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New UK Companies House verification process: what does it mean for compliance teams?
When it comes to financial crime, knowing who you're doing business with is everything, says Ted Datta of Moody's. Unmasking an entity's true ownership and control structure is essential to due diligence for financial services and other companies.
Online Published Date:
23 April 2025
Appeared in issue:
324 - 01 June 2025
Forgotten threat to frontline risk: TBML
U.S. tariffs, forcing rapid rethinking and redirection by trading partners, at national and business level, spell opportunity for bad actors, always seeking news ways to move value cross-border. Banks can no longer look away, says Mikhail Karataev.
Online Published Date:
29 April 2025
Appeared in issue:
324 - 01 June 2025
MGM Resorts International fined US$8.5m over illegal bookmaker clients and AML failings
Gambling operator MGM Resorts International, which owns the MGM Grand Casino and the Cosmopolitan of Las Vegas, will pay a US8.5 million fine after the Nevada Gaming Commission (NGC) found two illegal bookmakers had been placing bets, without the filing of any suspicious activity reports.
Online Published Date:
29 April 2025
Appeared in issue:
324 - 01 June 2025
TradeUP and US Tiger Securities pay UK$950,000 over omnibus account AML fails
Affiliated and FINRA-regulated TradeUP Securities, Inc and Tiger Securities, Inc have accepted fines of US$700,000 and US$250,000, respectively, for ineffective anti-money laundering (AML) controls around foreign financial institution omnibus accounts that transacted mainly in thinly traded, low-priced securities.
Online Published Date:
29 April 2025
Appeared in issue:
324 - 01 June 2025
Credit Suisse pays over US$510m for aiding tax evasion
Credit Suisse Services AG, now part of another Swiss bank, UBS, will pay US$510,608,909 in penalties, restitution, forfeiture and fines after admitting holding at least US$4 billion in over 475 offshore accounts for wealthy Americans evading US taxes.
Online Published Date:
08 May 2025
Appeared in issue:
324 - 01 June 2025
Cash wins
The rise and rise of contactless, online and cryptocurrency payments would suggest the days of notes and coin are numbered but that prediction is now years old: cash continues in circulation, with issuance even increasing. Paul Cochrane examines the persistent appeal of 'real' money.
Online Published Date:
13 May 2025
Appeared in issue:
324 - 01 June 2025
Not fair - the UK sanctions regime
The UK's post-Brexit sanctions regime is cause for significant concern, says Thomas Cattee of Gherson Solicitors, over lack of due process and low evidential hurdles prior to designation, with devastating consequences.
Online Published Date:
13 May 2025
Appeared in issue:
324 - 01 June 2025
AI - are we there yet?
A lot of heat and excitement attaches to generative artificial intelligence and its potential to supercharge productivity but far less light is shone on how well it's actually working - indeed, if at all - not least, in AML functions. Keith Nuthall and Paul Cochrane determined to find out.
Online Published Date:
14 May 2025
Appeared in issue:
324 - 01 June 2025
Julius Baer paid over CHF4m in Switzerland for high-risk client control failings
Swiss bank Julius Baer was ordered to disgorge CHF3m (US$3.6m) in profits, and pay CHF1.3m (US$1.6m) costs, by its local financial markets regulator, FINMA, over failures to detect and act on suspicious activity by some high-risk customers, according to a penalty notice dated November 2024, not published but seen by the Financial Times.
Online Published Date:
14 May 2025
Appeared in issue:
324 - 01 June 2025
UK government says economic crime levy delivering despite shortfall in first year
The UK's new economic crime levy is working effectively to provide a sustainable source of funding for anti-money laundering measures, the first government annual report on the measure has concluded.
Online Published Date:
16 May 2025
Appeared in issue:
324 - 01 June 2025
Upskill - who, in what, how
Keeping up to speed with evolving rules and risks is always work in progress and optimal performance demands instructive, relevant and engaging training. Keith Nuthall reviews supervisory learning and development expectations and ways to meet them.
Online Published Date:
19 May 2025
Appeared in issue:
324 - 01 June 2025