The Week Of: October 28, 2019

This week’s news and stories of interest to the AML community. If you prefer a news roundup sent to you, subscribe to our weekly newsletter.

Cybercrime in the U.S. Soars

Forty-three percent of Americans have been affected by cybercriminal activity, according to a new survey reported on by Live Insurance News.

Although almost half of all cybercrimes are financial losses, there is a rise amongst other breaches as well, including the sale or misuse of the personal information accessed by criminals.

Complaints to the FBI’s Internet Crime Complaint Center were 350,000 last year, up from 270,000 the year before.

English Law Firms Failing at AML Compliance

The Solicitors Regulation Authority, the regulatory body for solicitors in England and Wales, will contact thousands of firms within the coming weeks to ask about their anti-money laundering measures, The Law Society Gazette reported. The SRA also plans in-depth visits to firms to review their risk assessments.

In March, 400 firms were asked to demonstrate their compliance by sending risk assessments to the SRA. It found that 83 of the 400 were not compliant, and 64% used templates, many of low quality, in a “copy and paste” approach.

“A call from us should not be the prompt for a firm to get their act together,” said SRA Chief Executive Paul Philip. “You need to take immediate action now if you are not on top of your money laundering risks. Where we have serious concerns, we will take strong action.”

Sweden’s Gambling Regulator to Introduce New AML Measures

Spelinspektionen, Sweden’s gambling watchdog, is setting up a new AML/CFT system to replace its current reporting system. It will debut in 2020.

The system, goAML, is a software solution developed by the United Nations Office on Drugs and Crime (UNODC) specifically for Financial Intelligence Units (FIUs).

“What the regulator wants to achieve is a streamlined process of submitting reports that are accurate, accessible and helpful to the respective authorities using them to track illicit payments and potential terrorist links,” according to the report. Read more at