EU Parliament endorses key changes to anti-money laundering rules

Members of the European Parliament (MEPs) voted overwhelmingly in favour for key changes to be made to the European Union’s anti-money laundering directive.

MEPs supported an agreement with the Council which will give public access to information on the real owners of firms operating in the EU, a measure aimed at quashing the corrupt use of letterbox companies created to launder money and hide wealth.

Are biometrics the future of ID and age verification for age restricted products?

Biometrics can now be found everywhere. Already common on mobiles phones, biometric verification and authorisation including fingerprints, facial recognition and iris scanners are being used on a variety of apps and services.

KYC & AML requirements for estate agents and how real estate is used for money laundering

Popular BBC drama McMafia is apparently holding a mirror up to money laundering in the London property market, accurately portraying the industry to be a haven for criminals looking to clean up “dirty” money.

Know Your Candidate for the recruitment industry

The financial sector in particular is subject to stringent AML requirements; it is important to identify and adhere to any legislation that might affect the specific industry that you are recruiting for. This may include carrying out additional checks, keeping certain records, and putting procedures in place to protect the business against money laundering or incorrect employment choices.

Age verification for the online adult entertainment industry

As the implementation of the Digital Economies Act in April approaches, businesses operating in the online adult entertainment industry are under more pressure than ever to ensure compliance with the incoming age verification (AV) requirements.

The importance of identity check onboarding for the financial industry

Thorough and efficient identity checking at the onboarding stage is crucial for all organisations in the financial industry. All customers must be checked and verified to comply with KYC and AML regulations and identify potentially fraudulent activity.

William Hill fined £6.2m for breaching anti-money-laundering regulations

The Gambling Commission have fined bookmaker William Hill more than £6 million after it found that the company had "failed to mitigate risks and have sufficient numbers of staff to ensure their anti-money-laundering and social responsibility processes were effective".

Identity checking for Gambling

Gambling providers are required by law to carry out identity checks to ensure that those gambling are of legal age and not linked to crime, money laundering or terrorism. Gambling operators must also adhere to local laws and ensure that those using their services meet geographic requirements.

AML regulations - Confusion in the estate agent industry

A recent survey of estate agents has revealed the extent of the industries confusion around current Anti-Money Laundering (AML) regulations.

Only 12% of participants achieved a perfect score in the multiple-choice questionnaire, which focused on the 4th Money Laundering Directive (4MLD), while 13% of respondents believed a PEP to be a “Property Exempt Person”.

CIS is the offical sponsor for PAY360 this March

PAY360, is an flagship annual conference is a true celebration of payments innovation. This event brings together the leaders in the emerging payments community to discuss the future of our exciting industry. We expect an audience of over 300 C-level delegates at PAY360 in 2018.

Update on the fifth Anti-money Laundering Directive

On 13 December 2017, a provisional agreement on the final text of the fifth Anti-Money Laundering Directive, known as 5MLD, was published. This will amend the current Fourth Anti-Money Laundering Directive, and once the text has been approved by the Permanent Representatives Committee and an agreement is reached between the European Parliament and Council, 5MLD will be formally adopted – although the exact date of implementation is yet to be determined. A summary of the key changes to the Anti-Money Laundering Directive that 5MLD will bring includes:

ID and Age Verification – what you need to know

Identity and age verification is necessary to prevent minors from purchasing and accessing age-restricted goods and services, such as online gambling, weapons, pornography, tobacco and alcohol. But it is not just minors that need to be restricted, sometimes you need to prevent adults from taking advantage of special offers which are only for under 18’s, or keep adults away from sites which are designed purely for children.

Cryptocurrency, KYC and AML

Negotiations are currently taking place regarding the EU’s 4AMLD, which will ensure that cryptocurrency firms activities are in line with current legislation.  Concerns have been growing that cryptocurrencies provide the ultimate outlet for criminals and money launderers, as well as for tax evasion, because it can be used anonymously. But what exactly is cryptocurrency and how is it vulnerable?

PSD2 Open Banking update

Following updates in 2009 and 2012, the latest revision of the Payment Services Directive (PSD) has now come into force. Often referred to within the UK as Open Banking Standards, the Second Payment Services Directive (PSD2) legislation was formally implemented on the 13th January, two years after being adopted by the European Parliament and brings a number of significant changes to the original iteration of the Directive.