6, 2020
How does The Fifth Money Laundering Directive (5MLD) affect prepaid cards?
It is not long now until the Financial Conduct Authority (FCA) becomes the anti-money laundering and counter terrorist financing (AML/CTF) supervisor of UK cryptoasset businesses.
We’re just weeks away from the 5th Anti-Money Laundering Directive (5MLD) being implemented into national law on 10 January 2020.
Facebook is creating its own currency. A global cryptocurrency called Libra.
The Economic Crime Plan was a key theme in this week’s speech from Solicitor General at Cambridge Symposium on Economic Crime 2019.
Whatever relationship you’re in, it can take time to get to know someone very well. More importantly, attitudes and behaviours can change over time.
The global sanctions landscape is currently seeing two key trends: the use of targeted sanctions to achieve geopolitical goals ...
If you’re plagued with the problem of high levels of false positives, you’ll know they are a big and costly problem.
In its 2017/18 annual report, the Financial Conduct Authority (FCA) claims it is currently investigating around 75 firms and individuals for AML issue ...
The anonymous haven that cryptocurrencies offer has long been known to criminals and terrorists.
The financial regulatory landscape for businesses at risk of being involved in money laundering or terrorist financing is one that’s changing on an increasingly rapid basis.
Time is of the essence, especially when it comes to the fight against money laundering.
How do you detect unethical activities with a complex supply chain and silent workforce? The answer lies in automatic screening.
There’s no single anti-money laundering (AML) strategy that’ll protect your organisation from criminals and terrorists. The level of sophistication they use to launder money is frightening. 
There has been talk for a long time about the potential for abuse of a system that allows firms to easily secure a defence against money laundering charges.
There’s nothing so gratifying about the way democracies are run as when national politics influences public policy because of an outburst of public anger.
Blockchain isn’t just going to make a big difference to the war on money laundering - everything is about to change.
Today it remains a costly burden for financial firms... and an opportunity for those of us who don’t just want to sell starfruit.