For many, the early days of a new year are a time for hitting reset buttons, making resolutions and engaging in the perilous annual ritual of prognostication. Perilous, because even with experience and access to expertise, all predictions risk reading like ill-informed "hot takes" by year's end, especially in a field as complex as anti-money laundering and sanctions compliance. 2018 in some respects will likely follow a familiar script for the financial services industry in the United States and Europe: consequential enforcement actions will be levied, new sanctions will be disclosed and regulatory responsibilities will increase. But unlike previous years,...
Fake news propagated through social media platforms coupled with a flood of negative news challenged compliance officers tasked with reviewing media for anti-money laundering purposes in 2017.
U.S. regulators are planning to issue guidance in the coming months detailing the steps financial institutions can take to detect certain types of illicit transactions and comply with more onerous customer due-diligence requirements.
The U.K. financial regulator will likely use algorithms to review banks’ annual reports on their anti-money laundering programs and identify potential compliance breaches, say analysts.
Several dystopian novels describe a future in which homo sapiens become enslaved or extinct because of the rise of robots and computers. Current buzz in the compliance world doesn't include speculation on our extinction, but there is lots of talk about the rise of "regtech."
In an interview with ACAMS moneylaundering.com, Santiago Otamendi, who was named FATF’s president last month, discusses his plans for the organization to address de-risking, combat cybercrime, increase engagement with law enforcement and even reassess the group’s formal structure.
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