Blog

6 Ways AML 6 Could Change Your KYC Processes

The European Parliament and the European Commission drafted a proposal in September 2018 to create not only stronger, but also more harmonised rules for the financial markets. This is now widely referred to as the Sixth Anti-Money Laundering Directive (AML 6), which will be led and overseen by the European…

By Hugo Veazey

FinCEN Files: Should Banks Be Expected to Police Financial Crime?

The recent furore around the perceived lack of action on suspicious activity reports (SARs) filed by banks with the Financial Crimes Enforcement Network (FinCEN) raises questions about their role in supporting regulation and detecting financial crime. Perhaps a question the media should be asking, however, following the release of the…

By Hugo Veazey

Customer Due Diligence Explained

Customer due diligence software, like RDC’s, can help make AML due diligence and customer due diligence faster, easier and more accurate.

By RDC Insights

Instrument in Support of Trade Exchanges (INSTEX)

The Instrument in Support of Trade Exchanges (INSTEX) was established to facilitate trade between Europe and Iran following the reinstatement of sanctions against Iran by the US. In the year and a half since its founding, more countries have expressed interest in the mechanism, despite an overall lack of trade…

By Hugo Veazey

When a Fine is NOT Fine

Financial institutions are being charged with so many regulatory fines- money that would have been better spent to prevent the money laundering and reptuational risk.

By Hugo Veazey

Organised Crime vs. Disorganised Compliance

An estimate by the International Monetary Fund places the aggregate size of money laundering in the world at between two and five percent of global GDP. While the illicit nature of money laundering means no precise statistics are available, it is fair to say that bad actors have traditionally had…

By Hugo Veazey

COVID-19: Opportunity for Some, Financial Crime Risk for Others

The world has officially declared war on coronavirus (COVID-19). In this blog, I will draw information from a variety of sources and look at ways that opportunistic criminals have attempted to exploit the pandemic as well as some of the wider impacts and regulatory response – adding my own thoughts…

By Hugo Veazey