AML

Challenges for online retailers on age specific products

Online sales continue to dominate, with £133bn spent online through UK retailers in 2016 (IMRG Capgemini ERetail Sales Index). And while this is great for online retailer’s bottom line, the increased number of customers causes additional challenges for those selling age restricted products to customers they can’t see in real life.

The importance of credit checks when onboarding clients

With unpaid invoices across the UK totalling nearly £70 billion, credit checking clients during onboarding is a crucial part of the KYC process, to mitigate the risk of bad clients impacting on your own activities.

PIN numbers for payment cards could soon be a thing of the past

The aim to tighten security within the payments industry is well under way with Visa Australia at the forefront. Several years ago they abolished signatures and now it looks like the not-so-trusty PIN number is the next to go.

Challenges on identity checking on data poor countries

Ireland recently published their “eGovernment Strategy 2017-2020” in which it was revealed that the Public Services Card will become compulsory for those applying for a driving license or passport. Arguments have already begun over what has been coined as a National Identity Card by “stealth”.

KYC for Accountancy

Companies in the accountancy sector must follow certain procedures to comply with their AML responsibilities, and the rules are set to get even more stringent as new CCAB anti-money laundering guidelines have just been approved by HM Treasury.

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.

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.

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”.

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:

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?