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Despite the war in Ukraine and the ongoing pandemic, the EU has other pressing policy issues on its collective mind in 2022, of which AML/CFT reform is amongst the most important.
AML Compliance
Lumon has provided overseas payments and foreign exchange services to private individuals, small-to-medium enterprises (SMEs), and larger corporates for over two decades.
FRAML is an umbrella term for fraud and anti-money laundering. It reflects the growing focus on how the two are converging and the benefits of an integrated approach to detecting money laundering and fraud for fighting financial crime. Money laundering […]
As FinTechs grow and acquire more customers, their AML/CTF programs must also mature. The firms best set up for success are those with scalable solutions and a sound understanding of AUSTRAC’s expectations of the firms it regulates. This guide provides hands-on tips and best practices for any FinTech looking to scale in Australia.
The non-fungible token (NFTs) sector is in a state of flux. Reuters estimates that sales of NFTs reached around $25bn in 2021, and individual items have sold for as much as $90m. But high-profile scams in 2022, such as a […]
Enhanced due diligence (EDD) is a set of additional measures that financial institutions have to implement to check and monitor high-risk customers and unusual transactions for potential money laundering activities. Every year around $2tn in illicit cash flows through the global […]
Texas-based money transfer company, Ping Express, has pleaded guilty to federal charges that it failed to adequately maintain an anti-money laundering (AML) program, allowing $167 million to move overseas without appropriate oversight or controls. Two of the FinTech’s executives and […]
Hong Kong’s government has set out amendments to its Anti-Money Laundering and Counter-Terrorist Financing Ordinance, including a virtual asset service provider (VASP) licensing regime. The government is also launching a registration program for dealers in precious metals and stones (DPMS). […]
The Financial Conduct Authority (FCA) and the Treasury have issued significant updates to the UK’s current and proposed crypto regulatory framework in recent months. But as the industry evolves and matures at a rapid pace, the government’s wider strategy around […]
Driven by advances in blockchain technology, the spread of cryptocurrency has introduced new financial possibilities in jurisdictions around the world. However, the opportunities and benefits of cryptocurrencies have been accompanied by new risks, as criminals use regulatory blindspots to launder […]
The Thistle Initiatives Group is an award-winning compliance consultancy that provides financial services firms with expert compliance resources and capabilities to manage projects across all regulatory areas. Head of Payment Services and Financial Crime Prevention, Heather O’Gorman, has extensive experience […]
Appearing at FINSIA’s “The Regulators” event on May 13 2022, AUSTRAC CEO, Nicole Rose, outlined the regulator’s priorities for 2022. The key focus areas pertain to high-risk, cash-intensive sectors such as pubs, clubs and betting agencies. To achieve this, AUSTRAC […]